31 Jan 2014

Yes … no … wait …

How complicated is your tax return going to be?

That’s the question you need to ask. If you only have one or a couple of T-4 slips and no complex deductions, feel free.

You might be finance savvy, quick with a calculator and knowledgeable about Canadian tax laws.

Then, you can handle filing your Canadian income-tax return on your own with web-based software like Quicken or Turbotax.

Consider the benefits to doing your taxes on your own:

  • You’ll save on the fees charged by tax preparers
  • The only person you’re waiting on is you
  • You know the insides and outsides of your financial situation … no surprises!

However, life sometimes gets complex.

Get help from someone who knows taxes

Numbers might boggle your brain.

You own property or have other investments.

You got married or divorced, had a kid or sent an older kid to university.

You started a business last year and you have expenses to report.

There are deductions and credits with the Canada Revenue Agency (CRA) that you may not know about.

In these cases, it’s better to find a tax preparer to help you.

A tax preparer, like your friends at A1 Accounting in Calgary:

  • Keeps your best interests at heart
  • Stays updated on ever-changing tax laws
  • Is trained to catch mistakes on your books
  • Is your advocate in the event of an audit
  • Can give tax advice throughout the year

A qualified tax preparer can be the difference in you owing taxes to the Canada Revenue Agency or finding the route to a some extra cash in a tax return.

One code, easy filing

The CRA recently announced businesses no longer need to wait for a new web access code to file your T-4s, T-5s or other information returns electronically. The code you used to file in 2012 is the same code you’ll use to file your 2013 and future returns.

This is one of the initiatives the government is undertaking to reduce red tape. After all, 50 per cent of returns were filed electronically in 2013, a nine per cent jump over the previous year.

Getting your code

If you need to get a code for the first time, you can apply for one on the CRA site.

You will need:

  1. Your account number (trust account, business number or non-resident account number)
  2. Date of registration

If you need to retrieve your web access code from last year, you will need:

  1. Account number
  2. Return type
  3. A financial field relating to the last original previous-year return

Here to help

A1 Accounting, a Calgary accounting and bookkeeping firm, is here to assist you with your taxes and planning. We specialize in personal taxes and small-business accounting and financial services. Contact one of our tax specialists and we can help you optimize the tax benefits and credits available to self-employed individuals and small businesses.

Fill out our contact form or give us a call at 403-226-8297.