Accountant fees

[MonkeyPrincess]

For those of you who have an accountant do your taxes for daycare, what (approx) do you pay them? Any variables that affect pricing (ie- independant accountant vs. company like H & R Block, number of expenses, etc)? I just want to compare

[5 Little Monkeys]

I found a wonderful lady who used to work at H&R and taught high school accounting. She's retired now and does it for a small number of people as extra money. I pay her $60.

When I did it at H&R, it was $250.

[MonkeyPrincess]

did you/ Do you file alone or with a spouse?

[5 Little Monkeys]

I file together with my common law spouse but that's my separate fee. He paid $80 or $90 at H&R and now pays our private lady $30

[MonkeyPrincess]

Holy cow. i just went back and checked what i paid. In 2013, i paid 135.60 and in 2014 i paid 587.60. i am wondering how the hell.....

[bright sparks]

Holy cow. i just went back and checked what i paid. In 2013, i paid 135.60 and in 2014 i paid 587.60. i am wondering how the hell.....

I think there is generally a flat fee for small business' initially and then beyond that accountants charge by the hour. Last time I filed it cost me close to $1000. That was filing with my spouse and for TWO years. His fee was close to a hundred per year and then I think mine was about $150 per year plus per hour. So probably another $200 per year for hourly rate beyond the normal expectations. My accounts were in a mess, so there were a couple of appointments face to face and many follow up phone calls and emails back and forth before I had everything together.

I'm thinking when I file next month for THREE years, as I know the template now and everything I need to do to make it a straight forward claim that it should be about $900-$1100 for the 3 years filing as a spouse.

With respect 5LM, not a big fan of stereotyping but I have not heard anything good about H&R Block from providers in my province. This isn't aimed at you or your accountant, but is something I've spoken with other providers about previously and their seems to be a pattern at least in my area. Most didn't even find out they were paying to much in taxes per year until they had a comparable. They missed out on lots. Filing as a home daycare is unique in many ways that if an accountant is not experienced in this field will likely not carry it out accurately or in a manner that follows the very specific details that do not apply to majority of other home based business'. The first year I filed with H&R and paid the most taxes I have in my entire 9 years even though I wasn't maxed out like other years. I went with another accountant who did workshop presentations for home daycare providers and had a heavy clientele as a result. In hindsight I now think it was nothing but a sales pitch. I paid them about $250 per year including my husbands taxes and all seemed fine. When they closed down I got a recommendation from a provider on here who warned me that this accountant wasn't the cheapest but was accurate. It was upon filing with them that I learnt the errors of my previous accountant. These were all explained to me and backed up with proof and they even sent the CRA documentation for previous years which resulted in a refund due to the errors. This was likely where some of my additional charges came from as they spent time looking through my prior returns. Very thorough indeed!

My advice to anyone is do not choose your accountant based on their fee. Saving yourself a few bucks upfront could cost you hundreds in the end, potentially more over the long run. Do your research and ask questions. Just because someone has been doing their job for years does not guarantee that they are good at it. In my husbands industry many newly qualified licensed employees know nothing coming out of school even though they are licensed and their teacher is licensed to teach. Doesn't always guarantee quality and competence.

[5 Little Monkeys]

I agree, do your research!!

I used H&R for many years in a different city and had no complaints!. I moved where I am now and had nothing but issues with the local H&R!! I switched to the lady I have now (she's done my husbands family taxes for years) and couldn't be happier! She knows the dc tax rules, is friendly, able to answer my questions year round and is cheap!! I will be terribly sad when she fully retires :(

I should mention though, I tally up all my stuff for her and she puts the figures where they need to go and tells me how to go about things and what I can claim and what I can't. I'm very organized in respect to my dc so this works great for me! I tallied my stuff up for H&R too but they entered it all wrong and never double checked anything unlike the first H&R I went too. All depends on the person you get I guess!

[mickyc]

For myself I pay $400 for my accountant. That is for my taxes and my husband's. My husband's is pretty straight forward and then mine is my daycare. I have a great accountant who I can email at any time and gets back to me quickly. He is someone who I trust and has done wonderful things for us and family as well (after other accountants have made a mess of things). We go to him for advice on business ventures and he is someone I recommend to many! He doesn't come cheap but sometimes you get what you pay for (although not always).

[Busy ECE mommy]

I pay about $275(plus tax) for the business return and $150 to add in my husband's return. I went to someone who specialized in daycare returns, and I don't question the fee. She's always been great with me, and very prompt at getting back to me via email/phone, and the return is usually done in 2-3 days(even during April) It's a small business of about 5-7 accountants.

[Fearlessbaby]

Can anyone recommend an accountant in Toronto?

[Fearlessbaby]

Hi, is this nice lady in Toronto by any chance? I really need a good accountant who knows daycare.

[Van]

I paid $400 for my d/c taxes my husbands and my son a full time student

[MsBell]

My accountant is amazing! I love her, I have used her service since I first started Daycare (10 years now), It only costs me $125 a year (I caculate up all my expenses and such)

[ebhappydc]

My accountant is amazing! I love her, I have used her service since I first started Daycare (10 years now), It only costs me $125 a year (I caculate up all my expenses and such)

Ms. Bel I sent you a PM requesting accountant info. TX!

[Van]

I wish I had 5 LM and MsBell's accountant-they have the best deals

[5 Little Monkeys]

HaHa, not gonna lie....I love her and am so thankful that she took me on! I was actually under the impression that she only did a handful now as she always says she does it for a few on the side to make extra money. This year though, through conversation, it came out that she actually does 350 returns!!! That's a few to her LOL She's retired and her and her husband go on vacation every winter and she comes back for tax time! Crazy good side money IMO.

I am already dreading the day that she fully retires!! A friend who also does hdc wants us to take a course together and than we can just do our own. I will have to look into that because I really don't want to pay someone $250-$350 to enter in the numbers I tallied up! I've read on here that a few ladies do their own, so it is something that would interest me when the time comes.

[mickyc]

I think of it this way ladies - we don't like it when people complain about our fees. It is all about finding someone who does a good job, is knowledgable about home daycare, gets everything done correctly, keeps up to date with all the new changes, and gives you great advice! Also if I was audited it is my accountant that would do all that as well. What they charge shouldn't matter as much. Just like we don't want parents asking what we charge as their first question. It also isn't just about entering numbers either. You are paying for their time, their knowledge etc.

Just find someone who you like, knows what they are doing and that you trust. Then ask about fees. Honestly if my accountant doubled his fee I would still go to him.

[5 Little Monkeys]

I'm actually one who doesn't mind if a parents first question is the cost. I am like that with any service I need so I can't fault a parent for doing the same. I don't think the cost should be the deciding factor in ANY/EVERY service but unfortunately, for some, it HAS to be. If you don't have the money to pay, you don't have the money!

If I'm getting a hair cut and they tell me it's $200, there's no point in going forward with anything else because I'm not going to pay that. So if a parent can't afford my fee than it's better to know that ASAP so we both don't waste each other's time IMO.

Getting audited is a concern though, so make sure your accountant will help you out! Thankfully, even though she's private, mine has said she would do it :) She has said one of the the reasons her fee is lower is because she doesn't have the overhead of a business anymore. Because of that, I prefer private

[Jilly]

Ok, I'm in Ottawa, Ontario area. My accountant charges me $1000.00 plus 300 for my husband who owns his old house and it's now a rental, as well as his construction job. It's straightforward since there is no other issues with my husband's taxes. I use to pay 3-5 hundred but it went up very high since they told me they had to implement a new program that took time to initiate. So I guess I understand the first time costs when they implemented that new program for my DC business, but now it should be on average how much a month to do DC taxes? Also my husbands? Thank you very much in advance! :)

[Busy ECE mommy]

I guess it depends on where you live, if you go to an individual or a large company for filing. I think $250-300 for the business side alone is common in larger cities in southern Ontario. Then there would be additional fees for each individual return, or whatever special circumstances you have.
I think mine was about $500 with HST last year(including hubby too)

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