Do you do your own taxes?

Do you consider yourself a DIY type of person?

How about the office worker who can help their neighbour with a computer problem or can cook a gourmet meal for a group of 10 at the drop of a hat? All this, in addition to being able to keep his workplace organized. You probably know people like that who display genius in many areas, on demand. Good for them; they can be treasures when you need a friend as they can sometimes save you money.

We don’t want to downplay the importance of such a helpful person, but some things in life require the skills of a trained professional. Does the phrase, “A Man Who Is His Own Lawyer Has a Fool for a Client” come to mind? Evaluating complex legal issues requires specific expertise.

In low-risk situations like a basic, T4 salaried employee filing an uncomplicated, T1 personal tax return, it’s probably OK to use someone who is very familiar with the return; however, going beyond the basics of employment income and standard personal deductions is a very bad idea.

How about completing your T2 corporate tax return? This is an area where it’s definitely not smart to rely on your neighbour, cousin, or brother-in-law. In fact, it can cost you thousands of dollars with one small mistake. Here you need the expertise of a Certified Professional Accountant.

With a thorough knowledge of your company’s tax situation, CPAs can provide valuable advice on key decisions and ensure corporate accountability. They will work closely with you to manage risk when researching opportunities, so you maintain a long-term competitive advantage. The cost of an accountant is insurance for your corporate future.

If you are not working with an accountant now, contact me, and I will get you pointed in the right direction to prevent you from making that big mistake.