What are the Key Differences between Tax Consultants and Tax Accountants?

Unless you have prior experience and proper training in taxation, it is imperative that you hire a professional for the said task. In Canada, you can employ either a consultant or an accountant in Mississauga (as well as other cities across the country for that matter) for computation and filing of personal income tax.

Independent accounting experts in Canada have to abide by the rules and regulations of the province in which they provide their services. Furthermore, there is also an organization of Chartered Professional Accountants or CPAs in each of the ten provinces in the country. Hence, the Ontario chapter of the CPA is responsible for governing the accounting profession for that particular province.

Tax Consultants versus Tax Accountants in Mississauga

The bylaws of CPA Ontario state that providing tax counseling and tax advice is a regulated activity that requires a CPA firm to have it duly registered with the appropriate authorities. However, you should also realize that a CPA company with a valid business license is not the same as an accountant in Mississauga with a CPA qualification and that the aforementioned bylaws disallow the mechanical preparation of tax returns.

Filing of personal income tax in Canada essentially refers to the mechanical process of tax returns in which a tax consultant fills up the required tax forms with the information that you have shared and sends it for submission to the concerned authorities.

There are tens and hundreds of individuals in the country that choose to enter the tax consultation industry as preparers. They are capable of return computation for varied taxation scenarios with sufficient training and there is simply no doubt that some of them do an excellent job of preparing tax returns without any errors on the basis of the information provided by their clientele.

However, if you are particularly looking for tax counseling on specific topics, need to deal with something rather complicated on tax matters, or there is a potentially vital issue between you and the CRA or Canada Revenue Agency, you must always seek the assistance of a tax attorney or a tax accountant in Mississauga.

Why You Should Consultant Source Accounting Professional Corporation

In addition to the filing of tax returns in Canada, several tax professionals offer bookkeeping services (documentation of accounting transactions with reference to their source) also, and tax planning is included with it at times as part of the same.

It is true that one does not need to acquire a professional qualification, such as a Chartered Financial Analyst or CFA, Chartered Accountant or CA, CPA, etc. for working in the capacity of a tax consultant in Ontario and other provinces in the country. However, it is evident that if you engage a tax accountant in Mississauga with a professional certification, that individual must have to adhere to the rules and regulations stipulated by the organization of which he or she is a member. Hence, you should team up with Source Accounting Professional Corporation for all kinds of return-related requirements as all our tax accountants are CPAs.

Most Significant Advantages of Teaming up with a Tax Accounting Firm

Disclaimer: The above contents are provided for general guidance only, based on information believed to be accurate and complete, but we cannot guarantee its accuracy or completeness. It does not provide legal advice, nor can it or should it be relied upon. Please contact/consult a qualified tax professional specific to your case.