Common Questions Answered by an Expert Toronto Accountant

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Sam, Seidman is a Chartered Toronto Accountant that has been serving the personal and business tax needs of those living in Toronto and the surrounding area for many years. He has become known for his experience, expertise and fair pricing. To assist those in need of Toronto accounting services, he has provided answers to some of the more common questions that he is often faced with.


Q: What credentials should a small to medium sized business look for in a Toronto Accountant?
You want to have your taxes handled by a professional accountant who is experienced and knows how to handle your accounting and tax needs. You also want somebody who is EFILE approved by Canada Revenue Agency.
Also, any Toronto accountant you choose should be a member in good standing of a recognized Canadian Accounting body, such as Institute of Chartered Accountants of Ontario, Certified General Accountants or Certified Management Accountants. Many people claim to be accountants and have no professional training, insurance or recourse if they do not deliver.They are merely learning to do your taxes at your expense.


Q:What kind of documentation does the business have to provide the accountant with?
For new clients the accountant would need a copy of the Articles of Incorporation to determine ownership and share structure. The other requirements are your business number, SIN # and If bookkeeping is done by a bookkeeper, the bookkeeping records including trial balance, accounts receivable and accounts payable listing, general ledger and year end bank statement.


Q: How often would the company have to meet with the accountant?
Typically clients meet with their Toronto tax accountant for an initial meeting to determine what their initial needs are. If something comes up during the year, ie. whether to buy or lease equipment or vehicles, received a letter from Canada Revenue Agency etc. you should be able to call your accountant and normally resolve things without meeting. A good accountant will not hesitate to meet with you if you prefer, however most things can be resolved over the phone. At year end would include the preparation of T4 slips, T5’s for dividends and discuss what next year’s management salary should be.


Q:What is the difference between a general…certified…chartered accountant?
The Chartered Accountant designation is the highest level, internationally recognized profession of leaders in senior management, advisory, financial tax and assurance roles. CA’s are governed by the Canadian Institute of Chartered Accountants . CA’s adhere to high professional and ethical standards to protect the public interest.  Chartered Accountants are valued for their integrity and expertise.
Effective November 1, 2012 all CA’s were also granted the Chartered Professional Accountant Designation and there currently is unification talks between CMA’s and CGA’s to welcome them into the CPA Canada.


Q:Does CRA care which type of accountant is used by a business?
CRA does not care what type of accountant prepared your return. However you should care as not every accountant knows what you are entitled to claim.
All CRA cares is that all professional accountants are required to put their name on tax returns which they prepare. A number of non-CA’s are preparing returns and not putting their names on returns.
These same accountants are also not registered for EFILE so they use your number. This is not good practice as they have not been approved by CRA for EFILING and you are entrusting them with personal and confidential information.


Q:Does the accountant for my business deal with all correspondence that CRA sends concerning the business?
A good accountant should assume the role of your authorized representative so that he can deal with CRA on your behalf.
As a Toronto Accountant I have enjoyed building a financial business relationship with my clients which often allows me to assist them in a variety of other financial matters.
A number of my clients ask me questions which are not always tax related. I possess a great deal of knowledge about general business and they typically call me up before they do investment decisions or decide to sell off any assets. I’ve even had clients call me up to ask me for referrals to other trades. I welcome you to contact me for a free consultation if you are in need of accounting services. Just give me a call at (416) 398-1700.


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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant


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The information provided here and throughout the site of TorontoAccountant.CA is intended for general tax information only, and should not be misconstrued as a legal source of information regarding your tax situation, or be used for any other purposes other than for general information.
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