4 common tax preparation mistakes that you avoid by partnering with MPC in Mississauga, ON

The Canadian Revenue Agency sees plenty of tax filing errors or oversights. In fact, they’ve issued a list of the items that most frequently drain taxpayers of time and money. By partnering with an experienced Chartered Professional Accountant firm like Miranda Professional Corporation, you can avoid these and other common tax preparation mistakes in Mississauga, ON.

Mistake No. 1: “I had no income. I don’t have to file.”

Not true. We at MPC can help you obtain refunds, credits, and benefits that you otherwise wouldn’t be eligible for if you forgo filing.

Mistake No. 2: Failure to report all income.  

Repeated failures to report income accurately can result in both federal and provincial or territorial penalties. As your partner during tax time and year-round, our Chartered Professional Accountants can get your tax affairs in order. So, we can help you assure all slips and receipts are received in a timely fashion. We further manage your documents in a way that minimises the risk of costly errors.

Mistake No. 3: Late for an important date.

If money is owed to the CRA, and you don’t file on time, a late filing penalty is on the horizon. Additional fees are assessed for every month that your return is late. With MPC’s experience and savvy, you never have to worry about missing deadlines. We stay on top of things, partly, by keeping in touch with you about relevant personal and business changes throughout the year.

Mistake No. 4: Missed opportunities

Rethink the way you view tax time. For MPC, it’s an opportunity to help our clients save money. We are aware of the latest credit, benefits, and deductions, as well as established tax measures to help reduce your liabilities. We even go back 10 years (the maximum allowable) into your tax history to identify opportunities for cost-saving adjustments. Many other firms only review the current year and the year prior.

When you “sprint” toward tax time, the risk of overlooking important items or making mistakes is considerably greater than if you take the slow and steady approach. So, don’t delay to call +1 855-839-4969 to schedule your consultation at Miranda Professional Corporation in Mississauga, ON.