Whenever there is a point of contention amongst the tax laws or some new proposed change that is in the works naturally it’s the government who is in the spotlight. Then once they have had their say the taxpayers will come back with their viewpoints. Usually by way of the business sector. So when you look at Canadian taxes it would seem that there are only two parties of interest. The CRA and the taxpayer. Who is perhaps being left out here however is the Canada Tax Accountants who really may not be getting the credit they deserve.
Most any person will tell you that the Canadian tax laws can be very complex and at times it can be as such for the personal tax payer, but more often than not for the business entities.
If it weren’t for the Canada tax accountants who use their knowledge and expertise to decipher these laws and apply them according to their client’s accounts then many businesses would be in a total mess when it came to their tax obligations. One of the most important aspects of running a business in Canada is to be able to legally take advantage of the tax incentives that are in place and tax planning. It would seem that with such an important role that these group of individuals should be given a greater voice.
They believe this themselves as recently they released a white paper that outlined suggestions for the Canada tax that covered many important issues and one of them was transparency.
If you are a Toronto Corporation then you are compelled to use the services of a chartered accountant to compile your corporation business returns. The thing is however there are many smaller but very viable businesses that are not incorporated but are sole proprietors or partnerships. These particular entities can fare well with their tax obligations when it comes to filing properly by choosing a quality Toronto tax accountant.
It would only seem to be common sense that the CRA would listen to the experience of these accountants and give some merit to their suggestions as they really do help to eliminate a massive amount of potential tax problems that the CRA could have to deal with if these experts were not in the tax picture.
Now that we are getting close to the year end if you have not chosen your Toronto tax accountant as yet be sure to contact us and let us take over your tax matters for you.
