Few things are more stressful than filing taxes. Regardless of whether your tax situation is relatively straightforward or more complex, this is one task that many people find themselves putting off until the last possible minute. The good news, however, is that you can simplify your life with a tax accountant in Montreal. Here are just a few of the ways that turning over your tax preparation responsibilities to a skilled professional will help you.
Save Time
While the Canadian system now allows citizens to pay taxes through a dedicated app, there is no denying that the process of preparing and filing taxes continues to be quite time-consuming. A 2010 report from the Fraser Institute found that on average, Canadian citizens spent an average of five hours gathering forms, preparing information, and filing tax returns — an average that also included those who turned the work over to a paid tax accountant.
Needless to say, preparing taxes on your own can require a time commitment that many people don’t have with their busy schedules. Letting a tax accountant handle the work ensures that you won’t have to give up your weekend to complete your tax returns.
Optimize Reimbursements
There are many tax breaks you can take advantage of — if you’re aware of them. 2019 saw the introduction of a Climate Action Incentive in select provinces, as well as a medical expense tax credit for service animals and accelerated capital cost allowance rates for self-employed individuals.
With so many potential reimbursements, it can be easy to overlook a tax credit that would have helped lower your tax burden. An accountant is fully aware of all available reimbursements and will help optimize your return to help you save money.
Avoid Costly Errors
Filing errors and late payments can result in significant fines and penalties. With tax rate changes and the elimination of certain tax credits, it could be all too easy to make a mistake while completing tax forms on your own. Accountants closely follow tax law, ensuring that they are always aware of deadlines or legal changes that could affect your form. Preparation and revisions by a CPA will ensure that all forms and payments are completed correctly the first time.
Parting Thoughts
Canada’s tax laws often change, which can be confusing for ordinary citizens. By working with a certified tax accountant, you can relieve the stress associated with preparing tax forms and have confidence that everything will be completed correctly and on time. This is one investment that’s well worth it.
