rebecca 
No matter how simple your personal financial preparation seems, it might lead to severe consequences with one single mistake. That’s why navigating financial planning becomes quite a challenging task. Fortunately, accounting software solutions can streamline your responsibilities.
But did you know hiring an accountant becomes more straightforward owing to their professional guidance? So, are you still not sure whether it is the right time to consult a personal tax accountant? You can dive into this post and discover the best times to hire a professional.
While Tying the Knot or Getting a Divorce
In Canadian tax law, the spouse is the one you marry. A marriage concludes through a legal divorce, regardless of the distance or length of separation. While getting married, it becomes imperative to reach out to a tax professional. The same goes for someone who’s getting a divorce. Before any official separation, a tax professional can work on dividing your assets.
Before Selling, Buying, or Renovating a Property
Before buying or refurbishing a property, it is imperative to take advice from a tax accountant. A well-trained professional can help you take advantage of the tax credits. Besides, they can minimize capital gains on sales. At the same time, these professionals understand how to assist you in planning for the forthcoming years.
On the other hand, rental properties are personal income. So, they also include personal tax returns. A competent tax accountant identifies opportunities to reduce taxable income, whether you operate at a loss or profit.
Before Adopting a Child
A child adoption, divorce, or marriage (discussed before)—you need a tax accountant for significant life changes. Such life changes have implications for the next personal tax return. These changes may involve transferring assets or funds.
And while you continue to grow your family by adopting a child, further tax credits might be available. That’s why you need a tax accountant while making major life decisions.
While Self-Directing Your Retirement
A well-versed tax accountant helps you manage your finances and make plans for the future. So, before retirement, the professional will evaluate the best ways to save money. They will provide recommendations about investing and taking advantage of the RRSP contributions later in life.
While Selling Stocks or Cryptocurrencies
If you have recently bought or sold crypto, it might play a key role in your taxes. In such instances, you only need to hire a personal tax accountant. The same goes for the time you sell other investments, like stocks.
When You Own a Rental Property
Returns on the real estate investment might become challenging. But with a proficient accountant by your side, you can determine the types of deductions you can take.
So, these are the six occasions when a tax accountant can provide the most rewarding solutions in life. Hire an expert who conducts a rigorous planning process that discovers potential efficiencies. The expert should identify opportunities for savings.
And if there is one name that does these tasks meticulously, it is Navigate CPA. Book an appointment with the team and find an opportunity for savings.
