Transition FAQ

Thanks to CRA’s complete lack of common sense, we’ve made it our firm’s policy that corporate client files must run through a formal bookkeeping system. Recent interactions with CRA have shown they get completely lost if they don’t see “real” bookkeeping records like trial balances and general ledgers.

Here’s how this will work:

• If you already have a bookkeeper: You’re good. Skip this entirely.
• If you don’t have a bookkeeper:
• 1. We can take care of your books for you.
  2. You can do your own bookkeeping.
  3. You can hire an outside bookkeeper (we’re happy to make introductions).

We’ve found that formalized records keep CRA from asking unnecessary questions and reduce the risk of arbitrary reassessments when they confuse themselves over nothing.

We’re ditching the old hourly billing and moving to the same flat-fee, 3-option model that we already use with our cross-border client files. You’ll get your fee quote before we even start your file for the year, so there are no surprises. Generally it follows this approach:

• Option 1: Filing Only
  Just need your T2 filed? We’ll handle it. Perfect if you’ve got everything else covered.
• Option 2: Filing + Advice
  Includes your T2, tax planning, and some guidance to help you through the next fiscal year.
• Option 3: Full Support
  Covers T2 filing, CRA follow-ups, any audit work, and whatever else you would like included. (Ideal for clients who want to be hands-off.)

This way, you get exactly what you need and nothing you don’t. The old one-size-fits-all approach wasn’t fair to anyone, and we've found it’s better to tailor the service to what actually matters for the individual client.

Short version? Two things:

1. CRA’s ramped up their automated expense reviews (basically computer-triggered audits).
2. The folks at CRA these days get confused pretty easily.

Standardized records keeps things clear, makes it easy to quickly respond to CRA's automated query letters, and reduces the chances of CRA asking unnecessary questions. The less back-and-forth with them, the better.

It’s not about spending more. It’s about knowing exactly what your file will cost upfront. No surprise invoices showing up a month or two later and no bills bigger than you expected. You decide what work you want done, and will know the cost before we start. Everyone’s on the same page, and when the file’s done, it’s done.

In summary: fees will likely be about the same, but there won’t be any surprises. You’ll know what your accounting bill is ahead of time, and can include or exclude the work and planning that matter most to you.

We think this system works better for everyone. It avoids surprises, keeps expectations clear, and makes sure you’re only paying for what you need. But if it’s not for you, that’s fine. We’ll help you find a firm that’s a better fit and make the transition easy for you.

All corporate year-ends currently in the queue will be completed under the old hourly system you’re used to. Starting January 2025, we’re switching to the new flat-fee system. For any year-end work we start in January or later, we’ll reach out with a fee quote before we begin.

For bookkeeping services, we’ll start reaching out to clients in January 2025 to explain the new process and your options. We’ll walk you through what’s needed so everything’s clear and set up for the year ahead.

No problem. Send an email via office@waretax.com and let us know what you have going on. (Or call us 4037445176 for a chat.)