Yes, as soon as the festivities are over you are going to be entering into a new tax year, which means you have to start planning for your tax return. You may find yourself in a variety of situations. Perhaps you have a good accountant so you are in good shape. In the past you may have struggled with doing your own taxes or perhaps used a quick service to get the job done for you. These too are okay if you have a very basic tax return and you know for sure that you are not entitled to any additional tax credits other than the basic ones that most people are familiar with.
There are many small Companies that set up temporary establishments and hire tax preparers to complete the services they offer. As said, for the basic tax that may be all that you need. These individuals that are performing these services may not have the training or expertise in all of the tax laws that may be applicable to you. Often they just receive a week or two training in the basics on Income tax filing.
If you have tax matters beyond the basics, you may not be getting all that you are entitled to by way of credits, or the tax preparer may not ask you the right questions in helping determine if you have additional income that you may have to claim, that you may not be aware is taxable.
Ideally you want to utilize a
professional that has been fully trained and certified to formally complete your tax return on your behalf. This expert should be a Canadian CPA, CA or LPA. These signify that he has all of the qualifications necessary to do the job right.
Often what happens when choosing a tax preparer especially if you are no longer in the workforce is that you want to go to some place where it is convenient, and your taxes are going to be done quickly especially if you are getting money back. What you may not realize is that most accountants now do electronic filing which expedites your return as well.
It is far better to have your taxes done right even if it means that you may end up paying a bit more in regards to taxes owed and for the professional services. It is not very nice to have your taxes done, receive a refund, then a few months later end up being re-assessed and find out that you owe money. This can easily happen when taxes are not done properly.
Also please feel free to Watch our Educational Video
Video – How to Choose a Tax Preparer in Toronto for your Personal or Business Tax by Sam Seidman, CPA, CA, LPA.
Why not
contact us and let’s see if you need a professional accountant for your tax services.
