The consolidated version of Canadian income tax regulations is more than 1,200 pages. Each province and territory has its own tax laws as well.
Many DIY tax solutions are available, but they may not help you navigate the complexity of Canadian taxes successfully. Almost everyone will have noticeable accountant benefits when they work with a tax professional.
A chartered professional accountant is especially helpful in certain tax situations. Learn more about when to get professional tax help and what an accountant can do for you.
Major Life Changes
If your personal situation has changed during the year, you may be better off filing your tax return with the help of a tax professional. For example, if you got married this year, you'll need to decide whether to file jointly or separately. Other life events that can impact your taxes include:
Having a baby or adopting a child
Losing a job or getting a new one
Getting divorced
Graduating from college
Relocating
An accountant will know the potential effects of these changes on your tax liability. They can help you minimize your liability and take advantage of any new benefits.
Business Ownership
If you own a business, you'll want an accountant to prepare your tax return. Businesses have different tax rules than individuals. Almost every financial transaction affects your taxes.
A chartered professional accountant will help you report your business finances correctly. They can help you maximize your deductions to reduce how much you owe in taxes.
In addition, doing taxes for your business is very time-consuming. You can leave your taxes to a professional and devote yourself to running your business.
Accurate Filing
An accountant helps ensure your tax return is accurate. The laws for Canadian taxes change every year. With DIY taxes, you can miss deductions or credits.
Filing your own taxes may result in mistakes in the calculations. Errors or omissions can cause you to pay more than you should in taxes. They may even trigger an audit.
Trying to fix an error after you file can be time-consuming and stressful. You can avoid these problems by using an accountant.
CRA Audits
When an accountant prepares your taxes, you have more protection against an audit. Your tax return is less likely to have errors or other risk factors.
If the CRA chooses to audit you, an accountant can help. A tax agent can help organize your financial documents. They can handle communication with the CRA. You avoid saying anything that may make your situation worse with the CRA.
An accountant will also ensure that the materials you present during the audit are accurate and compliant with tax law.
Take Advantage of Accountant Benefits for Your Taxes
Taking advantage of accountant benefits on your taxes is a good choice. Canadian taxes are complicated.
If your life circumstances have changed or your own a business, a tax agent can help. Professional tax advice can help you file your tax return accurately and avoid an audit.
Roberts and Company Professional Corporation has been providing reliable tax services for more than 28 years. We serve individuals and corporations across the Greater Toronto Area. Our friendly and knowledgeable team is up-to-date on the latest tax and financial legislation.
Schedule your free initial consultation today to learn how we can help address your unique tax situation.