REGINA – Filing taxes can be somewhat dreadful for many people because often the numbers can look complicated.
But they shouldn’t be, according to University of Regina accounting lecturer Randy Linton.
“It’s the single biggest expense people have in their lives, but it’s usually the one expense they don’t take any diligence in,” he said.
Many institutions like the University of Regina have been offering students to do their tax returns for free as a way to make the process a little easier.
However, for fourth year student Omair Rahim, he said he was too busy studying for tests to wait in line for the free service and doesn’t have many slips to file.
“I did not go with them.. honestly I didn’t make much [money},” Rahim admitted.
Instead, he’s more interested in trying one of the online filing services as way to become more independent.
“Personally if I feel like I can do it on my own, then it’s something that I can do for the rest of my life,” he said.
It’s people like Rahim who Linton acknowledges are the ideal users for using software to file online.
“Anyone who has one or two slips will be someone who can do it on their own and on their software and file it,” Linton said.
But that doesn’t mean there isn’t a need for a traditional accountant.
“Anyone who has more complex transactions such as rental properties or capital gains I strongly recommend to get a tax practitioner,” Linton added.
Though, expect to pay more for that peace of mind of someone recording your income and deductions correctly which can cost upwards of a couple hundred dollars.
But for those more geared toward the self-serve route, there are some warnings.
“If you make a mistake on your taxes, it’s 100 per cent your fault, not the software’s fault,” Linton warned.
Whichever route you chose, just remember tax deadline this year is May 2nd because April 30th falls on a Saturday.