Things to consider when paying to get your taxes done
With so many Canadians opting to use somebody else to do their taxes, here's a quick look at some things to consider when you hire a tax preparation service or an accountant.
The deadline for Canadians to complete their tax returns is fast approaching, bringing with it the choice between paying a professional or using a program like Netfile to complete the task. According to the Canada Revenue Agency's most recent available statistics, over half of returns filed were performed by a professional. The following are some things to consider if you're planning on having a professional file your return.
Before selecting someone to file your taxes, you need to ensure you're comfortable with their level of skill. If you have a small business, a rental property, or other factors that make your return more complicated, you should be sure your chosen professional has the skills necessary to complete your return. If you need advanced tax planning, be aware that not every tax preparer has those skills, so plan accordingly. In addition, find out what your chosen professional charges. Some professionals charge a premium depending on how complicated the return is, and sometimes, paying more can come with additional benefits like additional savings or support if your review is audited by Revenue Canada.
Above all, before filing, ensure you are organized and you have all the documents you need. Neglecting to report even a small piece of information can have negative consequences, and the responsibility falls on you, not the professional who filed your return.