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2020 has come to a close, and that means that the tax season of 2021 is just on the horizon. Tax season is a busy time for accountants who specialize in taxation. Whether you are currently working as an accountant, or you are looking to earn a certificate in accounting and enter the field, it is important to know exactly what you should expect during tax season in Canada.
In 2020, the tax deadline was extended to the end of September 2020 due to the complications presented by the COVID-19 pandemic. Although the pandemic is ongoing, the 2021 deadline has not been extended.
The exact start date of tax season can be hard to pin down, but the CRA has suggested that people will be able to file their taxes as early as February 22nd, 2021. The end of tax season depends upon who your clientele is. April 30th, 2021 is the general deadline for filing taxes. Self-employed individuals or people with a spouse or common-law partner who is self-employed have a later deadline of June 15, 2021. As an accountant, this means your tax season can last anywhere from two to four months depending on your clientele.
There is no getting around the fact that if you are a tax accountant, then tax season is going to be a busier time for you. Having more work to do means this is the most profitable time of the year for tax accountants, but it can also be the most stressful. Long hours are the norm during tax season and that can take its toll on even the most skilled accountant.
Getting through tax season in one piece means knowing how to handle this high-stress time of year. When it comes to handling the extra workload, there are a few methods that accountants have been using for years to keep their heads afloat during the busy months.
Proper scheduling can be a massive help for a struggling accountant. Scheduling does not just mean planning out hours that you will be working, it means planning those hours out, so you know what work you will be doing at each hour of the day. By structuring your day so that similar tasks are all grouped together, you will be able to move through those tasks more effectively. You can also effectively schedule your extra hours to be during your more productive time of day. If mornings are your most productive time of day, then you will want to wake up earlier and take advantage of those hours.
Getting help from others can also alleviate a lot of stress during tax season. If you are working in an office then this might mean having your co-workers take some responsibilities off of your hands. If you are self-employed then you might have your friends or family help you out with personal tasks such as walking your dog. It is better to enlist the help of others than to suffer alone under a massive workload.
Whether you are ready for it or not, tax season is upon us. Now is the perfect time to plan ahead and set yourself up for success before tax season is in full swing. If you are not quite ready for the season then we can help you with our selection of accounting programs and courses. Ashton’s Certificate in Accounting program provides you with the fundamental skills you need to become a successful accountant in Canada. We also offer a Canadian Income Tax course and Payroll Administration course that will help you build on your accounting skills and prepare you for the busiest time of year for accountants. Register now for our Certificate in Accounting program or one of our continuing education courses and take your career further.
The information contained in this post is considered to be true and accurate as of the date of publication. However, the accuracy of this information may be impacted by changes in circumstances that occur after the time of publication. Ashton College assumes no liability for any error or omissions in the information contained in this post or any other post in our blog.
Read Our Other Blog: The Unique Features of Canadian Accounting