Common Questions Answered by an Expert 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.

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.

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.

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.

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.

A good accountant should assume the role of your authorized representative so that he can deal with CRA on your behalf.