A New Economy Demands a New Tax Services Model

The role of the tax specialist is an essential service as families must file tax returns to qualify for important social benefits amidst a devastating and stressful global event: the COVID Pandemic.  Worse, stressed families face onerous self-assessment procedures for government programs like CERB and the various business loans and wage subsidies. To get the best after-tax results for these families, highly trained tax services specialists must understand investment, retirement, business and estate planning strategies. Only a Knowledge Bureau Education provides all of these elements in its online designation programs.

Tax Advice vs Tax Preparation. The tax filing industry is in the midst of an enormous transformation. It’s one that was always occurring, but the pandemic has accelerated its evolution. New entrants must educate toward that change.

Technology has taken over much of the data entry work an entire tax preparation and financial services industry used to do.  In addition, financial transactions between bankers, suppliers and clients have quickly become seamless, resulting in end-to-end electronic documentation, tax specialists need to reverse engineer and interpret for their clients. 

The Work Tax Specialists Do.  Over the long-term, what matters is what you keep:  income and capital, after tax.  

Tax specialists provide both tax preparation services and tax advisory services and to do so, have expanded their professional education to hone knowledge and skills to file a breadth of tax returns for a broad variety of client profiles: 

• Individuals, including credit filers
• Families, including couples who are married, common law, separated or divorced
• Seniors, including those in pre- or post-retirement, and those who may be sick or disabled
• Investors, spanning the unique needs of both beginners and High Net Worth Clients, often in the same family
• Business owners (both proprietors and incorporated family businesses), an increasing area of growth in a “gig economy”
• Final returns, Returns for Rights or Things and Trust returns, another big growth area in an aging demographic
• And finally, those with cross-border concerns, including snowbirds, immigrants and online services.

Tax specialists have experience working with all the taxpayer profiles and outcomes outlined above.  They also have a commitment to continuing education.  They make it their professional responsibility to stay current on new tax changes and digital service requirements at the CRA. 

The tax preparation and financial services industry is undergoing massive change: and you too can grow with that new opportunity to provide  professional advice that focuses on the best after-tax results for the client and his or her family.  

Knowledge Bureau courses train students to be highly skilled tax advisors who can invest time to decipher how new tax laws affect their clients’ income,  investments and future wealth accumulation. 

Done well, tax specialists have a multi-faceted role:  

• they ensure all remittances are made to the CRA:personal, corporate, payroll, sales taxes plus instalment remittances
• they manage the relationship with the CRA and collaborate effectively to avoid expensive penalties.
• they work closely with the family and their financial advisors during tax season and throughout the year, to ensure financial decision-making includes a tax analysis to accumulating, growing, preserving and sustaining income and wealth.At Knowledge Bureau, we call this the discipline of Real Wealth Management™.
• they act as the connector to significant networks of financial professionals and specialists to draw on for expertise and support, if required, to get the best long-term results for their clients,

Ready to help? Check out the online curriculum options available from Knowledge Bureau to get your credentials as a DFA-Tax Services Specialist™ this summer.

Bonus:  From now until June 30, come to the September 30 Virtual CE Summit for free when you enrol in a designation program.  This is a $695 value.

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