How to choose the right income tax training?

At the time of writing this post, there were 29,523,546 individual income tax and benefits returns filed with the Canada Revenue Agency (CRA) in 2022. There there are corporate income tax returns and other information returns as well. 

Tax preparation in Canada can be lucrative and help you earn a good income. However, you need to know the nuances of the Canadian taxation system to offer the best services. Therefore, an income tax training course can give you confidence. It will also go a long way to build trust and confidence in your clients to opt for your services.

However, how do you choose the right income tax training?

Let’s find out.

Establish Your Needs

The first step to choosing good training is to determine what you need!

Will you be providing services to only salaried professionals or self-employed individuals? Or, are you going to look for corporate clients and non-profits?

Establishing your goals is very important because it helps you focus on a niche. However, you may choose to offer services to working professionals and unincorporated businesses with simple individual income tax training.

You can choose a training program based on your needs. For example, you can take basic income tax filing training for individuals if you choose not to serve corporate clients, yet.

Once you are hands-on with personal taxes, you can gradually add Corporate income tax services to your profile. Corporate income tax return preparation is different than personal taxes. However, even simple corporate tax returns for smaller clients can increase your revenue significantly.

Moreover, go through the learning outcome statements of the training to ensure it covers the areas of your practice. 

Choosing Between Online and Offline Training

Research shows more students are enrolling in online courses in Canada. The pandemic has also expedited the growth of online education in most fields. So, you can undertake your income tax training through online classes and even get a degree or certificate.

Practical income tax training is different than any academic program. There is a host of self-study online training programs available in Canada. 

Online or offline?

Both training methods have pros and cons, and your needs will determine which works best. For example, online courses may be helpful if you are working and want flexible hours to learn.

We will discuss the advantages and disadvantages of online and offline courses to give you a better idea of what you can expect.

Pros of in-person/offline training:

• Interactive learning
• Better trainer and trainee communication
• Increased efficiency, no wait times for response 
• Socialization and networking opportunities 
• Discipline and punctuality

Cons of in-person/offline training:

• Less flexibility in terms of schedules
• Needs travelling to the training venue 
• In some cases may be more costly

Pros of online training:

• Highly flexible, you can do it at your own pace
• No need to travel
• Generally less costly due to pre-recorded material

Cons of online training:

• Less interaction between trainer and trainee
• Wait times in getting a response through only one medium of communication e.g. writing
• Needs hardware like laptops or smartphones, headphones and internet connection
• Most of the time tax software training rather than an income tax training 

Examine the Training Program Carefully

You will come across ample income tax training programs in Canada. Some are good while others are either too much pre-recorded or overwhelming material or simple tax software training. 

As a result, you should assess the training program carefully to ensure it is the right choice.

Visit the website of the training centre and take a look at the trainers’ profiles. Look for things like, what profession do they belong to? Are they experts in income tax?

It is always better to stick to training offered by income tax experts. 

Focus on the Actual Training Too

You should evaluate the training course after checking out the credentials of the trainer. The website should give you complete information about the training program. Ideally, they should clearly outline the topics or skills the program helps you learn.

Many online training courses offer pre-recorded materials as discussed above and make the learning process tiresome or overwhelming. Some simply use a single software and present it as software training. 

Answering such questions will help you narrow down your list of training programs and make selection easier.

Talk to the trainer or instructor! Most training organizations will let you speak to instructors. Some of them may also allow you to chat with instructors. 

So, pick up your phone and dial the number listed on the website. You can ask to speak to an instructor to get more information on your training.

Evaluate the Cost of Income Tax Training

Income tax training in Canada may be available at different costs. The rates depend on many factors, like whether the course is online or offline. Generally, in-person training costs are slightly higher than the online courses. The cost may be a factor if you are unemployed or starting out. However, cost should not be the only factor in deciding the training you choose. For example, a training program may cost less if its already recorded once and offered with little updated every year. 

Therefore, be careful not to compromise quality for cost. You may opt for the online training from a reputable trainer as there might be some really good ones out there. 

Sign Up for Income Tax Training

You can now choose the right income tax training following the steps we presented above. Pay your fees and get ready to begin your classes.

However, you should do a bit of homework on the topics you are going to learn. It will help you grasp the concepts better and achieve your learning goals more efficiently.

The internet is full of materials like articles, eBooks, and videos to help you learn the basic concepts of income tax in Canada. But it is an equally dangerous place as well due to the tax cost to the taxpayers when things go south. 

Income tax training is essential to offer reliable tax services in Canada.

The answer – choose the right training for your needs to develop the skills you want. The process we discussed will go a long way to help you learn more about Canadian taxes and offer accurate services. You can also consult us to start your practice and establish your presence.

Interested in our starter or advanced income tax training course, explore the catalogue here.