Most people assume that using a do-it-yourself tax filing software means they no longer need the support of their accountants. While tax filing softwares aremathematically correct, provide “intuitive” guidance to your tax questions and allows ease of filing with the Canada Revenue Agency (CRA), they don’t provide advice whendealing with personal financial matters that impact not only the current year’s filing but also future and past filings. As a result, it is important to maintain a strong relationship with a tax advisor to avoid making the followingmistakes:
Most taxpayers will probably be able to find the original source documents in a box in the basement, but finding electronic copies of tax returns can be problematic as new computers are purchased, PDF files are lost, tax programs are erased or new tax software cannot read old programs.
As a licensed CharteredProfessional Accounting firm, we are always on your side. Continuous education, combined with experience in various businesses and collaboration with like-minded professionals, allows us to review your unique situation and apply the most advantageous tax rules.
Maintaining years of records and notes regarding your tax history is our forte. The use of tried and true tax software designed for professionals and businesses, plus the ability to review your file each year and compare results, reduces the possibility of missed carryforwards or lost data files. We are familiar with the Income Tax Act, the CRA requirements, and we are able to interpret CRA’s needs without invoking personal issues. Cultivating and maintaining a lasting relationship with your Chartered Professional Accountant provides assurance that your tax filing is the most advantageous one for you because it is well documented. Your ongoing relationship with your Chartered Professional Accountant will assure that this advantage is maintained well into the future.