Words Sheila C Henn, CPA, CA, SC Henn CPA
Individuals, including professionals, have increasingly started to use Artificial Intelligence (AI), but we are only just beginning to understand and integrate this into our daily work.
AI cannot replace professionals, though it can change how we work and should change our research methods for the better. Source documents are often only the beginning of the long list of things we must read. There are blogs, articles, news reports, court cases, interpretations, opinions and many other sources that are critical to determining the answer. The time and cost of reading all of these is often prohibitive.
AI changes this and starts providing a more detailed answer, but how reliable that answer is depends on many factors, such as how controversial the topic is and what sources are available to the public. How the answer is interpreted is where professional experience and expertise comes in.
Will AI provide a reliable and accurate result to a common tax question?
Using Google – AI mode provides a clear answer but whether this applies to your situation may depend on a variety of factors.
Some of my recommendations are::
• Ensure your answer is considering only Canadian rules (or U.S. if appropriate).
• Using a paid AI search engine/program may mean you’ll receive better results.
• Use AI with other research materials or reliable sources.
• Always check the direct sources/ask it to provide references.
• Be specific in your question. Start broad and then narrow it down.
• Determine if this is a common scenario or if certain conditions change the result of the answers.
Professionals often rely on programs or purchased source material that help us to interpret the source. We also have varying experience in the subject matter. We use technology to file taxes and to ensure our clients are making decisions with the most appropriate information.
Ensuring all the facts are known and your research is based on the correct jurisdictions and time of filing is important. If you find an answer it may seem correct and legitimate, but may not relate to your filings or your circumstances.
An AI search is a good start prior to meeting with your advisors. You can also ask AI what the common questions would be for a topic to help narrow it down and provide an outline for your meeting. Additionally, you could ask what changes there are for that topic. Be specific! You will note when you “Google” your question, the response will have a disclaimer such as “AI responses may include mistakes. For financial advice, consult a professional”.
