Affordable Tax Filing Services

This week marked a shift from simply operating the business to making sure it is set up properly from a compliance standpoint. After completing more paid returns, I realized that I’ve reached the point where I now need to formally register with the CRA as a tax preparer. That means applying for a Rep-ID and moving toward E-FILE registration so I can continue operating within CRA requirements. Right now, my focus is on getting the CRA registration finalized so the business can continue operating smoothly as tax season picks up.

From an operational perspective, demand continues to be a positive sign. Even though filing activity has been staggered because of delayed T-slips, interest has remained steady and bookings continue to come in. I’ve also noticed that I’m more comfortable navigating client conversations without overthinking them. The process feels more routine now, which has made day-to-day tasks more efficient and less mentally draining.

What has been more challenging is the amount of administrative work happening behind the scenes. I underestimated how much time would be spent reading CRA documentation, setting up registrations, and making sure everything is being done correctly. None of it is particularly difficult, but it is time-consuming, especially while balancing a full time course load and personal responsibilities.

Another issue that came up this week is the business name. I hadn’t taken the time earlier to look closely at what other tax services in the Niagara region are called, and I’ve since realized that there are a few with names very similar to Balanced Returns. Because of that, I need to take a step back and evaluate whether the name creates confusion or overlap. More research is needed, but it’s something I need to address quickly so I can make an informed decision before moving further ahead.

Overall, the business feels established rather than experimental at this stage. Systems are in place, clients understand the process, and expectations on both sides are clearer. The focus has shifted away from getting started and toward maintaining consistency and making sure the business is being run properly and responsibly.

This week felt quieter, but not unproductive. With tax slips still coming in and winter weather making travel unrealistic I focused on technical issues, and refining how I work with clients.

What is working?

One of the biggest improvements this week has been on the technical side. I’m really happy that I took the time to update and make changes to the software on my laptop. I had been dealing with issues caused by an outdated version, and after troubleshooting last week, everything is running much smoother now. It’s made day-to-day work feel less stressful and a lot more efficient.

I’m also very happy with my decision to move fully to virtual meetings with clients. With how brutal the winter weather has been in Niagara and the amount of snow we’ve had, travelling to meet clients in person would have been unrealistic. Virtual meetings have been convenient for both me and my clients, and they’ve allowed the business to keep moving even when the weather hasn’t cooperated.

Another thing that’s been really encouraging is the feedback I’ve received about my pricing. Clients seem genuinely pleased with the flat-fee structure and have mentioned that it feels more affordable and transparent compared to other places. Seeing a few completed returns result in decent refunds has also been very satisfying. It’s rewarding to see clients relieved and happy once everything is filed properly. Word of mouth has also started to kick in more this week. I’ve had several clients book appointments for later in February and into March, which gives me confidence that business will continue to pick up as we move deeper into tax season.

What is not working?

One ongoing challenge is timing. Many people are still waiting on their tax slips, which means there isn’t as much immediate business as I originally hoped for at this point. A lot of potential clients are interested, but everything is on pause until their documents arrive.

I’ve also had a small but unexpected operational issue with printing. I realized that my old printer, which uses ink cartridges, was becoming far too expensive to operate. Since I do need to print some returns, I ended up having to purchase a new printer that’s more cost-effective. While this was an added expense, it was necessary and should save money in the long run.

How do you feel the project is coming?

Right now, things feel a bit slow, but not in a discouraging way. I can see that momentum is building. With appointments already booked later into tax season, I’m confident that profitability will improve as more slips are issued and clients are ready to file.

What are you learning about running a business?

I’m learning that timing and external factors play a much bigger role than I expected. Even when everything is set up properly, there are things completely outside your control, like document delays or weather. I’m also learning how important it is to invest in the right tools and systems early, because small inefficiencies can quickly become frustrating if they aren’t addressed.

What are you learning about yourself?

I’m learning that I’m actually very good at dealing with people. Going into this business, I was honestly nervous about that part. I wasn’t sure how comfortable I would feel talking with clients, answering questions, or explaining tax information in a way that made sense.

This week felt heavier than the last few, mostly because Balanced Returns didn’t slow down just because my semester started back up. I’m now back in school full time while still running the business, and that shift hit me pretty quickly.

On the positive side, clients are actively filing returns with me and the business is making money. That part feels good, but it also comes with a different level of responsibility. When people are trusting you with their tax information and paying for the service, it changes how you approach the work. I’m taking more time to review things and double-check details, even when it means things move a bit slower than I’d like.

One thing I didn’t expect this week was how much time I’d lose to software issues. What should have been a straightforward process turned into troubleshooting and trying to figure out why things weren’t working the way they should. It was frustrating, especially with limited time, but it was also a reminder that running a business means dealing with problems that have nothing to do with clients or effort. Sometimes it’s just the tools getting in the way.

I also had an interesting experience with networking that came up naturally. One client mentioned family members who are looking for long-term bookkeeping support. I’m not in a position to take that on right now, but it was eye-opening to see how quickly opportunities can come from conversations alone. It made the business feel bigger than just individual tax returns.

The biggest challenge right now is time. Being back in classes, keeping up with assignments, and still serving clients has forced me to rethink my schedule completely. There’s less flexibility than before, and I’m learning the hard way that I can’t do everything at once without burning myself out.

Overall, the project feels real in a different way than before. It’s no longer about whether the idea works. It’s about whether I can maintain it while balancing everything else going on in my life.

What I’m learning about running a business is that progress isn’t always smooth or efficient. There are delays, setbacks, and moments where you feel behind even when things are going well. I’m also learning that growth doesn’t always mean more clients. Sometimes it shows up as connections, conversations, or future opportunities.

This week has been a bit of a reality check for me, but in a good way. I’m starting to see how the business actually works in real time instead of how I assumed it would work when I planned everything out.

What is working One thing that is working really well is client interest and communication. I’ve had more people booking meetings, asking questions, and scheduling appointments than I expected, which tells me there is demand for the service. Even when clients aren’t ready to file yet, they’re still reaching out early, which helps me stay organized and plan ahead. I’ve also noticed that once people understand the process and what documents they need, they feel more comfortable coming back.

What is not working What hasn’t worked as planned is the number of completed tax returns this week. I had planned for four clients but ended up with two. The main reason is timing - many people are still waiting for their T-slips from employers. I didn’t fully account for the fact that in Canada, employers have until a specific deadline to issue these, and without them, clients can’t move forward. That’s been a learning curve for me.

How I feel the project is coming Overall, I actually feel pretty good about how the project is coming along. Even though the numbers were lower than expected this week, I don’t feel discouraged. If anything, I feel more confident because I can see that this is a timing issue, not a lack of interest or effort.

What I am learning about running a business I’m learning that running a business isn’t just about offering a service - it’s about understanding external factors that are completely out of your control. Timing, deadlines, and client readiness all matter. I’m also learning that interest and future bookings are just as important as immediate sales, especially in a service like tax filing.

This week honestly made me stop and think a lot more than I expected. I’ve started receiving inquiries and now have a few clients booked for the coming weeks, which is exciting but also made everything feel very real very quickly. At the same time, the assignment for this week challenged me in a way I didn’t see coming.

I struggled with the customer showcase more than I thought I would. It made me face the fact that tax services aren’t exciting or interesting to most people. There’s nothing flashy about what I’m offering, and for a moment, that really threw me off. I found myself questioning how to present the business without making it sound forced or like I was trying to sell something it isn’t. It even made me pause and ask myself if this is something that can actually work long term.

After sitting with that for a bit, my thinking started to shift. I realized that even though taxes aren’t interesting, they’re something everyone has to deal with. That’s where the value is. Balanced Returns doesn’t need to be exciting - it needs to be reliable, approachable, and supportive during a process that a lot of people find stressful or confusing.

Something else changed for me once I started actually talking to potential clients. I had been worried that I wouldn’t know how to answer questions properly or that I’d freeze up when people asked something unexpected. But once the conversations started and I began booking appointments for next week, I realized how much of what I’ve learned over the past three years is just there when I need it. My tax courses, accounting classes, and practical assignments are all coming into play naturally.

That really boosted my confidence. I feel much more comfortable now explaining things, answering questions, and walking people through what to expect. It’s reassuring to see that the knowledge I’ve been working toward isn’t just academic - it actually applies in real situations.

From a business point of view, this week taught me that not every business needs to be exciting to be successful. Sometimes people are just looking for something dependable that does what it’s supposed to do well. Being honest about what I am offering and focusing on how it helps people feels like the right approach moving forward.

One thing I’ve also become more aware of this week is the responsibility that comes with offering tax services. Even at a small scale, I’m handling personal and sensitive information, and that’s not something I take lightly. It’s made me think more carefully about accuracy, confidentiality, and doing things properly from the start. Knowing that people are trusting me with their information has reinforced how important it is to act ethically and professionally, even when the business is still small.

This week felt different in a very noticeable way. Instead of spending most of my time planning or refining ideas, I found myself responding to interest and thinking through real interactions. This business is no longer just something I’m preparing for - it’s something that’s beginning to take shape in real time.

Since putting flyers up last week at Niagara College and Brock University and having my Facebook ad go live, I’ve started to receive a few client inquiries. That alone changed how I approached everything this week. What surprised me most was that the interest wasn’t limited to students. Hearing from people outside that group made me realize that the business may have a broader reach than I originally expected, which was both exciting and a bit overwhelming in a good way.

Because it’s Christmas and I had a lot of family around, I decided to use that time as an opportunity. After receiving a few inquiries, I realized I struggled a bit with my comfort level in those initial interactions, so I walked through a few mock client intakes with family members to get more comfortable with the intake process and how I explain things. They were more than willing to help, asked thoughtful questions, and gave me honest feedback. A few of them have even asked if I can assist with filing their taxes, which was incredibly encouraging and helped ease some of my nerves.

What stood out to me this week is how much confidence comes from doing, not just preparing. Responding to inquiries and practicing intakes showed me where I feel strong and where I still need to slow down and be more thoughtful. It also made me more aware of how important communication is - not just knowing the information, but explaining it clearly and calmly.

Balancing all of this during the holidays hasn’t been easy. Christmas brought a lot of competing priorities, and there were moments where it felt like everything was happening at once. At the same time, it gave me a realistic look at what running a business alongside real life actually involves. Things don’t pause, and learning how to work within that has been an important realization.

This week reinforced that Balanced Returns is something I genuinely want to continue building. Using my tax knowledge in real conversations reminded me why I enjoyed my Canadian tax courses in the first place. Being able to apply what I’ve learned, even in small ways, has made this feel like the beginning of the career path I’ve been working toward over the past three years.

Working on Balanced Returns during this course has honestly been more eye-opening than I expected. What started as an assignment in my Entrepreneurship course has slowly turned into something I can actually picture myself doing long term.

What’s working What’s working best right now is keeping the business small and realistic. Planning everything out has shown me that I don’t need a huge setup or a big budget to get started. Focusing on basic tax preparation for clients makes sense for where I’m at right now, both in terms of my skills and my schedule. I also feel good about the way I’m approaching pricing and expenses - nothing feels rushed or overdone, and that’s important to me.

What’s been challenging The hardest part has been figuring out where to draw the line. There are a lot of directions this could go, but I’ve learned that trying to do everything at once just isn’t realistic. Time management has also been a challenge. Between school, work, and life in general, I’ve had to be honest with myself about how much I can take on - and that’s been a learning experience on its own.

How the project is coming together Overall, I feel like everything is coming together in a way that actually makes sense. Each assignment builds on the last, and instead of feeling overwhelming, it’s made the business feel clearer and more organized. Seeing everything laid out - the planning, the budgeting, the decisions - has made it feel real, not just like something I'm doing for a grade.

What I’m learning about running a business I’m learning that running a business is a lot less about having a “perfect” idea and a lot more about making practical decisions. Small things matter. Costs matter. Timing matters. I’ve also learned that starting small isn’t a weakness - it’s actually smart. It gives you room to learn, adjust, and grow without putting yourself under unnecessary pressure.

What I’m learning about myself As an accounting student graduating in April, this project has helped me see that opening my own tax and bookkeeping service is something I genuinely want to pursue, and more importantly, something that’s achievable. Working through this process has shown me that I’m capable of planning, problem-solving, and making thoughtful decisions. It’s given me confidence that I can take what I’ve learned in school and turn it into something real.

Right now, Balanced Returns is being built very intentionally on a small scale. I started with just $50 to cover the basics and test the idea without putting myself under financial pressure. Since this is a service-based business with very low overhead, starting small just makes sense. That said, if I decide to grow Balanced Returns beyond this early stage, I know I’ll eventually need to look at other financing options.

One option I would seriously consider down the road is a BDC small business loan, especially one designed for start-ups or early-stage businesses. BDC focuses on helping Canadian entrepreneurs, which lines up well with my goal of keeping Balanced Returns local, ethical, and sustainable.

One of the main things BDC talks about in their article “4 factors that could affect financing your start-up” is cash flow. Lenders want to see that a business can bring in enough money to cover its expenses and repay a loan. That’s one area where Balanced Returns has strong potential. Taxes are something people have to deal with every year, and many find the process confusing or overwhelming. As the client base grows, the income becomes more predictable, especially during tax season.

Another big factor is risk. Start-ups are often seen as risky, but Balanced Returns carries much less risk than many new businesses. There’s no inventory to manage, no storefront to rent, and very few ongoing expenses. Keeping costs low reduces the financial risk for both me and any potential lender.

BDC also points out how important management experience is when applying for financing. While Balanced Returns is still a micro-enterprise, my background in business administration, accounting, and hands-on bookkeeping helps show that the business is being run by someone who understands the numbers and knows how to make informed decisions.

Finally, collateral can play a role in financing decisions. Even though I don’t have major physical assets to offer, I’ve invested a lot of time, education, and planning into building this business. Starting small, testing the market, and reinvesting profits before taking on debt shows commitment and long-term thinking.

Now that my business idea for Balanced Returns is taking shape, I’ve been thinking a lot about what it actually takes to run the service smoothly - not just in theory, but in a real, practical way that lets me start filing returns for people over the next few weeks.

Products, Resources, and Tools I’ll Need

Because this is a service-based micro-enterprise, I don’t have to worry about sourcing physical products or inventory. My main “product” is the tax-filing service itself, so most of what I need revolves around software, compliance, and organization.

Here’s what I’ll be using:

A laptop with reliable internet (already have)

Tax preparation software like ProFile or Wealthsimple Tax Pro

Secure document-sharing tools (encrypted email, password-protected PDFs, cloud folders, etc.)

A simple booking system so clients can send me documents and schedule appointments

Templates for checklists, client intake forms, receipts, and engagement confirmations

Since I’m not purchasing inventory, my biggest “resource” is time — specifically the time needed to review slips, prepare returns, double-check accuracy, and communicate with clients. That’s manageable, especially during the 6-week launch period.

Will I Be Ready to Launch in Time?

Everything I need can be set up quickly. The software is downloadable, my home office is already set up, and my pricing structure and messaging are in place.

The only part that takes advance planning is marketing, but even that fits within the upcoming weeks: posters at Niagara College, a simple website or landing page, social posts, and word-of-mouth through classmates.

Because I’m offering a digital service, there’s no risk of running out of “stock,” so nothing needs to be shipped or manufactured.

Licenses, Permits, and Requirements

For personal tax-filing in Canada, you do not need a formal bookkeeping license, but there are still important responsibilities:

You must follow CRA rules for preparing returns

You must protect client information (privacy laws)

If I were e-filing through CRA’s Auto-Fill or doing this professionally long-term, I would register for a REP ID (formerly EFILE number). For the purpose of this course, this isn’t required because I can prepare returns and give them to clients to submit themselves.

There are no municipal permits needed since I’m operating from home and not seeing large volumes of clients in person.

Since it’s just me, I’ll be handling each part — but at a manageable scale.

My Vision for Launching Balanced Returns

To officially launch, I need three things:

A simple, clear process for clients to send documents and get their return completed

A trustworthy brand presentation - consistent messaging, pricing sheets, and a welcoming online presence

A workflow that keeps everything organized so nothing gets missed

I picture a smooth system where clients fill out an intake form, upload their slips, I prepare the return, review it, and send everything back with instructions. Clean, simple and stress-free.

Tools and Items Needed to Start Selling

Laptop + secure digital storage (already have)

CRA basic tax guides - digital copies (already have)

Software for preparing returns (already have)

Intake forms (in-process)

Email templates (in-process)

A promotional one-page flyer for students (in-process)

Basic accounting to track payments - Excel or QBO (already have)

For this week’s creative concepting challenge, I used the “One-Line Idea” exercise - the goal is to reduce a whole brand into one powerful sentence that captures the insight and emotion behind it.

💭 Here’s my one-line idea for Balanced Returns:

“Affordable tax help that actually feels helpful.”

Name: Sofia Alvarez Age: 24 Location: Niagara Region Occupation: Full-time student + part-time retail worker Tax Situation: Simple return (T4, tuition, small credits)

💭What Sofia Thinks & Feels

Sofia is always trying to balance school, work, and bills. Money is tight and tax season makes her anxious. She’s scared of doing something wrong, missing a credit, or owing money she can’t afford.

She wants stability, clarity, and someone who can explain things in a way that actually makes sense.

🎙️What Sofia Says & Does

She often says: • “ don’t want to mess up my taxes. • I can’t afford a full accounting firm. • I just want someone who knows what they’re doing.

She is frugal and always reads reviews before she spends her money at an establishment. She also prefers services that feel personal and trustworthy.

👀 What Sofia Sees

Expensive accounting firms 💸 • Fast, impersonal discount tax places • CRA reminders everywhere • Other students online confused about filing

Nothing feels built for people like her - simple situation, simple needs.

👂 What Sofia Hears

She hears friends saying how much they hate doing taxes because they never know if they did them properly

She hears her coworkers complaining about missing refunds

Social media & Influencers are talking taxes, but not in a helpful way

Everyone seems confused — and nobody wants to overpay for help.

⚠️ Her Pains (Fears & Frustrations)

Afraid of filing wrong

Worried she’s missing deductions

Confused by CRA language

Can’t afford high accounting fees

Doesn’t trust chain tax-prep places

Feels embarrassed asking for help

Overwhelmed every tax season

✅ Her Gains (What She Wants Most)

• Clear explanations • Affordable pricing • Someone patient and approachable • A correct return the first time • Peace of mind • To understand her refund • A real person — not an automated system

💼 Why Sofia Is Perfect for Balanced Returns

She’s exactly who Balanced Returns is meant for: people with simple returns who want accuracy, affordability, and zero judgment.

When I think about my strengths as an aspiring entrepreneur, the first one that comes to mind is resilience. I’ve had to push through a lot—school, work, family responsibilities, health challenges - and each time I’ve managed to get back up and keep going. That ability to stay focused and determined, even when things get difficult, has shaped the way I approach new opportunities.

Another strength I recognize in myself is adaptability. Throughout my work experience in different industries - customer service, administration, hospitality, technical roles - I’ve learned to adjust quickly, pick things up fast, and handle whatever comes my way. That skill has helped me stay calm in stressful situations and find solutions instead of getting stuck.

I also know I’m good at connecting with people. Whether it’s coworkers, classmates, or customers, I try to make others feel heard and supported. Communication is an important entrepreneurial skill, and it’s one I’ve naturally developed over time.

As for weaknesses, one thing I’m working on is confidence. I second-guess myself sometimes, even when I’ve done the work and know what I’m doing. I’m trying to improve by taking on more leadership roles, speaking up more often, and reminding myself that growth comes from showing up, not from being perfect.

H&R Block positions itself as one of the most trusted and widely recognized tax preparation companies in Canada. They market their services as professional, accessible, and reliable.

Market Positioning

H&R Block positions itself as one of the most trusted and widely recognized tax preparation companies in Canada. They market their services as professional, accessible, and reliable.

Website Experience

Very polished and professional site

Multiple filing options (DIY, in-office, virtual drop-off)

Clear pricing tiers

Heavy emphasis on expertise and accuracy

Pricing

This is where they become less competitive for students:

Basic return: usually between $70 - $120+

Extra fees for slips, tuition, and additional forms

Customer Reviews

Strong reputation for accuracy

Mixed reviews about wait times and upselling

Many reviews say the price feels “too high for a simple return”

Social Media

Active on Instagram, Facebook, and TikTok

Content focuses on tips, deadlines, and promotions

Very corporate tone

Strengths

Strong brand recognition

Professional accountants on staff

Multiple filing options (drop-off, virtual, in-person)

Weaknesses

Pricing is too expensive for students

Different fees can be confusing

Upselling or add-on charges frustrate many customers

What This Means for Balanced Returns

My business can compete directly on price transparency, simplicity, and student-focused service, offering the same basic service at a fraction of the cost.

Competitor #2: U-File (Online Software)

Market Positioning

UFile markets itself as a quick and affordable online tool for Canadians who want to file on their own.

Website Experience

Clean layout, easy navigation

Guided questions make filing easier

Strong focus on DIY and cost savings

Pricing

Students: FREE

Adults: $19.95–$23.95 per return

Extra charges for multi-family returns

Customer Reviews

Generally positive, especially for cost

Users like its simplicity

Some complaints about bugs during peak season

Social Media

Not very active

Mostly customer support replies

Rarely posts content for engagement

Strengths

Free for students

Affordable for adults

Trusted and widely used

Weaknesses

Not personalized

Users must be comfortable filing alone

Customer service response times can be slow

What This Means for Balanced Returns

I offer something UFile doesn’t: human support, explanation, and hands-on help, especially for people who find tax forms stressful or confusing.

Competitor #3: Wealthsimple Tax

Market Positioning

Wealthsimple positions its tax filing system as simple, modern, and donation-based. Their main selling point is: “Pay what you want.”

Website Experience

Very clean, modern, intuitive

Appeals to young adults

Simple questions and automatic importing options

Pricing

Free (optional donation)

Most users pay $0–$10

Additional fees apply if users sign up for Wealthsimple Invest

Customer Reviews

Very high ratings

People like the simplicity and price

Occasional complaints about missing forms or slips importing incorrectly

Social Media

Extremely active, especially on TikTok and Instagram

Modern branding that appeals to students and millennials

Strengths

Extremely easy to use

Donation-based pricing

Strong brand trust

Appeals to young people

Weaknesses

No personalized support

Users must troubleshoot mistakes alone

Some limitations for non-standard returns

What This Means for Balanced Returns

Even though it’s free, many people still prefer having someone do their taxes for them - especially people who fear making mistakes or don’t want to deal with CRA paperwork.

How Balanced Returns Can Position Itself

Based on this analysis, Balanced Returns can stand out by offering:

1. Affordable, Transparent Pricing

Competitors range from $20 to $120+. Balanced Returns $20–$30 flat rate - competitive.

2. Human, Personalized Support

Large companies focus on volume. I can focus on individual attention, explanations, and support.

3. Student-Friendly Approach

Flexible communication (DMs, text, email)

Simple intake forms

Clear timelines

4. Trust + Comfort

People like knowing a real person reviewed their return - not just a software tool.

5. Niche Target Market

I am are not trying to compete with everyone. I am are targeting:

Students

Part-time workers

Low-income individuals

First-time filers