Technology has made it easier for individuals to prepare their own taxes. The cost of personal tax preparation software is roughly around $20, which is not expensive. However, having an accountant prepare your taxes may be a better option depending on your situation.
It can be a time saver especially if you have a lot of information to claim. Accountants that prepare taxes know how to maneuver around tax software efficiently due to the number of returns they prepare.
Accountants can save you money! They can identify potential deductions and tax credits that you may have not considered or did not know existed. Even more important, accountants can make sure amounts are reported correctly to help prevent issues with the CRA that could result in interest or even penalties.
If you are not comfortable talking to CRA an accountant can act as your representative. You never know when CRA is going to decide to examine an item on your return.
Lastly, accountants can help with tax planning. They can suggest how much to contribute to an RRSP. If you have a small business, they can give you advice as to whether you should consider incorporating.
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