Thanks @Nezzer for making the rest of us feel somewhat better. @Rein, it doesn’t matter what others think they can do. let’s just do what we can.
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I can’t show how many i do because I downloaded an update now my Client Manager is blank. I detest when this happens! WHY is this happening???
Well, I did qualify my response - I believe you could, if you do only very simple returns - no farms, no self-employed, no rentals, no MV expenses, no employment expenses, no adding up a hundred medical receipts or charitable donations, etc. And, I’m guessing you provide no engagement letters, no printed T1s, no review of each client’s CRA account via RAC, and very little advice?
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Yikes! That prompted me to do some quick math, a bit differently than others…and the results are scary, to say the least. You must have some assistance?
Using 12 min per return as above is 60,000 minutes, or 1,000 hours. At 80 hours/week that’s 13 weeks worth of work…basically all of Feb, Mar, Apr…although I expect there is some slop that can get left over until after April 30. For sure family groups (especially large ones) can cut the time per return down.
I guess if you up the per-week hours to 15-hour days, that’s 105 hours, so that could be compressed into 10 weeks. Still, that’s a rough go!! And you have to fit in T3s…
I’m glad I gave up that business! (Back in my VERY young days I worked for H&R and did learn quite a bit about organizing for volume…that was quite useful.) AFR has helped a lot to reduced storage/access/filing for sure.
As a Controller I worked often 100+ hour weeks and was very well compensated for it…but would I like to continue at that pace? Not a frickin’ frackin’ chance!! 
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You seem very organized. Thank you for your response! Do you scan or photocopy your clients’ medical expenses, donations, or tax slips?
Wow. Good for you.
Tax slips - never. They should all be on file with CRA anyway.
Medical and donations - not unless I think there is something that CRA might question, and the client would subsequently ask me to respond to CRA for them.
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For comparison to your screen shot @pugs1:
I don’t have 871 ACTIVE clients. Maybe if I count every client I ever had over the last 8 years using TaxCycle, including every variation of their name and marital status. And, some of those will be T2s, T3s, T4s, T5s. Certainly not 871 T1 clients.
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I have occasionally been asked by CRA for copies of slips that ARE on RAC. No idea why, and nothing I can point to.
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A little late to replies on this on… one person office/single mum… still maintain any monthly/quarterly bookkeeping and HST compliance as well as file roughly 20 T2s…(To be fair I had downsized some of that work in 2022) most T1s are families… many have investments, small biz or rentals (some neighbour seniors with 2 slips).
410 to June 15th and another 40 or so stragglers
Work around my family… still have to shovel, salt/sand as based from home and live in rural NB. Moved from City 14 years ago and 99% of my clients followed, most meet in person but since pandemic some are virtual(Client Track Portal for signing). Very happy with my practice and where I am at. Never advertise do not feel the need.
Certainly if all I did was T1s I could increase my numbers.
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I scan or photocopy tax slips, receipts, and client summaries, which takes up about 25% of my time. Billing, mailing, and collecting cheques account for another 15%.
Preparing 400+ T1s for one person is no small feat. You’re doing an amazing job! What kind of Client Track Portal do you use?
Client Track is a software you can buy to manage your accounting clients… I love it.
Several years ago they came out with a portal whereby you can send encrypted files and get documents signed electronically.
They have great customer service and located in canada
Over the years tried several options but none that worked for me, my customers and at a reasonable price point. Super happy I found this
Even tried tax folder beta their first year but it was clearly not for me.
Rachel
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Thanks! It is great to hear that Client Track has been a valuable tool for managing your clients. I will use a demo this summer! I am looking for a solution that meets those of my clients. Only a few clients are willing to try taxfolder at the current time.
I think, the most important factor should not be "how many one can do in…?
but rather "Do I want "Quality of life ?"
Having suffered a serious health scare, back in my mid ‘50s, I realized that income doesn’t necessarily translates into happiness; reality check!
Now, in my mid ‘70s, some of my old-time clients go into deep depression when I even mention this might be my last year. (I did mention that to one of our colleagues last year … He must be thinking why am I still on this community?)
I’m doing about 150 returns , no new clients (except maybe present-clients’ growing children).
I’m 100% sure I can’t afford a “boat” like Jeff’s or launch rockets like Elon, but the 14’ aluminum bought in the '80s still suits me just fine.
Look in the mirror … tell me what you see…
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Yup. I have had my own practice since 2004 but I have also worked around the birth my kids in 2007 and 2009 and raising them… They are teenagers now and my youngest helps with doing the data entry for the easy T1’s. Sort of easy. Much complaints about how confusing it is to calculate capital gains on bit coin transactions when the statements are not clear. Gotta admit it took me a bit to figure that one out myself. I currently do about 130-150 people (some of which have more than 1 return) and 15 simple T2’s over the course of the year. I top out at about $50k per year income before expenses which is not bad considering I don’t work most the year. Luckily I am financially independent (my financial savvy + husband’s high earning levels for several years = massive investments) so I don’t actually need to work but I enjoy working with my clients most of whom I have been dealing with for 10+ years. My expenses are minimal besides paying my assistants. My major assistant is getting quite good and accomplished almost half the T1’s all by themself plus my very careful review and made over $2,000 (around full time school too) at I am guessing a bit better than minimum wage. Since they would demand entertainment money anyway if they weren’t working for me I consider it a great deal. It teaches them the value of hard work, gives them work experience and even high school credit this year and most importantly how to budget so as to not run out of money before next tax season. Because I am not topping up their entertainment fund…
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Thank you for your insight! Studies show that spending money on experiences, helping others, building relationships, and saving time can improve mental well-being. More money should be not the primary goal. Whatever brings me the most joy is money well spent.
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I know someone who spends Bitcoin like cash, using it wherever it is accepted. I’m curious how his accountant keeps track of the foreign exchange rates and Adjusted Cost Base calculations when he buys something like coffee with his coins every day.
Last year I spent more than ten hours reporting income from shorting stocks and writing options. Sadly, it was my own return and I couldn’t bill.
Hi there!
I currently complete approximately 380 returns before the April 30th deadline plus a couple dozen or so that file late. This works out to be about 7 returns that need to be completed daily that includes working Sat and Sun during March and April. Some days I can complete 16 and others days I get businesses that usually take up most of the day. 400 seems to be my max- actually hoping to reduce that amount a bit over the upcoming years. Two years ago, my computer had issues for 48 hours in March and I never managed to catch up. Unfortunately it’s not just about completing returns but client calls, inquiries and data flow take up quite a bit of time.
Wishing everyone a production and smooth tax season:)
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