When I am doing tax return for a single taxpayer, why family summary shows in client copy? also it shoudl show GST and child care in the family summary for the couple file.
I like the TaxCycle form called Family Summary.
It provide an easy to read format from which to review the T1 Tax Return with individuals, couples, and families. It may be called “Family” Summary because benefits are based on what Canada Revenue Agency terms as Family Income.
In Intuit’s Profile this was called the “Sum”.
Profile has a similar view for year over year called “Comp” for comparison.
For individuals it is really easy to read the income in the lines numbering in the 100’s. Deductions in the 200’s. Credits in the 300’s. And tax in the 400’s.
For couples it is easy to view the transfers.
The T1 Sum is “harder” for clients to read and understand but much easier when compared with the Family Summary.
By harder I do not mean that this is hard to read, just that SOME of my clients find it hard to understand numbers when included with text. They are confused by the terminology and how it applies. Generally these are the truckers and blue collar trades. When numbers are on their own they are fine.
My clients who are used to reading their Tax Return love the T1 Summary. I like to use both together.
The T1 Condensed is great for experienced preparers but incomprehensible for clients.
Bottom line:- I love that Family Summary.
I would love to see GSTC and Child Benefits added or in a separate benefits form. Right now I use the Client Letter to provide that information.
This is an option you can control under T1 | Form Availability. Some clients want to see the family summary for single taxpayers, so we make it available through a setting. I suspect this is turned on in your options.
I disagree with @dominique_dabolczi.
I believe that the T1Summary is very easy for any client to read as it is laid out in a logical format plus it has all the line numbers along with descriptions just like the Family summary page.
Plus the T1 Summary gives the client GST and CCB amounts along with other carry forward amounts useful to a client.
The Family summary is ok but does not give the client enough information.
Let me clarify…
My truckers and solo trades whose eyes glaze over when numbers are inserted with text are still able to follow the Family Summary. I love this form for them.
My clients who are used to text used with numbers, and who are family with how the T1 Tax Returns are organized, these prefer the T1 Summary.
When there are spousal transfers, then the combination of the T1 Summary together with the Family Summary are preferred.
I did not mean to say that I found the T1 Summary hard to read. Just that many of my clients find the Family Summary the best starting point. Then, those who are able to consume more detail, like to see the T1 Summary.
The T1 Condensed are great for me tax savvy clients who like to view the exact numbers in an easy to view format.
All in all I love love love TaxCycle and all the reports.
The point of my post was simply to add that my clients and I find the Family Summary useful for both individuals as well as families.
Anyway, this day started at 6am for me and wrote my post in between clients and calls just to give a thumbs up for the Family Summary to be included for individuals as well as families. It is now 9pm and I have barely had time for lunch. After I’ve had dinner and some sleep I will review my post to see where, why, and how this could be interpreted as a thumbs down on the T1 Summary. That was not my intention.
Thanks, Cameron, your quick help is a great reason, I love TaxCycle.