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Why choose a CPA for my tax and accounting needs?

Our industry is the wild west as it is an unregulated industry. Anyone can open an “accounting” office and commence tax preparation and advisory services. They may look professional, seem smart, and you feel assured you are getting great value for the fees incurred. Some may have been in business for many years. They offer their services for far below industry standard rates. As the old saying goes: “You get what you pay for”. Here are some reasons why you should choose a CPA professional for your needs:

  1.  Who’s watching the non-CPA firm?

I am a member of CPA Ontario and must adhere to the CPA Code of Professional Conduct which sets out general and specific duties for sound and fair financial and management reporting and business practices. I am held responsible for compliance with the Code in all services that are provided to clients.  CPA members put their client’s interests above their own.

 

2.  Tax laws and accounting standards are always changing

No one wants to pay attention to taxes. As a member in good standing, I’m required to constantly acquire knowledge through professional development courses on a yearly basis. We also subscribe to numerous professional publications and pay attention to tax court cases. We are always up-to-date on provincial, federal, and international tax matters that effect our clients. A CPA can provide planning strategies to help minimize taxes for you and your business.

 

3.  CPA offer comprehensive services

Hiring a CPA rather than an accountant can be especially advantageous.   Accountants provide bookkeeping functions and financial reports. CPAs can provide much more!

                          – “Big picture” tax planning for your business and family to minimize total taxes payable

– Providing full service accounting “rent a CFO or corporate controller”

– Mergers & acquisitions advisory services

– Strategic business and estate lplanning

 

When looking for a new accountant, don’t focus on the bottom line or the “how much is this going to cost?”. Look at their credentials. Is this someone you want to be engaged to for the long term? For your sake, please do not make a hasty decision!

 

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New to Canada? Learn about taxes

Source: CRA, April 12, 2016

Have you just settled in Canada? Not sure how to apply for benefits and credits? Wondering if you have to fill out and send to the Canada Revenue Agency (CRA) a form—called an income tax and benefit return—every year? The CRA has prepared a short video that answers these questions.

Do I need to file taxes?

All Canadian residents are required to file an income tax and benefit return. As a rule, you are a resident of Canada on the date you arrive and set up ties to Canada. These ties include having a house and or family in Canada.

Why should I file taxes?

  • Even if you have no income to report, you should file a return every year. When you send in your return, the CRA will review it and let you know if there are credits and benefits that you may be able to get, such as the Goods and Services Tax or Harmonized Sales Tax credit. You may also be eligible for other family credits and benefits.
  • Taxes pay for the services and benefits that all Canadians enjoy like schools, libraries, parks, hospitals, police, ambulance, fire services, roads, and bridges.

I am a permanent resident of Canada, but I do not live in Canada. Do I still need to file taxes?

If you normally live outside of Canada, or spend more than 183 days a year away from Canada, you may be considered a non-resident for income tax purposes. If you are a non-resident, you pay taxes only on the money you earn in Canada.

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