Preparing for Tax Season with Fort McMurray Tax and Accounting

Tell us about Fort McMurray Tax & Accounting. How did it all begin?

The company began back in 1970, it’s 46 years old.  Quite an accomplishment for a small business.  I took over the business in 2006, 10 years ago.

What are some of the services that you offer?

We offer: personal tax returns, bookkeeping, corporate tax returns, small business returns, business consultation services, personal tax consultations, and RRSP advice.

What are the benefits of working with a tax professional when it comes to preparing personal taxes?

Tax laws and rules change all the time.  Unless you are aware of the changes each year, there may be deductions that you miss.  Each year we update ourselves with the changes to the tax laws and regulations, so you know when you come and see us, you’re getting the information that is most recent.  Also, this is our full time job.  We know it very well.  Sometimes when someone prepares their own taxes, the only time they even think about tax rules and laws are once a year.  So things may be forgotten or missed.  Using a professional for personal taxes is reasonable inexpensive, and you can have peace of mind that your taxes are being look at by a professional

When preparing to meet with Fort McMurray Tax and Accounting to prepare personal taxes, what kind of things should people bring with them?

Please bring all your tax slips with you, and if you have a small business or a rental property, then bring all the information for those as well. It’s also a good idea to bring us a void check for CRA.  They are beginning to discontinue writing checks.  So after this year, if you don’t have automatic deposit set up with CRA, they have no way to send you your money. Our process is pretty simple here.  Our staff walk you through an interview process which usually takes 10 – 20 minutes  This is to gather all the information we need to prepare your tax return  That’s it, then you can go home.    Then your file is handed off to the accountant, who takes that information and completes the return.  Once it’s complete, you will receive a phone call letting you know it’s completed.  Then you come back and pick up your package which contains all your original slips and a full copy of your return.  You don’t pay for your return until it’s finished and you pick it up.  We then e-file it to CRA and you just sit and wait for your money to show up in your bank account.

Is there anything else we should know?

CRA offers a “fill your return” option with many personal tax software packages now.  It is really important to know that when CRA fill in your return, all the fill in is the income that they have records of.  They do not input any deductions that you may be able to claim.  Also, CRA may not have all  copies of your income.  T-3’s and T-5’s don’t have to be sent to CRA until March 31st, so that income may not show up in your return.  Also, if CRA has processed a SIN number incorrectly (which does happen), you may end up with someone else’s income in your return.  Therefore, it may not be wise to depend upon the “fill your return” option from CRA and assume that your return is completed correctly and ready to submit.

For more information about Fort McMurray Tax & Accounting visit www.fmtax.ca or call 780-743-8233.