Time to get your taxes done and there are lots of tax preparers in Toronto to choose from, but how do you go about this, and does it really matter who you choose as long as they get done and submitted?
The answer to whether it matters who you choose or not, is an important one. The tax laws are very complicated even for the most simple tax return if you don’t have any knowledge about them at all. The person doing your taxes has to have a good understanding of the rules and regulations so they can determine if they apply to your tax situation.
Taxes are based on financial information. The tax expert has to have good education and experience in financial accounting to be able to calculate out what is owed to you and determine your share of credits. Of course they can use a simple calculator and follow the ratios pertaining to these that the CRA has allotted. But then so can you, and if it were that easy that why even bother going to someone who specializes in doing tax returns?
During tax season you will see temporary tax preparation offices popping up all around Toronto. Then once the tax deadline is past these offices are closed and all those who work there are no longer found. A year down the road you receive an assessment from the CRA telling you that your last year’s taxes contained a mistake and you now owe money, plus the interest. You have no way of finding the tax preparer who did your taxes for you, so now you have a problem to solve with the CRA. It is not uncommon for the tax department to reassess tax returns even when the initial assessment you received complied with what the guy who did your taxes submitted. So this is just one reason why you want to be careful who you choose.
The other possibility is that you may not get the chance to take advantage of some of the potential tax credits available to you because you didn’t know about them, and your temporary tax preparer didn’t bother to tell you about them, or even they didn’t realize you could be eligible because of their lack of training.
Using untrained or poorly trained tax preparers for your personal tax returns can cause some real disappointments, but using them for your self employed or small business can be a real disaster.
Why take the chance on not having your taxes done right, or missing out on some potential credits, when you can all your tax matters taken care of here by highly trained and experienced tax accountants here at Toronto Accountants, at a very reasonable price.
For more information be sure to watch the Video on How to Choose a Tax Preparer in Toronto for your Personal or Business Tax.
