A lot of things are happening on March 1st but for the Canada Revenue Agency, March 1st means that Canadians can officially start to e-file their income tax. Local accounting firms have deemed this as the beginning of Tax Season. This is a time when south-west residents collect their T4's, RRSP contribution receipts and decide if it's better to file their taxes themselves or have a professional accounting office file them. How complicated your income is and what type of deductions you have is the deciding factor in most cases.

Elden Moberg, Chief Executive Officer for Stark & Marsh discussed the criteria that residents should use in order to make that decision. "They can go online and file their taxes on that day (March 1st). Obviously, if they have accounting firms involved then the accounting firms will do that for them," he said. "Really at this stage of the game you're waiting for investment slips to come through in the month of March." Moberg added, "While some people might be able to file the first day of March and get things going, most of the time its later in March when you have got your information accumulated."

The proliferation of various accounting and tax software programs that are available for personal computers, have made it easier for the average person to file their own taxes. Sole proprietors may be able to file on their own if the person feels comfortable enough with their accounting knowledge. For those who own a Limited Partnership, have their own limited company or are incorporated have vastly different accounting and financial needs and may look to have a professional accounting service assist them. Moberg explains, "If you're employed and basically what you receive is a T4 on an annual basis, for the most part, you can do that yourself. There is tax software out there that you can purchase that is relatively inexpensive that allows you to do that on your own if you would like to." He also added, "If you have a business statement or a farm statement there are just some intricacies that come with that, and also some opportunities for some tax credit."

Knowing what your needs are will help determine the direction you should take. Filing starts today and the deadline for submissions is April 30, 2017. Due to the fact this is a Sunday, CRA will accept filings made before Midnight Monday, May 1, 2017, or postmarked before May 1st. 2017.