Do you do your own taxes or pay someone else to do them?

[Kathryn]

Do you do your own taxes or pay someone else to do them?


* It's April 30th. The last day for filing your income tax. Remember even if they owe you Income Tax Act 162 (7) states that CRA can charge you $25.00/day to a maximum of 100 days for every day that you are late in filing your return.

[CanadianCapitalist]

Do you do your own taxes or pay someone else to do them?


* It's April 30th. The last day for filing your income tax. Remember even if they owe you Income Tax Act 162 (7) states that CRA can charge you $25.00/day to a maximum of 100 days for every day that you are late in filing your return.

That's interesting. I didn't know that. Talk about a double whammy -- they hang on to the refund longer and charge the taxpayer for the privilege.

One more thing I've heard is that late filers attract extra scrutiny than usual. So, it's best to file taxes on time!

[FrugalTrader]

I typically collect the documents, run the numbers myself before submitting to an accountant. I personally like having a CA's name on my paperwork when I file.

[Sampson]

We do them ourselves.

I also am surprised about the $25/day.
I'd better let some relatives know (whom are years backed up).

[mfd]

I now do my fiances. I'm still undecided whether I will be doing mine.

[lb71]

I typically collect the documents, run the numbers myself before submitting to an accountant. I personally like having a CA's name on my paperwork when I file.

I am assuming that is due to business income and you are just trying to prevent an audit or review? Has it worked, or does CRA still ask you questions?

[lb71]

* It's April 30th. The last day for filing your income tax. Remember even if they owe you Income Tax Act 162 (7) states that CRA can charge you $25.00/day to a maximum of 100 days for every day that you are late in filing your return.

I didn't know about that either. I always thought as long as CRA owed you money you could file late. I have filled late for some of my family in the past because I thought it was OK and they never got penalized for it.

[Blue Caper]

For those of you who pay for a CA to prepare and file for you, how much do you typically pay and what kind of services are they providing?
Just personal, personal and business, unique situation, complex personal filings?

So far I have done my own taxes. I would recommend Studiotax (it's free!) to anyone filing fairly simple tax returns. This was my 3rd year using it.

Next year I may hire someone as I have rental income.

[Kathryn]

I didn't know about that either. I always thought as long as CRA owed you money you could file late. I have filled late for some of my family in the past because I thought it was OK and they never got penalized for it.

I don't think CRA does this much. We got a notice from head office where I work saying they 'can' do it. I've never heard of it happening to anyone though.

[Bullseye]

I do my own, many of my family members, some friends, and some of my small business clients. And I actually really don't like doing it!

I enjoy accounting, but taxes are a real pain, you have to constantly be aware of tax law changes, it can take a lot of time to stay current. My tax situation is going to start getting very complex in coming years, and I'm quite tempted to just pay a tax accountant to handle it.