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Overview of Tax Preparation

Learn about the different tax preparation request types and how they support clients with accurate and timely filing of personal income tax returns.

What Is Tax Preparation

Tax preparation requests allow Advisors and Portfolio Managers to help clients organize and file their annual personal tax returns. These requests ensure that all relevant financial information is collected, reviewed, and submitted in accordance with Canadian tax regulations. Proper coordination reduces the risk of errors, helps clients maximize deductions and credits, and ensures they remain compliant with CRA deadlines.

To access and track tax preparation requests, navigate to the ticket index page in the CRM by selecting CRM > Tickets, then click the pipeline dropdown menu and select Tax Preparation.

Types of Tax Preparation Requests

  • Individual Tax Preparation: Used to prepare and file a personal tax return for a single client. This request includes gathering income slips, applying relevant deductions and credits, and submitting the return to the CRA. It is suitable for clients with straightforward or complex personal financial situations who are not filing jointly.
  • Household Tax Preparation: Used to prepare and file tax returns for multiple individuals within the same household, such as spouses or common-law partners. This coordinated approach ensures tax efficiency, proper splitting of eligible deductions, and alignment across both returns. It is particularly useful when planning for family income, childcare expenses, or pension splitting.

Why Is Tax Preparation Important?

Filing accurate and timely tax returns is essential for compliance and long-term financial planning. Whether preparing returns for an individual or a household, tax preparation helps reduce tax liabilities, avoid late filing penalties, and create a clear financial picture for the year ahead.

Key Benefits of Managing Tax Preparation Requests:

Filing Accuracy: Ensures all income, deductions, and credits are correctly reported.

Tax Efficiency: Identifies opportunities to reduce taxes payable through careful planning.

CRA Compliance: Helps clients meet filing deadlines and avoid penalties.

Holistic Planning: Supports broader financial strategies by integrating tax results into the client’s overall plan.