Time to test your tax knowledge
There's a reason hundreds of thousands of people use popular tax-preparation packages like QuickTax, StudioTax and Ufile.
They save them a lot of money in accountants' fees and, with their friendly, intuitive interface, they’re reasonably easy to use — particularly if you’re a salaried employee with a fairly straightforward return.
Most point out potential deductions, red-flag potential audit items and accurately crunch otherwise tricky calculations. But they’re not as much use when it comes to looking ahead.
When it comes to taxes, it's not what you know that's important. It's what you don't know — or, more accurately what you think you know and really don't.
That’s why a good human tax preparer may be able to suggest tax-saving strategies — both now and for the future — that you and your software might miss. Either way, to get ahead of the game, you should probably start your planning this month, not next April.
Pretty sure you have the skills to handle your own tax affairs? Good for you. Then you shouldn’t have any trouble getting an “A” on this short quiz CIBC tax expert Jamie Golombek designed to test advisors on how well they understand tax concepts and current tax laws.
So, do you still plan to do your own taxes this year?
By Gordon Powers, MSN Money
Posted by: Karan | Dec 10, 2021 12:08:29 AM
Nice information.
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Thanks
Karan
Posted by: smallshark | Dec 12, 2021 12:06:52 PM
Yes, I'll still do my taxes myself. That quiz was easy.
BTW it's not while you're doing your taxes that they get you, it's the time between January 1 and December 31.
TFSA, RESP, RRSP, Bus passes, etc: small change does add up.