Lifestyle

Personal finance: DIY or take your taxes to a professional?

Unfortunately, nobody gets off the hook. Every year, we must do our civic duty and declare our income. While some of us prefer to sit down and struggle with all those little boxes and blanks as best we can, others simply entrust the task to tax specialists. So just when, exactly, is it worthwhile to ask a tax professional for help?

That depends on the complexity of your situation. Do you rent your home and have only one job? Are you single, with no dependents? If figures don’t scare you and you are aware of tax laws as they apply to you, filling out your return by yourself is a challenge you can probably navigate through.

Do be careful, though. It is possible to make costly mistakes with the tax system the way it is, and a small oversight in your income tax return can cost you hundreds of dollars. Because of this, it can be quite useful to look for help beyond your income tax software program

A bookkeeper or accountant can advise and guide you through the process, pointing you toward tax deductions that you might not have even been aware of.

For any kind of financial situation more complicated than that, it is definitely worth handing over your tax file to a professional.

An accountant is the best person to help you benefit from all the deductions and credits for which you are admissible. It is also possible to use the services of bookkeeper tax return specialists.

Just remember to be vigilant and not put your trust in anyone who can’t offer good credentials and references or membership in a professional association. Completing an income tax return requires divulging personal information, such as your social insurance number, address, and annual income, so it is essential to make a wise choice.

 

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Private power an alternative to Site C
 
Emission limits set for B.C. LNG producers
 
B.C. seeks to diversify Asia wood exports
Oscar de la Renta, legendary designer, dead at 82
 
Tire checks cancelled
 
Pacific Northwest terminal changes well received
Liking imports pays off
 
Room amongst the clouds
 
Celebrating credit unions and raising food donations

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 17 edition online now. Browse the archives.