{"id":38707,"date":"2023-02-22T13:29:42","date_gmt":"2023-02-22T21:29:42","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=38707"},"modified":"2026-02-27T16:58:11","modified_gmt":"2026-02-28T00:58:11","slug":"should-you-file-your-own-taxes-or-hire-a-professional","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/landlords\/should-you-file-your-own-taxes-or-hire-a-professional\/","title":{"rendered":"Filing Your Taxes in 2026: What Canadian Renters and Landlords Need to Know"},"content":{"rendered":"\n

Tax season can be a stressful time of year for Canadians.<\/strong> For renters and landlords in particular, keeping track of property-related tax rules, available deductions, and filing deadlines can feel overwhelming on top of already busy schedules.<\/p>\n\n\n\n

Today, Canadians have more options than ever. Many choose to file their taxes themselves using certified software, while others prefer the convenience of working with an accountant or tax professional.<\/p>\n\n\n\n

In this guide, liv.rent explores the pros and cons of each approach and shares key tax tips for renters and landlords preparing their returns for the 2026 tax season (filing 2025 income).<\/p>\n\n\n\n

Filing your own taxes<\/h2>\n\n\n\n

With so many different types of software available to assist Canadians who want to file their own taxes, the DIY approach has become easier than ever. Submitting your yearly return can be daunting, especially if it’s your first time, but with a bit of preparation and understanding of Canada’s taxation laws, almost anyone can file their own taxes. <\/p>\n\n\n\n

For renters, you won’t have to worry about much beyond the basic income tax requirements since you won’t be reporting any rental income on your return. With that being said, there are some examples of provincial credits for renters, as well as other benefits that may affect your return \u2013 like claiming work-from-home expenses, if applicable.<\/p>\n\n\n\n

For landlords, filing your tax return can be a more elaborate undertaking. Not only will you need to report your regular income, but also any rental income you’ve earned \u2013 in addition to any expenses related to your rental property. As such, it’s important to maintain accurate, up-to-date records throughout the year to ensure you’re prepared when tax season comes around. <\/p>\n\n\n\n

For both parties though, modern tax software can provide plenty of assistance with staying organized and on top of deadlines. Here are some of the biggest benefits and downsides of filing your own taxes.<\/p>\n\n\n\n

Pros of filing your own taxes<\/h3>\n\n\n\n
    \n
  1. Lower costs \u2014 <\/strong>By choosing to file your own taxes, you can save plenty of money on the fees and costs of hiring a seasoned professional. The average cost for an accountant or tax professional to prepare your return ranges from $150 to $350 in Canada, but can quickly grow higher \u2013 particularly for landlords who own multiple properties or have complex needs.<\/li>\n\n\n\n
  2. Greater control \u2014 <\/strong>Filing your taxes on your own means you’re pretty much solely responsible for ensuring the accuracy of your return and accounting for all the available benefits and deductions. This can be a lot of responsibility, but also allows you more opportunity to customize your tax filing process and work around your unique circumstances and eligibility for deductions.<\/li>\n\n\n\n
  3. Building your knowledge of taxation laws \u2014 <\/strong>Having at least a basic understanding of how the taxation process works and how to file is a skill that will be beneficial throughout your life. As well, being honest about your income and expenses can lead to increased financial awareness and help you make better decisions in regards to your business or spending. <\/li>\n\n\n\n
  4. Flexibility \u2014 <\/strong>While there’s no avoiding the CRA’s deadline for filing tax returns, doing your own taxes allows you to work within this timeframe as you see fit. By contrast, working with a professional will require you to work around their schedule and prepare the necessary information and documents for them well in advance of their specified deadline.<\/li>\n\n\n\n
  5. Potential for more accurate returns \u2014 <\/strong>Accountants and tax professionals are particularly busy as the filing deadline approaches and often have to handle hundreds of returns at a time. Through no fault of their own, this can result in mistakes being made or items being missed, particularly if they aren’t supplied with complete and accurate information. While it will require you to develop an understanding of tax laws, filing your own return has the potential to be more accurate since you’ll have the time to look it over yourself and make sure everything is correct.<\/li>\n<\/ol>\n\n\n\n

    Questions about filing your own tax return? liv.rent is here to help. Subscribe to our newsletter<\/a> to stay up-to-date on our upcoming tax webinars \u2013 including live advice from Canadian tax experts.<\/em><\/strong><\/p>\n\n\n\n

    Cons of filing your own taxes<\/h3>\n\n\n\n
      \n
    1. Time-consuming \u2014<\/strong> The obvious reason why many Canadian landlords or renters would choose not to file their own taxes is time. Many schedules simply don’t allow for spending hours assembling documentation, carefully entering numbers, and thoroughly checking the finished return for accuracy. Especially if you’re unfamiliar with the taxation process and the laws surrounding it, filing your own taxes can quickly become a time-consuming burden.<\/li>\n\n\n\n
    2. Potential for errors \u2014 <\/strong>While filing your own return can make for more accurate returns, it can just as easily result in mistakes being made if you’re not careful. Even when they’re busy, tax professionals are familiar with the ins and outs of the filing process and can help give you peace of mind that your return will be correct and not missing any key deductions. This is particularly important as errors can lead to penalties, interest charges, or even the dreaded audit.<\/li>\n\n\n\n
    3. Limited support \u2014 <\/strong>Although there are many resources out there to help you file your taxes, you won’t have the same level of support when preparing your own return. Those who go this route should be prepared to research the process on their own and be sure they’re familiar with the process prior to filing.<\/li>\n\n\n\n
    4. Missing deductions \u2014 <\/strong>Knowing what benefits and deductions are available to you is key for maximizing your refund or minimizing the amount you have to pay. For the average renter or landlord, it’s easy to miss one of the many provincial or federal credits that you may qualify for, and end up paying more taxes as a result.<\/li>\n\n\n\n
    5. Stress \u2014 <\/strong>Let’s face it. Preparing your own tax return is a fairly stressful experience for most people. Worrying about making mistakes and getting audited as a result is common, and can become worse if you own a rental business or have a complex tax situation.<\/li>\n<\/ol>\n\n\n\n

      Hiring a professional to file your taxes<\/h2>\n\n\n\n

      For Canadian renters and landlords, hiring an accountant or tax professional to file your taxes can be a great way to keep things stress-free leading up to the filing deadline. With busy schedules and plenty of other things to think about, it can be worth it for many Canadians to outsource their tax return preparations to an expert.<\/p>\n\n\n\n

      Here’s a quick overview of the benefits and potential negatives that come with paying an accountant to prepare your tax return.<\/p>\n\n\n\n

      Pros of hiring a professional<\/h3>\n\n\n\n
        \n
      1. Expertise \u2014 <\/strong>Tax professionals have extensive knowledge of Canada’s taxation laws and plenty of experience preparing tax returns. This expertise goes a long way to ensuring that your return is accurate, complete, and compliant with federal laws. Professionals can also help by providing advice and guidance on tax planning and assistance in the case of an audit. <\/li>\n\n\n\n
      2. Time savings \u2014 <\/strong>Tax preparation can be time-consuming, especially if you have a complex tax situation. By hiring an accountant, you can free up time and energy to focus on other aspects of your life, such as work, family, and for landlords \u2013 the many other responsibilities that come with owning a rental property.<\/li>\n\n\n\n
      3. Peace of mind \u2014 <\/strong>Working with an accountant or tax professional can give you peace of mind knowing that your return is being prepared by an expert with tons of experience. Additionally, in the unlikely situation that issues do arise with your tax return or if you are audited by the Canada Revenue Agency<\/a>, your accountant can provide support and guidance throughout the process.<\/li>\n<\/ol>\n\n\n\n

        Cons of hiring a professional<\/h3>\n\n\n\n
          \n
        1. Cost \u2014<\/strong> Hiring a professional to prepare your tax return can be significantly more expensive than doing it yourself using tax software or traditional methods \u2013 especially if you have a fairly simple tax situation. With that being said, costs can vary greatly depending on the complexity of your return, and can often be worth it if you have multiple sources of income or other circumstances that might make filing your return more complicated.<\/li>\n\n\n\n
        2. Limited control \u2014<\/strong> Working with a tax professional means giving up some control over your tax return reparation process. Although the professional will take your input and preferences into account, they will ultimately be the one making decisions about how to prepare your tax return.<\/li>\n\n\n\n
        3. Miscommunication \u2014<\/strong> Clear communication is key when working with a tax professional. If there is miscommunication or a lack of clarity about your tax situation, or if you forget to send over a document or two, it could result in errors on your tax return or missed deductions or credits. It’s important to ensure that you have a clear and open line of communication with your tax professional to ensure that your tax return is prepared accurately and effectively.<\/li>\n<\/ol>\n\n\n\n
          \n