Thinking of filing your taxes yourself this year? Here’s what to know

globalnews.ca:

Imagine sitting down with a messy pile of T-slips and old receipts to file your tax return one line at a time. It sounds daunting — and a reason why even people with straightforward returns may choose to hire an accountant.

With the advent of self-filing software, however, the majority of people are able to file their own taxes without professional guidance, or the cost that goes along with it. But the key is understanding when to recruit extra help.

“There’s a lot more simplification of the process with the online platforms,” says Andrea Thompson, a certified financial planner and founder of Modern Cents. “You could do it in the comfort of your own home, whenever you want and you can limit your tax-filing costs.”

Self-filing taxes is about a mindset shift, Thompson says.

“For youth growing up today, filing their taxes (themselves) might be more comfortable in an online environment because that’s just how they were brought up,” she said, while older generations had to make the move to e-filing from doing it by hand.

When deciding whether to hire help or do it yourself, Thompson suggests looking at the level of complexity of your taxes.

If it’s a simple situation — a full-time employment T4 slip and perhaps registered savings contribution slips, without additional credits or deductions — online platforms can work well, she says.

“Most people don’t have a complex situation or just have maybe a couple of tax slips that they need to input into the software,” she said. “Where I think people may need some guidance is in terms of which credits and deductions they may not qualify for.”

Corby Simpson, who works in tech, has been filing his personal taxes himself for the last 20 years.

The motivation was simple: “Curiosity and