There is nothing difficult about preparing a personal income tax return right? Just go to the store, buy a program and away you go. It’s easy. The software is 100% guaranteed right? Yes it is. It is guaranteed to do exactly what you tell it to do. But what if you do not know what you can claim as tax deductions or tax credits? Does the software know that you are now the caregiver for your elderly parents? Does the software know that you had a new addition to the family this year?

How about those medical expenses and the kids after-school activities, can you claim them? How much? Which receipts do you need to keep? How Long?

CRA loves it when people use ‘off the shelf’ software’, because people make mistakes. The average person does not know what they can and cannot claim and although the software may walk you through an interview process, it does not KNOW YOU. 

Personal Tax Services

Tax Preparer

A Tax Preparer takes the information you give them and produces a tax return.  Such as  ‘off the shelf’ softwares

Tax Planner

A Tax Planner interviews you, gets to know you, takes the information you give them and prepares your tax return; then use the information and their knowledge to provide you with recommendations for saving taxes.

What Prompts a Tax Audit?

For some, it is their greatest fear, for others, a fact of life. The letter from CRA saying they want to review your tax returns.

There are only 2 ways that a taxpayer can be selected for an audit:

1. Random Change
2. Targeted Selection Process

We’ll ignore random chance and give you the details for the Targeted Selection Process (TSP).
The TSP is based upon risk factors; the CRA looks for those that are more likely to owe more taxes based upon some specific criteria and experience:
10% of randomly selected taxpayers face an additional tax bill of more than $5,000 while 35% of TSP taxpayers owe more than $5,000 in additional taxes.

Filing online vs. paper filing has absolutely no bearing on being selected for an audit, what does matter though are:

What does Matter?
What will trigger CRA Audit?

Personal Income Tax Services (USA)

Nobody should pay more in income taxes than they legally have to, in fact, you are allowed to structure your financial affairs in order to minimize the amount of taxes you pay.

Why entrust your finances to just anyone, when you can enlist the services of a Ledgers Tax Professional?

Tax Preparer or Tax Professional?

A Tax Preparer, takes the information you provide them, inputs it into a piece of software and files your tax return.

A Tax Professional will take the information you give them, complete and file your tax return and offer you advice and guidance to save on income taxes in the future; We are Tax Professionals!