You Don't Always Get What You Pay For
It's tax season and that means more ads from the Green and White firm with a block in the logo. Their claim is to get you the best refund, but if you look at how its fees are calculated, you can see why. From their website, they basically state that they charge the absolute maximum the government will allow: 15% on the first $300 and 5% on the rest of your refund.
So yes, this means that, in theory, they will work hard to get you the best refund, but that just means they get paid more as well. And who is completing your return? Likely not a professional accountant. In fact, I know this to be true; my wife, a graduate of an accounting program, took their training course and learned nothing about taxation, just how to use the software.
Let's look at an example of them vs a professional:
If we look at my 2021 tax return, which includes RSP contributions, 4 dependents, 2 lines of business income, a disability tax credit, and numerous expenses, my total fee would have been, according to their pricing structure, $703.45.
I paid my accountant, a CPA and university professor, $175 to file 2 returns for my family.
Quicker is not always better. If you need help finding a qualified accountant who will work for YOU, let us know. We have a large network of professionals and can help find the right one for your situation.
Kenneth Coombs CFP CHS RRC
Ken has worked in the financial services industry since 2005, is a Registered Retirement Consultant, and is a Certified Financial Planner. Ken has written financial planning columns and has been a guest on financial radio and podcast programs.
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