Should You Hire A Tax Pro?

Posted Jan 24th 2019 in

If any of these situations apply to you, consider working with and expert this tax season.

‍♀️ Complicated tax situations

Business owners, people with rental properties, those claiming several deductions, or people who are divorced and paying alimony.

Experienced a life change

You purchased a home, got married, had a child, or another major financial change.

⚖️ Live and work in different provinces

A pro makes sure you pay the correct amount to each province.

Foreign investments or bank accounts

All income that goes into these accounts must be reported, even if you didn’t withdraw any money in 2018.

You want to save more money

Tax experts know the laws inside and out and can use them to your advantage to help you owe less or get a bigger refund.

❗️You want to reduce mistakes

The Canada Revenue Agency (CRA) has four years after your file date to conduct an audit. Returns stand out when there’s a mistake—use a pro to reduce the risk.


Sold a Home in 2018?

In 2016, a regulation changed the way capital gains taxes worked on investments and investment properties. The idea was to get proper taxes from foreign investors/house flippers. The rules are different when you sell your principal residence.

Investment properties – You must declare capital gains when you sell a property or an investment for more than you paid. Fifty percent of the declared capital gains goes toward your taxable income.

Principal residence – If you sold your main home for more than you bought it for, there are no triggered capital gains. Still, it’s helpful to put the transaction details in your tax return.


Important Tax Dates

FEBRUARY 26th – The CRA begins accepting returns.

APRIL 30th – Tax Day: Last day to file.

JUNE 15th – File deadline for some self employed taxpayers.


** The CRA does not offer file date extensions — except in special cases. Taxpayers are encouraged to file on time to avoid penalties and fees.