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New Entrants Needed as Millions Use Tax Prep Services
Close to 18 million tax returns are filed by professional EFILE Services in tax season 2023 – 59.5% of all tax returns filed in Canada, according to CRA’s income tax statistics. This speaks to the tremendous opportunities available in mentoring new tax preparers throughout the summer and fall to prepare for tax season 2024. But in our June poll, 60% of respondents told us it was difficult to attract and engage new entrants.
The tax filing statistics released from the CRA tell a bright story of promising growth the tax filing industry, as EFILED returns widely eclipsed all other filing methods:
|
Returns received from February 6, 2023 to June 26, 2023 |
||
|
Filing method |
Number of returns |
Percentage of total |
|
EFILE |
17,850,586 |
59.5% |
|
NETFILE |
9,900,654 |
33% |
|
File my Return (FMR) |
48,144 |
0.2% |
|
Total - electronic |
27,799,384 |
92.7% |
|
Paper |
2,199,628 |
7.3% |
|
Total - all methods |
29,999,012 |
100% |
Here were some of the responses to our poll. Perhaps the tax filing industry can do more to share why this work is so rewarding and how it can become a great career? Please continue to weigh in on this important topic.
“Difficult to get individuals interested in entry level with adequate basic skills. Those that have obtained education to college or Bachelor level expect significant more pay than is practical and 
their training and education has been very basic.” - Bill Mearns
“Not where I live. The majority of the people can hardly read or write, and working with figures is beyond them. Actually, working per se is beyond them. so, the answer is ‘no’.” - Mitzi-Lynne Morgan
“Interesting article. We recently had an student of Community College approach us to do her work placement with us. She has graduated from New Brunswick Community College with a Business Administration-Accounting Diploma. She is working at our firm for the summer and will go on to get her CPA. We are happy to have mentored her and have her as a staff member. Great experience for all!” - Sandra Smith
Editorial Comment. Thanks Sandra and congratulations! Perhaps your new firm member will consider the DMA-Tax Services Specialist program as well?“I have been able to attract new clients but I have not looked for new entrants to the accounting field. There have been new people that are entering other fields (such as life insurance and mutual fund services) that I have engaged with and continue to enjoy a good business relationship with.” - Robert A. Litschell
Editorial Comment. Interesting cross-over between industries! A great way to supplement income sources throughout the year.Sincere thanks for your responses to our June poll question. Please weigh in on this month’s poll:
“At $7,218, the average balance due to CRA at the end of June is higher than in the past. Does this concern you?”
