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Personal Income Tax Preparation and Filing in Canada: When To Hire An Accountant?

The annual income tax season is one of the most stressful times for most taxpayers in Canada. It’s when you need to decide whether you should prepare and file your taxes on your own or hire a professional personal tax accountant to handle the task for you. Before you make a decision in this regard, you need to consider the degree of complexity (or simplicity) of your own tax situation.

In this blog, we will discuss a few situations in which it’s a good idea to hire a professional accountant for personal income tax preparation and filing in Canada. We will also tell you some important questions you should ask your personal income tax accountant. So, let’s get started. 

When Should You Hire A Personal Income Tax Accountant? 

Here are the situations when you should hire a professional income tax accountant for preparing and filing your income tax returns:

1. Self-employed Individuals

Self-employed individuals often find it difficult to figure out the deductions that can be claimed. Also, separating personal expenses from work can be overwhelming. Having a professional accountant on your side can make it easy for your to file your returns.

2. Changes in Your Family Structure

Major life changes such as a marriage or separation can make a huge impact on your personal tax return. Allowing a professional tax preparer to prepare and file the tax return for you can make things easier. 

3. You Purchased or Sold A Property

Did you purchase or sell a property in Canada this year? A personal tax accountant can minimize the capital gains on your property sales. 

4. You Are Planning For The Future

If you are planning for the future and looking for someone who can help you manage your money, then you should consider consulting a qualified personal income tax accountant. He can provide you with the right advice.

Can You Do Your Own Tax Returns?

Many first-time taxpayers wonder whether or not they can do their own tax returns. Well, if your tax situation is simple – A single income, a single employer, and no major transactions – You may consider doing your personal taxes on your own. Hiring a professional tax preparer or accountant may seem unnecessary in such cases. 

However, if your tax situation is complicated and you are not up-to-date on Canadian tax laws and regulations, then it’s better to avoid doing it yourself. Instead, consider hiring a qualified tax accountant who is well-aware of the changes to the tax system. He can maximize your deductions and help you get a larger tax return.

Questions To Ask Your Personal Income Tax Accountant

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Questions To Ask Your Personal Income Tax Accountant

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    23:16 14 Aug 23
    One of the Best Accountant in Edmonton. They provide wonderful accounting and tax services for me. Looking forward to next year again.
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    Really happy with Bomcas Ltd Accounting & Tax Services! They have offered me specialized service for all tax requirements for accounting, incorporation and taxes. I have referred them to several people.
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    Came to the company by Google search for a trucking accountant. They turned out to be a very competent and experienced firm. I really liked the online aspect where you can do the entire transaction without ever stepping foot in the office. I just app scanned all my tax forms and set them in. They will ask for anything you don't send if needed and it was all done in a few days. I also paid via online payments. It's convenient being a truck driver as I'm not around much. The quality of service is great and they caught all the details of trucking and I claimed things other accountants have missed. For sure I'll be recommending them to others and coming back next year.
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    We used Bomcas for our taxes last year, and we were very impressed! The service was fast, efficient, knowledgeable, and most importantly, Karen seems to really enjoy what she does. They are very affordable, and we will be using them again and again. I would highly recommend using them for all your tax and accounting needs!
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    The professionalism I receive from the staff at Bomcas is exceptional. My tax return is done accurately and in a timely manner. I would recommend anyone to this company. You get your money's worth.
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