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Thread: Anyone Self-file corporate tax?

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    Default Anyone Self-file corporate tax?

    Hey, looking to save some money. I have zero issues doing my personal taxes using ufile, and I see they offer a version for corporate taxes. Since I do all the bookkeeping for my company, which are insanely simple, and I have plenty of time on my hands to learn this, I wanted to know the pros and cons of self-filing corporate taxes.

    Anyone have insight on this?
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    I have the same thoughts so I have been looking into it as well. From what I have learned, there are many ways to get money out of your company. An accountant can run several scenarios and file in a way that save the most tax. I don’t know all the different options so doing it myself I would likely not maximize my tax savings.

    So I have no doubt I could plug numbers in and file a legit return. I am just not convinced I know enough to do it the best way.

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    Just to be clear, I'm not concerned with maximizing tax advantages or strategies for reducing tax burden. That's really easy when your corporation looses money.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    ...
    Last edited by Sugarphreak; 08-18-2019 at 03:03 PM.

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    Quote Originally Posted by Sugarphreak View Post
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    I use ufile for personal and Turbo Tax Business Incorporated for my company. It is just as easy, I've always just done it myself
    Why don't you use Ufile for your business? Is Turbo Tax simpler, cheaper, or easier to use?
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    Hey, looking to save some money. I have zero issues doing my personal taxes using ufile, and I see they offer a version for corporate taxes. Since I do all the bookkeeping for my company, which are insanely simple, and I have plenty of time on my hands to learn this, I wanted to know the pros and cons of self-filing corporate taxes.

    Anyone have insight on this?
    Pro: ??? None? Saving a few bucks I suppose.

    Con: -Potentially missing a number of write offs
    -Opening yourself up to risk of being audited
    -More time


    I will say that this boils down to how good your accountant is. Mine is amazing, for the 1000$ I pay him it isn't even worth thinking about doing it myself.

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    ^^ I concur. Had to file objections for re-assessments last year and having an accountant helped. They got some desperate newbies at the CRA questioning the most basic things these days.

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    ^Agree, I use MNP and they are gangsters with my corporate taxes. Mind you, they cost more than a $1000 but I believe it has value and I've learned a lot from them. I use QB and do my own book keeping.

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    A bit of a highjack but I am looking for a new accountant for my business taxes. If you guys have ones you are happy with, please PM me their info and a rough cost to file (if your willing to share that). I didn’t make much money this year so someone on the lower price would be good but I am hoping to add a few zero’s next year so I need to know it’s someone that can handle that too.

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    Quote Originally Posted by s_havinga View Post
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    A bit of a highjack but I am looking for a new accountant for my business taxes. If you guys have ones you are happy with, please PM me their info and a rough cost to file (if your willing to share that). I didn’t make much money this year so someone on the lower price would be good but I am hoping to add a few zero’s next year so I need to know it’s someone that can handle that too.
    Hakim Kapasi He has been amazing for me. I think I just paid 1400$ for this last year. But I did zero bookkeeping. So I felt that was more than reasonable.

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    ...
    Last edited by Sugarphreak; 08-18-2019 at 03:03 PM.

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    Quote Originally Posted by ExtraSlow View Post
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    Hey, looking to save some money. I have zero issues doing my personal taxes using ufile, and I see they offer a version for corporate taxes. Since I do all the bookkeeping for my company, which are insanely simple, and I have plenty of time on my hands to learn this, I wanted to know the pros and cons of self-filing corporate taxes.

    Anyone have insight on this?

    Quote Originally Posted by s_havinga View Post
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    A bit of a highjack but I am looking for a new accountant for my business taxes. If you guys have ones you are happy with, please PM me their info and a rough cost to file (if your willing to share that). I didn’t make much money this year so someone on the lower price would be good but I am hoping to add a few zero’s next year so I need to know it’s someone that can handle that too.

    Hi guys, I am a Chartered Accountant helping owner-managers with tax matters, and business matters in general. If you're interested in knowing the basics of filing your T2s on your own, I'd be happy to spend a little bit of time on the phone to go over a couple of things with you, and I can also work with you on the filings. Feel free to shoot me a PM, we can then start a discussion.

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    I just found out there's a T2 Short form for simple self-filing. Anyone know anything about this?

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