The electronic filing mandatory issued by government states, “as of 2013, any tax preparer paid to file more than 10 T1 individual returns or T2 corporate returns must file electronically. The preparers can be fined $25 for each T1 and $100 for each T2 if they do not do so”. After this declaration the Canada Revenue Agency (CRA) revealed, 53 percent of 28.3 million tax returns filed in 2014 were filed using eFile. The system tax preparers use to file electronically on behalf of their clients. Owing to this mandate, most Canadians are hiring tax preparation Services in Surrey to do the job. With so many Canadians, opting for this job it becomes hectic for you to realize if the right person is doing the work in the right manner. Here are some of the things to consider when you hire Income Tax Accounting in Surrey.
Understand Your Circumstances
Check the kind of deductions you will be a part of. Do you have a simple return with T4 or own a myriad number of items to report? Take a good look at the qualifications of the tax preparer/accountant and see the kind of return he files. If he prepares the same kind of taxes like you have, then look no further as he is the right person to do the job.
Know What You Want
Another primary thing to keep in mind is know what you need from your tax preparer. Your requirements may vary; you may require someone to fill out your tax return. You may also require going the extra mile and doing the extra work for you. There is several tax preparers who can do just form fill ups, but only professionals can go the distance and do more.
Compare Prices against Services
Some tax preparation services and Tax Accounting Services in Surrey have a set fees that vary based on the complexity of the return. A professional accounting service can cost hundreds or thousands based on the type of work they are doing. Any tax planner who does preparations of returns will always charge a little higher. When choosing a tax planning and accounting service, find out what services are included for the fees they are charging you. Some preparers offer year long service, while some just take care of tax preparation only during the filing days.
File Electronically
Electronic filing is crucial and in this modern age, it is necessary. So if you are not yet doing things electronically, you are lagging behind. Basically, you are in the Stone Age. Electronic filing ensures that you get faster refund. Under the Income Tax Act, the CRA has three years from the date of notice of assessment to audit the return, provided you have not done anything illegal or evaded taxes earlier. If you follow the right procedures, file your taxes on the right time, you reap the benefits of proper income tax filing. Proper tax preparation Services in Surrey will guide you to do what is right.