Seeing an accountant for the first time can feel mysterious. What will they ask? What should you bring? Will they judge your spending habits? This guide demystifies the process and helps you get the most value from the appointment.
Do You Actually Need an Accountant?
Not everyone does. Here is a quick guide:
| Situation |
Need Accountant? |
Why |
| Single, one T4, no investments |
No |
Wealthsimple Tax handles this free |
| Student with tuition credits |
Usually no |
Tax software works well |
| One employer, simple deductions |
No |
Handle yourself |
| Self-employed with business income |
Yes |
Complex deductions, quarterly instalments |
| Rental property income |
Yes |
Depreciation, expense allocation, HST |
| Sole proprietor or incorporated business |
Yes |
T2 corporate returns require CPA |
| Divorce, significant life change |
Yes |
Asset splits, RRSP transfers |
| Death of a spouse |
Yes |
Final return, estate issues |
| Foreign income or assets (T1135) |
Yes |
Complex compliance |
| First time making over $100K |
Yes |
New deduction opportunities |
If your taxes are simple, do them yourself with Wealthsimple Tax (free). If your situation is complex, the accountant will save you more than their fee.
Types of Tax Help in Canada
| Type |
Cost |
What They Do |
| DIY software (Wealthsimple Tax, TurboTax) |
Free–$30 |
Guided forms, you enter everything |
| H&R Block / TurboTax Full Service |
$100–$350 |
Professional preparer |
| CPA firm (small/mid) |
$200–$800+ |
Personal and business tax, advice |
| CPA firm (large) |
$500–$2,000+ |
Complex returns, corporations |
| Volunteer tax clinics (CVITP) |
Free |
Simple returns, low-to-moderate income |
The CRA offers free tax preparation through trained volunteers for people with modest incomes and simple returns. Find a clinic at canada.ca/free-tax-help.
What to Look for in an Accountant
| Factor |
Why It Matters |
| CPA designation |
Verified education and professional standards |
| Experience with your situation |
Self-employed, real estate, specific industries |
| References or reviews |
Google reviews, word of mouth |
| Clear fee structure |
Know the cost upfront |
| CRA representation |
Will they stand behind their work if audited? |
| Communication style |
Should explain things clearly, not just file |
Questions to Ask Before Hiring
- Are you a CPA?
- Have you worked with clients in my situation (self-employed, rental, etc.)?
- What is your fee and how is it calculated?
- Will you explain deductions and strategies to me?
- Can you represent me if I get audited?
What to Bring to Your First Appointment
Income Documents
| Document |
What It Covers |
| T4 slip(s) |
Employment income |
| T4A slip |
Other income, freelance, pensions |
| T5 slip |
Investment income (dividends, interest) |
| T5008 |
Securities transactions |
| T3 slip |
Trust/mutual fund income |
| T2202 |
Tuition amounts |
| T4E |
EI benefits received |
Deduction Documents
| Document |
What It Covers |
| RRSP contribution receipts |
RRSP deduction |
| Donation receipts |
Charitable donation credit |
| Medical expense receipts |
Medical expense tax credit |
| Home office records |
If working from home |
| Vehicle log |
If claiming vehicle expenses |
| Business receipts |
Self-employment expenses |
| Moving expense receipts |
If you moved for work or school |
Supporting Documents
| Document |
Why |
| Last year’s Notice of Assessment (NOA) |
Shows prior year income, carry-forwards |
| Prior year tax return copy |
Helps accountant see your situation |
| Government ID |
Required for identity |
| CRA My Account login |
Accountant may review for you |
Pro tip: Put all documents in a folder organized by category. Accountants typically charge by time — the more organized you are, the less billable time is spent sorting your receipts.
What Happens at the Appointment
| Phase |
What Happens |
| Review your documents |
Accountant reviews T slips and prior return |
| Ask questions |
They ask about major life changes, income sources, deductions |
| Identify opportunities |
May find deductions you missed |
| Prepare return |
They enter everything, review calculations |
| Review with you |
Walk you through refund or balance owing |
| File and sign |
You authorize filing with NETFILE |
Expect a basic appointment to take 30–90 minutes. Complex returns may require a longer meeting or follow-up.
How Accountants Save You Money
| Service |
Typical Savings |
| Finding missed deductions |
$200–$2,000 |
| Home office deduction strategy |
$300–$1,500/year |
| Self-employment expense optimization |
$500–$3,000/year |
| Optimal RRSP contribution amount |
$300–$2,000/year |
| Capital gains timing |
Varies |
| GST/HST registration guidance |
Avoids penalties |
A good CPA for a self-employed person typically saves 2–5× their fee.
After the Appointment
| Task |
Deadline |
| Pay any balance owing |
April 30 (T1) |
| Follow advice on instalments |
Quarterly if applicable |
| Set up a system for next year |
Organized receipts throughout the year |
| Keep your tax return copy |
7 years (in case of CRA audit) |
| Implement planning recommendations |
Year-round |
Ongoing vs Annual Accounting
| Relationship |
Best For |
Frequency |
| Annual tax prep only |
Simple self-employed, rental owners |
Once/year |
| Quarterly check-in |
Actively growing business |
4×/year |
| Monthly bookkeeping |
Incorporated business, complex operations |
Monthly |
| Full-service |
Large business, multi-entity |
Ongoing |
Red Flags to Watch For
| Red Flag |
What It Suggests |
| Guarantees a large refund before seeing documents |
Fraud or aggressive tactics |
| Not a CPA |
Limited accountability |
| Not willing to explain deductions |
May not understand your return |
| Charges based on refund size |
Incentivized to inflate deductions |
| Refuses to provide a signed copy |
Not following CRA standards |
| No engagement letter or fee estimate |
Unprofessional practice |