Not sure if there is a easier way to carry forward older taxcycle file. I did not do much filing for the 2023 tax year, some of the clients are coming back now.
I couldn’t carry forward the 2022 directly to 2024, so I just carry it forward to 2023 and then 2024, but then I found T2125, T776, those would not carry forward to 2024 because there’s no value in 2023, Is there some trick that might do the work more efficient?
Thanks
Oh, keeping an eye on this thread to see if anyone has a solution for the lost 5 year summaries when carrying forward as RRAccounting is describing. I mean short of entering a single number on the T2125, T776, etc. before carrying forward to the next year.
You would have thought the “is this the last year of business = NO” would be enough, but alas, it’s not.
I always enter previous year ( ie new client with biz or rental).. this is so that I have a baseline to compare figures.
If I had a client leave and return… I also obtain last year return as if a new client.
By completing the Biz or Rental schedule correctly… it sets up the proper ucc at start of the year, inventory, etc. Clients often have short memories and the summaries of what really happened are quite helpful
I used to do that, but when I showed clients time I spent on it, and billed by time, they didn’t like the bill. I used to reconciled investment statement line by line, month by month, that were 10, 15 pages long a month. Most would be argued, there’s total at year’s end, why waste time, trying to jack up the bill. That’s why I think most accountant now, are just done with those non sense, noted on engagement letter, filed it as is, or show them the way out
And I am only doing it, because they have to be done, long long term relationship
Oh .. I don’t charge by the hour and I don’t charge the client my time for entering the last year T776 or T2125… I find it useful for me to explain to client changes and to catch missed items claimed in previous year
As far as investments, I do reconcile the year end statement to the T5008 but I do not do the monthly line by line… my clients do not expect me to do so.. they do not provide it to me. The investment firm that they pay are putting together summaries and that is what I get and what I use. As you point out, the fees would be huge to follow all the transactions and I have yet to have a client who asked for this type of service. Maybe those taxpayers go tot larger firms.