CAISP and accountants

[Cedar]

Although I haven't thoroughly checked out the forms and all the data necessary, I have to wonder, just looking through them briefly, if it's really necessary to pay an accountant to do this stuff for us? From what I have seen so far, it doesn't look all that complicated! What are all you guys doing? Are you filling out these forms yourselves, or hiring an accountant? If hiring an accountant, what would be the reasons that this would be necessary?

[almoy]

You have to supply all the information to the accountant anyway. Why not put it on the forms yourself. It would save money and the forms are not that complicated.

[grassfarmer]

Unfortunately despite sending away the form to sign up for CAIS in November I have still not had any forms from them. My application is always "just about to be processed". From what I hear the form isn't that complicated. My accountant suggested that I would be able to fill it in quite easily but that he would have a quick scan through it before we submit it. I trust I won't be charged for the quick scan - I pay him enough for filing my taxes!

[jkw]

I also wrote, phoned, faxed for forms and still haven't received any forms or reply to any of my requests.
J.K.

[carebear300]

I don't think the forms were finalized till just very recently, in fact maybe just as we sit here. My accountant keeps telling me that story anyway.

[Cedar]

I guess the part that scares me the most is that, in one of the farm papers a while back, they were talking to some accountants and apparently some of those accountants even had reservations about doing the caisp thing for farmers...something to do with some sort of legal issues, unfortunately I can't recall the details now. But if accountants are seeing some sort of legal issues, then how could I even begin to deal with such a thing on my own, without at least an accountant to back me up? Especially when I don't even have a clue what these issues might be!

[kato]

I spent a couple of nights thrashing through the forms last week. Then I went to a meeting in town about filling them in.

Now I will fill them in, correctly (I hope LOL)

The instruction book is a little vague on a couple of points. For instance, there is a code for cull cows. At year end, transfer your culls out of the regular cow category. It makes a huge difference.

Also, I spent hours transferring cattle in and out of the various weight categories, and you don't have to do that. Just transfer from the category they started the year at straight to the category they were in when they were sold (or what they were at year end). Then sell them out of that category. Saves a lot of work, but they don't explain it in the literature.

If you hear of a meeting, GO. Once you find the things they don't mention in the book, it's not hard to fill these things in.

[bombay_43]

I am soo glad these forms will be easy!

My spouse and I have always split the income on our farm 50/50. The only thing different on the income tax forms is the name and social insurance number.

We both had to apply for CAIS. As we have not qualified for NISA up until last year, and no FIDP either, all our tax forms from 1998 and up were mailed with our applications.

Our reference margins came back 15 thousand dollars different!

If CAIS administration,(people who are paid to do this work) can make a huge mistake like this, how are every day farmers going to make out on these forms?

I think this program is going to turn out to be no better than anything else that has been tried! Just lots of headaches for nothing! I fear the money will not end up going where it was intended!