(Financial)

Retirement Assessment

 

Being independent, and not earning commissions from your investments, there is a direct fee, based on both your income and assets, for a financial Retirement Assesment.

 

1st Year

 

0.24 % of your family's total income (from previous year's tax return) plus 0.24% of earned defined benefit (DB) pension benefits plus 0.06 % of your invested assets (excluding your primary residence).  The minimum is $400; with a maximum of $800.

For example, if your family's total income was $110,000, you have invested assets of $180,000, and one is a member of a defined benefit pension plan having earned a $30,000 annual benefit the fee would be $444. ($264 + $108 + $72).

 

Subsequent Years

 

For updates in subsequent years the fee is

  • the following year - 60% of the full rate - minimum $210; maximum $480  
  • two years later - 80% of the full rate -     minimum $280; maximum $640, and  
  • three years or more later - same as a new assessment

 

No HST

 

Small businesses with annual income < $30,000 are not required to charge HST.  Where the annual revenue of Collins Financial Consulting falls below this threshold there is no HST applicable.

 

Tax Preparation and EFILING

 

The cost will be 75% of the last fee you paid to have your taxes prepared by another tax filer, with a minimum of $90 plus $90 for a small business and/or rental property, and again no HST. 


Returning client fee, i.e. second and subsequent years - $75 (also $75 for rental business and/or rental property)

For example, if last year you paid $240 plus HST ($276 total) your fee will be $180 (total, with no HST).

 

For those who filed their own tax return the first year cost is

  • $90, plus
  • $90 for those with professional or business (not incorporated) income, plus
  • $90 for those with rental property income

Returns for full time students are 50% of above rates.

 

Other tax savings / refunds

 

On occasion other areas of overpayment, recoveries or savings are identified.  In such cases a fee of 20% to 50% of the amount recovered or saved, depending on the complexity is applicable.