Is Your Accountant Cooperating with the CRA?
There is no doubt that a lot more average tax payers are seeking out the services of good tax accountants. There are many reasons for this.
- Some people feel that their tax burdens are so significant that they need to rely on professional advice.
- Others have run into tax matters that they are not able to handle on their own.
- Then there are some that just find filling out even simple tax returns overwhelming.
- A lot of people are becoming more pro active in their tax situation and want to make sure they are getting all of the tax breaks they deserve.
- Many tax payers feel overwhelmed and intimidated when having to deal with the CRA and take comfort in having a professional behind them to support them when having to deal with the tax department.
Many good quality accountants are members of CPA Canada . This is an association representing Chartered Professional Accountants of Canada.
Recently an agreement was made between CPA Canada and the CRA and for some tax payers they may be wary about this. After all, they are under the impression that the chartered accountants that they are utilizing are supposed to be there to act on their behalf concerning the CRA. This agreement between the CPA Canada and CRA does not change this. In fact, it can and should work to the benefit of the tax payer who is utilizing the services of a Chartered Accountant.
Your accountant if experienced should be comfortable dealing with the tax department concerning your matters. The problem is they are faced with the same red tape as the tax payer themselves are when attempting to attend to their own tax issues.
At least with an agreement being made between these two professional parties it shows a form of respect for the expertise of the chartered accounting industry and is giving them a voice. The input that the CPA Canada will be allowed to put forward will be on behalf of what best serves the taxpayer.
In order to have a good professional relationship with your accountant you have to be confident in your trust with them. You not only need to know that they have the experience of determining what your tax situation is, but you also have to know that they have the capability of dealing with the tax department as your representative.
By the CRA recognizing the importance of your tax representative and having a desire to make working relationships more efficient between them, then this is good situation going forward for you as a tax payer who relies on a quality tax accountant.