It is the time of year where many young people are now leaving the classroom for the last time and are about to enter the working world as young adults.
They have spent years preparing for this day, but what they may not be prepared for is along with their new freedom of being a student now comes their responsibility as a Canadian tax payer.
Here is where they now would be wise to start educating themselves on what assets they can build to keep themselves in tune with how these taxes will affect them. One of these assets is the services of a Toronto accountant.
Some new graduates will venture out to finding employment in their chosen fields. As employees they will all face different tax obligations. For the most part many will fall into the average tax payer category where the deductions for taxes and other obligations will be deducted from their pay check. Then at the end of the year they will be responsible for yearly tax returns. This filing may not be new to them as they may have had some experience at doing so as a student. What is new now though is the tax obligation has changed. It may involve other matters besides just paying tax on an employment income such as having student loan repayments and how do these equate into the individual’s tax matters. A Toronto tax accountant service for what would be considered standard tax filing is a small price to pay to get started off on the right foot as a full time tax payer.
For other graduates some are going to take on an even bigger challenge and perhaps become self employed. This in itself opens up an entirely different way of handling their taxes. They most likely are not going to fall into the formal small business category, yet their taxes are somewhat more difficult than the grad who chose to work for someone else. People in this category really should take advantage of tax services offered by an accountant because there is a high risk of missing potential tax savings otherwise.
Once the student loans are paid off and out of the way, many of those that are new to a full time work atmosphere suddenly discover that they have some excess cash as a result of working full time. Now is a golden opportunity to start forming the habit of saving and dong some small but safe investments. A Toronto accountant can offer some sound and valuable advice in this financial area as well.
There are many adjustments for the new Grad to make and choosing an accountant to assist with financial matters can really be one of the important resources that help to make the transition into the full time working world a whole lot easier.
