Should You Get Help with Tax Returns or Do It on Your Own?

Should You Get Help with Tax Returns or Do It on Your Own?

In the current year, the Canadian taxpayers are required to settle their outstanding payments related to taxes by April, 30. If you are not certain about whether you should do it on your own or hire an accountant for the purpose, consider the following points to come up with an informed decision.

How Doing Your Own Taxes Can Benefit You

The prominent advantage, out of the numerous advantages, of doing your own taxes is that it eliminates the need of paying an additional amount of money to an accountant. At the end of the day, this translates into more savings.

Generally, you can assign your accounting task to an assistant at a nominal fee of $40. However, it can be more depending on the complexity of tax situation. For instance, you might like to employ a CPA which can amount to an exorbitant fee.

There is an additional benefit to being self-dependant in filing your tax return: because it’s you who will be doing the job, you can rest assured there will be no problem even as you submit your CRA tax return at the eleventh hour. Even as you need a little more, this will allow you to organize your receipts or itemize your expenses.

Plus, you can work out the maximum amount of tax deductions. While it might necessitate a little more research, the end result will be fruitful – you will be able to exercise more control over the process.

Recruiting an Accountant

No matter how well you scour through the online resources for information about CRA tax returns, your understanding would still not be able to surpass that of a professional accountant. That is to say, the latter, with their sound knowledge and experience, would be able to handle the task in a more proficient manner than you. If an accountant takes charge of submitting your returns, you will more likely feel at ease and will be able to focus your attention on the other important things.

While the return filed by you might have some errors, the one done by a professional accountant would be free of errors. Even in the unfortunate event of a random audit by the CRA, you can settle down and rest easy with the thought that all is well with the submission of your tax return.

Which is The Better Option?

Whether you do your own taxes or hire an accountant, each will have its own share of advantages. While the former leads to more savings and control, the latter is more secure and convenient.

Those who attach more importance to time than money believe that utilizing the length of time spent on the task could generate more wealth if used for some other productive purpose.

However, if you happen to be one of those individuals who have a lot of time in hand, devoting a few minutes or hours to the task would not be a big deal.

Thus, considering the amount of money and time at your disposal is your best bet to find out whether you can take charge of filing your taxes or need help with it.

For guidance or consultation on accounting services in North York Ontario or anything related to taxes, feel free to contact us.