Doing your taxes yourself or with an accountant

Every spring, the same question arises: should I do my taxes myself or should I entrust them to an accountant? In Quebec, the decision weighs twice as heavily, since two returns are filed, the T1 to the federal government (CRA) and the TP-1 to Revenu Québec, with a deadline of April 30, 2026 for most individuals.

The stakes quickly add up. A forgotten tax credit, a misclassified business expense, or a late filing costs real money: the late filing penalty is 5% of the balance due, plus 1% per full month of delay, up to 12 months, at both the CRA and Revenu Québec. Conversely, software costing €40 or less is more than sufficient when the situation fits on a T4 slip.

This comparison is aimed at everyone from employees wondering if software is sufficient to self-employed individuals, rental property owners, and incorporated entrepreneurs juggling T2125, VAT, or T2 and CO-17. We examine the actual costs in 2026, the time involved, the risks, and the tipping point where the accountant pays themselves.

Filing your taxes yourself with software approved by the CRA and Revenu Québec remains the most economical solution in 2026: from free to around $40 for a standard situation. For an employee with only one T4 slip, a few donation receipts, and an RRSP contribution, the software asks the right questions, submits the return via NETFILE, and that's it.

The limitation is that the software calculates what you understand, nothing more. It won't tell you if an expense is eligible if you don't know it, it won't plan anything for next year, and if the IRS or Revenu Québec have questions, you're the one who answers. The time investment is real: expect to spend several hours preparing your two tax returns without making a mistake.

• Strengths: minimal cost, total control, fast when the case is simple.
• Limitations: no tax strategy, risk of forgetting credits, two tax returns to master in Quebec.
• For whom: employee with a T4, student, retiree with stable income and few paperwork.
• Avoid if: business income, rental property, active investments or incorporated company.

An audited accountant does more than just fill in boxes: they spot deductions and credits that software doesn't offer, choose the most advantageous capital cost allowance (CCA), arbitrate between salary and dividends if you are incorporated, and monitor your VAT (5%) and VAT (9.975%) obligations as soon as your taxable sales approach the $30,000 threshold.

They also represent you before the IRS and the Canada Revenue Agency in the event of an audit, which eliminates a huge amount of stress. For a self-employed individual or a company, the fees become a deductible expense, and the savings often exceed the cost. Regarding pricing, the Bankeo Barometer provides accurate information based on your sector.

• Key features: real optimization, compliance with T2125, T2 and CO-17, representation in case of audit.
• Limitations: fees to be expected and documents to be provided at the beginning of the season.
• For whom: self-employed workers, property owners, investors, incorporated companies.
• Bonus: advice all year round, not just a statement in the spring.

The rule is simple: the more income streams your business has, the faster the accountant pays for itself. A late tax return alone costs 5% of the balance due plus 1% per month, and a forgotten deduction is money left on the table. Bankeo connects you with the ideal accountant for your specific situation, often within 48 hours, and we remain by your side year after year.

• Choose this software if your file fits on a T4 slip, you have a few current loans and no business activity: it's fast and almost free.
• Choose an accountant if you are self-employed, a landlord or an active investor: T2125, DPA, VAT and VAT leave little room for improvisation.
• Choose an accountant without hesitation if you are incorporated: T2 and CO-17 are not done with consumer software, and payroll or dividend planning often costs thousands of dollars.

To know how much to expect, rely on the Bankeo Barometer : based on 1,248 real cases (data 2024-2026), the median is around €2,000 per year, in a range of €500 to €6,000 depending on the sector.

Does an accountant cost more than they bring in?

Rarely, as soon as the situation goes beyond a simple T4. The identified deductions, the well-chosen capital cost allowance (CCA), and the avoided penalties often offset the fees, which are also deductible if you have business or rental income. Add the hours saved and the peace of mind: the calculation quickly tips in favor of the accountant.

Is the tax software reliable?

Yes, software approved by the CRA and the Canada Revenue Agency calculates correctly. Its limitation isn't the calculation itself, but the advice it provides: it processes what you enter, without identifying eligible expenses you might be unaware of or planning for the following year. For simple situations, this is sufficient; beyond that, an accountant makes a difference.

What is the deadline for filing taxes in 2026?

April 30, 2026, is the deadline for most individuals, both federally and in Quebec. Self-employed individuals and their spouses have until June 15, 2026, but any outstanding balance must be paid by April 30. Late with a balance? The penalty is 5% plus 1% for each full month, up to 12 months.

Are an accountant's fees tax-deductible?

Yes, if you have business or rental income: the fees related to this income are an eligible expense at both the federal and Quebec levels. For an employee with no other source of income, preparation fees are generally not deductible. This is another factor that reduces the actual cost of an accountant for self-employed individuals.

Can I file the declaration for my incorporated company myself?

It's legal, but rarely a good idea. A company must file a T2 return for federal purposes and a CO-17 return for Quebec purposes, along with consistent financial statements and future-proof tax choices, such as the 9% federal small business tax credit on the first $500,000 of taxable income. An audited accountant avoids costly errors and optimizes salaries and dividends.