I have been home for little over a week now and have been reflecting on my work term.
In the past month I have learned a lot about cleaning up current work and documenting properly so when a job that couldn't be completed before I left could be understood by the next person to take it.
The past eight months have taught me better time management and communication. I know these skills will benefit me in all aspects of my life.
I have also made strong connections with multiple departments within the firm I worked for and have made life long colleagues in the Accounting field.
It is really nice to be home again and I am excited to apply the skills I have gained when I go back for my final semester.
I am very glad I chose to take the co-op program. The reason why I took it to begin with was to gain experience before I searched for permanent employment. I looked around my classroom and asked myself "what would give me an edge against all these other students searching for employment?". I knew it would be actual experience in the work world.
Tuesday, August 30, 2011
Monday, July 25, 2011
July Update
So far this month I have been dealing mostly with follow up contact with Canada Revenue Agency. This usually involves trying to resolve the issue with returns we have submitted by calling them. Sometimes the CRA requests further information to complete their processing of the clients return. This usually means we have to compile the information requested and send it along with a cover letter.
I have also been involved in the general correspondence with clients to keep them up to date with their tax situation with CRA.
Additionally, I have been involved with more consulting work with some managers in my department. This has been a really great opportunity for me to understand more theory behind the work I do day-to-day.
I am gaining confidence in the work I am doing and I am receiving positive feedback from the people I work with.
We are also working on a video for the company for their recruiting campaign. It has been really fun. I do not know if I can actually upload it but I will try when it is done.
My co-op term is coming to a close and I cannot believe that it has already been 7 months. I have gained so much from this experience.
Now to just decide where I want to be once I graduate in December!
Sunday, June 26, 2011
June Update
So a late June update; the department is very steady right now.
I have been doing many small jobs around the office. The senior manager on the major engagement I am working on is going on vacation and I have been in charge of the majority of changes she has requested to be made on certain returns.
This last week the partner of the department asked me to meet with a dozen clients to aid in the process of applying for ITINs (Individual Taxpayer Identification Numbers). This is a huge honour for me. I met with three Friday and will be helping the other twelve in several weeks.
It means so much to me to be trusted like this and represent the company.
I have been involved in some consulting projects as well. I am amazed with how fast this co-op has flown by. I really enjoy the people I work with and gaining a better understanding of what I want in my career.
Stay tuned for the next update!
I have been doing many small jobs around the office. The senior manager on the major engagement I am working on is going on vacation and I have been in charge of the majority of changes she has requested to be made on certain returns.
This last week the partner of the department asked me to meet with a dozen clients to aid in the process of applying for ITINs (Individual Taxpayer Identification Numbers). This is a huge honour for me. I met with three Friday and will be helping the other twelve in several weeks.
It means so much to me to be trusted like this and represent the company.
I have been involved in some consulting projects as well. I am amazed with how fast this co-op has flown by. I really enjoy the people I work with and gaining a better understanding of what I want in my career.
Stay tuned for the next update!
Friday, May 20, 2011
May Update
So busy season is over and I have survived.
I managed to end the season off strong and have learned many valuable skills in dealing with stress and managing my list of tasks.
Since the company's year end is right around the corner the department has gone straight from tax season to billing season and I have been able to be involved in the billing process for many of the engagements I have worked on.
the stress level has lessened, but since performance reviews are also done during this time other tasks have been put on hold until after this busy time.
I have been told to expect to be more involved in certain engagements in the following months because many of the permanent staff are going on rotation for the summer.
This means that I will gain experience in the whole process of completing a tax return, start to finish. I will be following up with clients and the tax authorities we have dealt with to review and monitor notice of assessments and inquiries.
While some returns still need to be finalized, most of my compliance attention will be focused on Canadian and US tax return adjustments to report the foreign taxes paid in the corresponding country. These are fairly straight forward and since they are simple I have also been helping with assembly and the quality control.
I was also able to be involved in a consulting project our department did regarding income sourcing for someone who had left Canada for a job and decided to stay in the other country permanently. For privacy reasons I wont go into much more detail but I created the spreadsheet that would be seen by the people the managers were meeting with and was able to learn some more in-depth technical information about grossups for tax purposes.
That's all for now!
I managed to end the season off strong and have learned many valuable skills in dealing with stress and managing my list of tasks.
Since the company's year end is right around the corner the department has gone straight from tax season to billing season and I have been able to be involved in the billing process for many of the engagements I have worked on.
the stress level has lessened, but since performance reviews are also done during this time other tasks have been put on hold until after this busy time.
I have been told to expect to be more involved in certain engagements in the following months because many of the permanent staff are going on rotation for the summer.
This means that I will gain experience in the whole process of completing a tax return, start to finish. I will be following up with clients and the tax authorities we have dealt with to review and monitor notice of assessments and inquiries.
While some returns still need to be finalized, most of my compliance attention will be focused on Canadian and US tax return adjustments to report the foreign taxes paid in the corresponding country. These are fairly straight forward and since they are simple I have also been helping with assembly and the quality control.
I was also able to be involved in a consulting project our department did regarding income sourcing for someone who had left Canada for a job and decided to stay in the other country permanently. For privacy reasons I wont go into much more detail but I created the spreadsheet that would be seen by the people the managers were meeting with and was able to learn some more in-depth technical information about grossups for tax purposes.
That's all for now!
Tuesday, April 12, 2011
April Update
Work is extremely busy with two tax return deadlines; US and Canada.
In the last month since my last blog post I have been given many more complex returns with upwards of 200 tax slips to sift through. This is both challenging and rewarding.
I am looking forward to May 2nd when busy season ends and I can gain a more balanced work-life relationship.
The job environment is fairly high stress but from what I've heard thats the nature of any busy season.
I have seen so many returns pass me that I will only generalize on what I have experienced.
The department I work in is very technical and deals with tax treaties for every taxpayer's returns we process. These come in many forms; from claiming a 401(K) deduction as a non resident of Canada to lower the tax liability for Canada. On the US side, any US citizens holding foreign assets outside of the country need to report them. If they have a Tax Free Savings Account or an RESP the amount of interest gained in the year, even if it is not distributed to the taxpayer has to be claimed on their US tax return as income.
I am dealing with clients daily that have a range of questions and I need to respond in a timely manner.
I also need to keep on top of my time and task list in order to keep it manageable. My task list right now can range from 6 - 30 tax returns on any given day and missing information not submitted by clients is a very common situation and I need to be aware if we have or have not contacted the client to request this information and follow up if we have not heard anything.
E-filing is mandatory this year and it has been interesting to be involved in the transition of the company. Many of the returns we do are disqualified because of non resident status. However, in the US the Federal return will be disqualified for non resident status but if the taxpayer holds a tax liability in a state it may still need to be E-filed.
Sometimes it is hard keeping all the information and procedures clear so I am constantly referring to our E-filing memos and company wide documents regarding technical positions.
I am amazed at how the long term staff keep their head and seem to have a pleasant attitude in some of these stressful situations. It looks as though the experience of going through annual busy seasons gives them skills to accept and deal with difficult situations.
I hope and believe I am gaining many of these skills right now.
Now I am off to enjoy my precious evening off! I miss you all in Lethbridge very much.
In the last month since my last blog post I have been given many more complex returns with upwards of 200 tax slips to sift through. This is both challenging and rewarding.
I am looking forward to May 2nd when busy season ends and I can gain a more balanced work-life relationship.
The job environment is fairly high stress but from what I've heard thats the nature of any busy season.
I have seen so many returns pass me that I will only generalize on what I have experienced.
The department I work in is very technical and deals with tax treaties for every taxpayer's returns we process. These come in many forms; from claiming a 401(K) deduction as a non resident of Canada to lower the tax liability for Canada. On the US side, any US citizens holding foreign assets outside of the country need to report them. If they have a Tax Free Savings Account or an RESP the amount of interest gained in the year, even if it is not distributed to the taxpayer has to be claimed on their US tax return as income.
I am dealing with clients daily that have a range of questions and I need to respond in a timely manner.
I also need to keep on top of my time and task list in order to keep it manageable. My task list right now can range from 6 - 30 tax returns on any given day and missing information not submitted by clients is a very common situation and I need to be aware if we have or have not contacted the client to request this information and follow up if we have not heard anything.
E-filing is mandatory this year and it has been interesting to be involved in the transition of the company. Many of the returns we do are disqualified because of non resident status. However, in the US the Federal return will be disqualified for non resident status but if the taxpayer holds a tax liability in a state it may still need to be E-filed.
Sometimes it is hard keeping all the information and procedures clear so I am constantly referring to our E-filing memos and company wide documents regarding technical positions.
I am amazed at how the long term staff keep their head and seem to have a pleasant attitude in some of these stressful situations. It looks as though the experience of going through annual busy seasons gives them skills to accept and deal with difficult situations.
I hope and believe I am gaining many of these skills right now.
Now I am off to enjoy my precious evening off! I miss you all in Lethbridge very much.
Tuesday, March 8, 2011
March Update
Hello everyone,
I decided to do my update at the beginning of this month as busy season has hit me at work and it will be harder and harder to find time to write an update.
I have been doing returns for several weeks now and feel like I am getting hang of most of them. We all have a "task list" that tells us what returns we have been assigned to do and what type they are. The process of brining a return to a place where it can be reviewed, concurred and sent out is long and very detailed. I am learning about where I make mistakes by the reviewer points I receive back from the returns I have done.
I have mostly been doing the non-resident returns for Canada and the United States. On some of the bigger clients the individual returns look very similar. I am learning about sourcing compensation for days worked in the respective countries.
I am also learning how to analyze a clients filing position quickly. We are given a filing position summary for each person and then work along with that to file their returns correctly.
Busy season lasts a bit longer for this department because we don't only have the Canadian tax return deadline but also the United States deadlines. The regular return deadline for the states is mid April but other forms which are very common for expatriates like disclosure of foreign assets are due in June.
The hours are very long right now and I think it's going to take some time to get used to working for such long hours. I'm getting to work around 8 AM and getting home around 8 -8:30 PM for the most part.
I've noticed that every return is a bit different which means that all the way through busy season I will be learning new things.
I am corresponding with clients, requesting information and learning how to address their needs. A lot of the time I will forward any questions onto more senior employees because they know the position that the firm takes on issues much better than me and they request that we do so.
Now to get some sleep before tomorrow morning rolls around!
Miss you guys in Lethbridge.
Kathrine
I decided to do my update at the beginning of this month as busy season has hit me at work and it will be harder and harder to find time to write an update.
I have been doing returns for several weeks now and feel like I am getting hang of most of them. We all have a "task list" that tells us what returns we have been assigned to do and what type they are. The process of brining a return to a place where it can be reviewed, concurred and sent out is long and very detailed. I am learning about where I make mistakes by the reviewer points I receive back from the returns I have done.
I have mostly been doing the non-resident returns for Canada and the United States. On some of the bigger clients the individual returns look very similar. I am learning about sourcing compensation for days worked in the respective countries.
I am also learning how to analyze a clients filing position quickly. We are given a filing position summary for each person and then work along with that to file their returns correctly.
Busy season lasts a bit longer for this department because we don't only have the Canadian tax return deadline but also the United States deadlines. The regular return deadline for the states is mid April but other forms which are very common for expatriates like disclosure of foreign assets are due in June.
The hours are very long right now and I think it's going to take some time to get used to working for such long hours. I'm getting to work around 8 AM and getting home around 8 -8:30 PM for the most part.
I've noticed that every return is a bit different which means that all the way through busy season I will be learning new things.
I am corresponding with clients, requesting information and learning how to address their needs. A lot of the time I will forward any questions onto more senior employees because they know the position that the firm takes on issues much better than me and they request that we do so.
Now to get some sleep before tomorrow morning rolls around!
Miss you guys in Lethbridge.
Kathrine
Tuesday, February 22, 2011
February Update
So February is coming to a close and I want to make this update before busy season really starts to hit us at work.
Toronto training was very fun. I had a chance to meet employees of the company from all over the world (who have transferred to Canada) and get some more hands on training with simulations of situations/taxpayers returns.
For the first 4 or so weeks of work I have been doing training. This includes how to use the company's software and typical returns I will be faced with. These include but are not limited to: US citizens working in Canada and Canadian residents working in the US. Either way they will need to file one resident return and one non resident but sometimes they will need to file both full resident returns in both countries which brings up the complex circular Foreign Tax Credit (FTC). It sounds like there will always be a FTC but when an individual is required to file a full return in both places it gets a bit more complicated.
I am still leanring about it myself so the most I can say (and not to bore you readers) is that it is to prevent double taxation of world wide income because both countries require that world wide income be included in the return.
In the past week I have started doing basic non resident returns. I am finding it challenging to actually work with the software in real life situations but I am taking my time to understand what I am doing.
I am also learning some really great skills in terms of time management and the benefits of not multitasking!
Because I am required to account for my time on a small minute increment basis when I multitask I actually loose focus and cannot account for my time properly. I believe this will actually help me in many more areas than just work as I can concentrate and complete tasks quicker.
I have also started Bikram Yoga in the last two days and am feeling the burn! I want to be more active and become more centred emotionally and spiritually. Right now the classes are hard but I pushed through and went to my second class in a row!
I have a presentation in the staff meeting tomorrow on current CRA views on certain tax credits or important tax changes. I am a bit nervous but I have come to realize this is how I get before presentations and they always seem to work out.
I miss all of you guys in Lethbridge lots and think about you often.
Yours in Service,
Kathrine
P.S. the new office is really awesome; open and bright! I can also see the Calgary Tower from my desk!
Toronto training was very fun. I had a chance to meet employees of the company from all over the world (who have transferred to Canada) and get some more hands on training with simulations of situations/taxpayers returns.
For the first 4 or so weeks of work I have been doing training. This includes how to use the company's software and typical returns I will be faced with. These include but are not limited to: US citizens working in Canada and Canadian residents working in the US. Either way they will need to file one resident return and one non resident but sometimes they will need to file both full resident returns in both countries which brings up the complex circular Foreign Tax Credit (FTC). It sounds like there will always be a FTC but when an individual is required to file a full return in both places it gets a bit more complicated.
I am still leanring about it myself so the most I can say (and not to bore you readers) is that it is to prevent double taxation of world wide income because both countries require that world wide income be included in the return.
In the past week I have started doing basic non resident returns. I am finding it challenging to actually work with the software in real life situations but I am taking my time to understand what I am doing.
I am also learning some really great skills in terms of time management and the benefits of not multitasking!
Because I am required to account for my time on a small minute increment basis when I multitask I actually loose focus and cannot account for my time properly. I believe this will actually help me in many more areas than just work as I can concentrate and complete tasks quicker.
I have also started Bikram Yoga in the last two days and am feeling the burn! I want to be more active and become more centred emotionally and spiritually. Right now the classes are hard but I pushed through and went to my second class in a row!
I have a presentation in the staff meeting tomorrow on current CRA views on certain tax credits or important tax changes. I am a bit nervous but I have come to realize this is how I get before presentations and they always seem to work out.
I miss all of you guys in Lethbridge lots and think about you often.
Yours in Service,
Kathrine
P.S. the new office is really awesome; open and bright! I can also see the Calgary Tower from my desk!
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