Find a Tax Accountant near you
The average rating for Bark Tax Accountants is 4.88, based on 13,178 reviews
5/5
based on 13,178 reviews
Need some help with all things tax? Read our handy guide to find out how much your accountant will charge for tax preparation services.
Tax preparation involves collecting information relating to your income, that will be used to determine how much tax you owe the government. It can be a complex process involving various forms, all depending on your personal circumstances. However, tax preparation is essential, as we all have to make sure we pay our taxes correctly and on time.
Rather than go it alone, you can get some expert help, as those who work in tax preparation are qualified accountants. They’ll help you create a record of your expenses, which not only allows you to keep track of your finances but will ensure the final amount you pay to the government is accurate.
The cost of tax preparation ranges between $150 and $350, though it’s possible to find it for as little as $50 for a basic personal tax return.
If you’re looking to file corporation tax, then the cost can be thousands of dollars. So it all depends on your exact circumstances, as the average cost will differ for each tax type.
| Average cost | $350 |
| Minimum cost | $150 |
| Maximum cost | $250 |
While the cost of tax preparation may seem expensive, compared with preparing and filing your taxes, it will save you a lot of time and hassle. Plus, an accountant is more likely to find your savings making their services better value for money overall.
The cost of tax preparation varies depending on several factors, including:
Business type
Income level
Quality of bookkeeping
Additional services
Time
Experience
Location
Your business type will affect the cost of tax preparation because ultimately it will determine how complex your financial affairs are.
As you might expect, those who are only filing their income will find tax preparation the cheapest, at $50 to $150 on average. It may only take a few hours (or less) to prepare your accounts, especially if you’ve kept a good record of your income and expenses.
On the other end of the scale, corporate tax filing can cost up to $2,500. Such businesses may benefit from a package deal with their accountant instead, which will reduce costs overall.
| Type of business | Highest average price | Lowest average price |
| Basic personal tax return (T4) | $150 | $50 |
| Multiple income | $1,500 | $150 |
| Null corporate tax return | $350 | $250 |
| Corporate tax filing | $2,500 | $800 |
The more aspects your tax return has to incorporate, the more costly the preparation will be. So even if you’re self-employed, if your income is extremely complex (especially if it involves foreign income) then the cost of tax preparation will likely be higher.
Generally speaking, if you’re on a lower income your tax preparation will be easier to complete, therefore cheaper.
As you hit the top tax bands, there are a lot more sections to complete and aspects to consider. Plus, you’ll want your accountant to make sure they are saving you as much money as possible, which will take extra time.
If you want to save time, money and hassle with your tax preparation, don’t turn up to your accountant’s office and empty a bag of receipts on their desk! You must keep a good record of every cent that comes into your business and leaves it.
Consider hiring a bookkeeper if you don’t have time to do this yourself, as ultimately it will impact your tax preparation. Your accountant needs a good overview of the state of your finances, which can’t happen without diligent record-keeping.
Accountants offer a wide range of services from business forecasting to estate planning. You may wish to have tax preparation included as a package or add in other services as you need them. Or, some services may be added on that are essential for the proper completion of your tax preparation if applicable. All of which will affect the total cost.
Accountants don’t typically charge by the hour anymore, though the amount of time your tax preparation will take will be factored into their quote. Complex financial affairs will require more time to sort through, therefore those individuals can expect to pay more for tax preparation.
Also with the time category, consider not just how long your tax preparation will take, but the time of year at which you start it. The earlier in the year you sort your tax, the less demand there will be for accountants. Therefore, you may find the service cheaper compared to leaving it to the last minute. You’ll also have more choice over the professional you choose too.
As with any service you wish to hire, you will find professionals who are newly qualified and those who have decades of experience. Expect to pay more for seasoned professionals, versus those who have only just graduated.
Accountants will charge different rates depending on where they are based. This is due to the difference in living and operational costs.
Nationally, accountants charge between $150 and $450 across Canada. The cheapest location across the board is Yellowknife, averaging at $150. The most expensive location is Toronto, with a $250 average.
| Location | Average accountant cost |
| Calgary | $225 |
| Toronto | $350 |
| Winnipeg | $175 |
| Quebec City | $250 |
| Yellowknife | $150 |
The specific professional you select will ultimately decide the cost, especially for more complex tax matters.
It’s also possible to hire accountants remotely, which means you can select the best professional for your tax preparation, regardless of your location. This may also be a way in which you can save money too.
Tax doesn’t have to be taxing when you enlist the help of a professional. Whether you’re reporting personal income or own a large corporation, tax preparation is a complex matter. Therefore, it’s always worth getting an accountant to do your tax preparation for you. As experts in all things tax, they can point you in the right direction and make the whole process as stress-free as possible.
Find the best professional for the job on Bark today.
The average rating for Bark Tax Accountants is 4.88, based on 13,178 reviews
5/5
based on 13,178 reviews
