Evelyn Jacks: Be a Hero – Be a Tax Pro

If you have ever wanted to be a hero, consider the gratitude that comes from helping business owners understand how to steer clear of trouble on a tax audit or making sure seniors don’t overpay their September 15 or December 15 quarterly tax instalment. 

This is the happy role of a certified professional tax practitioner – one that features highly valued work that builds clients for life.

The most successful tax practitioners are people who love helping people, love learning new things, and expanding their knowledge as time goes by. While eyes tend to initially glaze over at the thought of preparing tax returns for a living, the reality is, it’s not that difficult, especially with the sophisticated tax software that does the math in the background. 

It all begins with learning about the six main types of tax filing profiles most taxpayers fall into, depending on their primary source of income:

1. Credit Filers (these are income-tested; software will automatically calculate allowable sums)
2. Employees
3. Investors
4. Pensioners
5. Self-Employed
6. A recipient of income supplements (Worker’s compensation, social assistance, spouse’s allowance, and Guaranteed Income supplement)

The opportunity is to understand what deductions and credits link to each income profile, so you can file the very best returns for your client and their family. Understanding these profiles will also help to quickly identify any tax changes that may apply year over year.    

September is an excellent time to learn professional tax preparation. There is enough time to earn certification in a basic tax course and even a designation as a specialist before tax season. It’s a great pathway to earning a second or independent income. But it’s also a great way to save money on your relationship with CRA and help many people.

It’s Your Money. Your Life. Income tax preparation is an essential financial skill everyone should learn because, let’s face it, paying income taxes is not going to disappear any time soon. But taken a step further, learning professional income tax preparation is a great way to enhance a financial services career, start on the road to entrepreneurship or fill a gap between jobs, or when home care of children or elders is a priority. Consider enrolling in a tax course this fall.