Tax filing season will soon be upon us, and it can get pretty or mighty stressful, depending on the complexity of your tax situation. Even if your Personal Income Tax Preparation is pretty straight-forward, you should still consider engaging a tax accountant.
Here’s why: tax accountants are well-versed about the Canadian tax system and it is their job to stay abreast of changes to the system – which happen all the time. If your tax situation changed owing to a home purchase, marriage, childbirth or another life event, a tax accountant’s expertise is imperative to avoid omissions that can result in a financial penalty if the CRA deems it to be an intentional act or a grossly negligent one.
You have the opportunity to use every single deduction that applies to your financial situation.The problem is finding all of them! An accountant without any taxation expertise may not be able to guide you very well in this regard, and an accounting software may be only slightly helpful. If you want to claim all possible deductions legally available to you, you cannot do better than a qualified tax accountant.
Are you a regular investor? Then you probably know that you have more tax liabilities compared to someone who doesn’t invest in equity, debt, mutual funds and derivatives. Your short-term capital gains are taxable, while capital losses may be eligible for set off. Depending on your investment profile, you may need to gather a lot of information before you crunch the numbers. The risk is missing out on including information that needs to be accounted for during tax preparation.
An experienced tax accountant will have dealt with situations similar to yours, which means you can expect fast, reliable service, and not have to worry about any loose ends. Identify a reputed tax accountant today – because nothing beats the peace of mind that comes with knowing your tax filing is in capable hands.
Qaiser (Ali) Ali, PBA, BBA, BA (Hons)
Accounting, Finance and Tax Consultant | SAR Accounting & Tax Solutions