Almost two thirds of all Canadian taxpayers are not comfortable filing taxes by themselves. The traditional methods of filing taxes are extremely complicated, requiring a lot of know-how and are easy to get wrong.
On the other hand, there are various tools that allow you to file your taxes using them. However, these tools are only effective for those who have a simple financial situation. People usually have tax situations that are unique and require an approach that these softwares may not be able to handle.
It is understandable that most people do not have the knowledge to handle all of the various possible situations either when they file their taxes. Apart from that, they may lack the time to prepare their tax returns. Getting it wrong means running afoul of the CRA and being liable to pay fines and penalties.
How A Personal Tax Accountant Can Help
In situations like these, a personal tax accountant can help immensely in making sure that your taxes are filed correctly in a timely manner while making the most out of the benefits that you may be able to avail.
These are some of the ways how the services of a personal tax accountant can help:
- Help you with your personal tax preparation
Instead of trying to figure out how you can file taxes for your unique situation using softwares that is made to do only the simplest of tax filings, hiring a personal tax accountant will result in them preparing the personal tax return on your behalf.
- Help you with your unique situations
Nowadays, most people have a side business that they are using to generate some income for themselves. There are also many investments people make in order to secure their lives like real estate, crypto investments, stocks and other investments. Filing taxes while taking all of these investments into consideration can be a very difficult process.
A personal tax accountant will take the relevant information from you and then figure out the best approach to filing taxes while taking into account your professional income as well as your other investments, ensuring that they are properly accounted for.
- Get information from the CRA
A personal tax accountant working on your behalf can go to the Canada Revenue Agency and collect all the relevant information like tax slip data directly on your behalf, saving you the time and effort.
- Ensure that you get max deductions and credits
A personal tax accountant will look at your tax situation and your finances and will inform you about which deductions and credits are available to you. They will make sure that your tax return is thoroughly prepared, with all the relevant deductions made as well as make certain that all the credits available to you are claimed.
Final Thoughts
Preparing and filing your taxes by yourself without any help can be an irritating and frustrating process. Collecting all the relevant documents, finding out the necessary information and doing the processes by yourself can be a chore. Even after you are done, there may be additional deductions and benefits that you may not be aware of, which can lead to you paying more than you should.
Instead of subjecting yourself to that or fumbling around with Do It Yourself (DIY) tax softwares which are difficult to use and may not be able to handle your unique tax situation, hire the services of a personal tax accountant, who will do the necessary processes on your behalf and make sure that you get the best possible outcome, helping you save on your tax returns.