Benefits of having your taxes filed by a Chartered Professional Accountant:
- Ensuring that your files are professionally maintained: CPAs are bound by the regulatory body’s the rules of professional conduct and must therefore handle client files according the profession’s standards.
- Keep up with the changes: CPAs regularly participate in professional development seminars and courses to ensure they are up-to-date with the latest changes to the Income Tax Act and are able to assess their clients’ accounts based on these changes.
- Taking advantage of all possible tax savings: The Income Tax Act is complex and difficult to understand for the layman. Having your taxes filed by a professional means, you will be able to take advantage of all possible tax savings, pay the minimum required tax, and maintain a good standing with the CRA.
- Avoid interest, penalties, and hassle: Canada's tax system is based on self-assessment. This means that individuals voluntarily complete an income tax return to report their annual income and claim all deductions or credits that apply to their situation. If, however, you are unable to provide sufficient documentation or have claimed deduction or credits that did not apply to your situation, you will be responsible for returning the refund you received and may also be liable for interest and penalties. If you have not filed your prior year tax returns, I can help you avoid the interests and penalties.