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Yes. There are many advantages to using an accountant to file your tax returns. The greatest advantage is having your taxes prepared properly, so you don’t end up overpaying. Other advantages include:

  •   Audit services, which only accountants can provide
  •  Business valuation and restructuring advisory services.
 

It doesn’t matter if you're struggling or successful, it’s important to consult an expert, especially when dealing with money; the person that can do this best for you is a Chartered Accountant.

Yes. We understand saving money is appealing, but if you don’t use a designated or certified accountant, you may be losing more money if you have to overpay on your taxes. Most small business owners try to save money by using so-called accountant firms where none of the staff are designated or certified accountants. These companies usually mean well, but haven’t been properly trained. It takes years of study in this industry to be properly trained and the smallest mistakes could result in you either overpaying taxes or underpaying. This could lead to eventual issues with the CRA and attract some of the highest interest rates and penalties in Canada.
No. Anyone can fill out your tax returns, however, not everyone can fill out tax returns properly. Thus, we often find an average of $3,000 per client when we go back and look at their three previous year's filings.
No. There are varied designations one can obtain in university. CA is Chartered Accountant, CGA is Certified General Account, CMA is Certified Management Account and CPA is Chartered Professional Accountant. Each accountant, after receiving their designation, will gain experience in a specific discipline – which may not be specific to business tax preparation and filing.
Management fees are an acceptable way for business owners to take compensation when an accountant completes their tax year. It used to be common practice for this to happen on the tax form with no further paperwork. Recently, CRA has went back up to 2 years and fined business owners a “Failure to File” penalty for NOT creating a T4 Slip for this income received. Although the tax payable is no greater or less, the full compliance to submit a Slip for this management fee event draws the fine.
You should request the following 3 documents: A complete hard-copy (or complete .pdf in electronic form) which contains GIFI Schedule 100 (Balance sheet). Schedule 125 (Income statement) Schedule 8 (Capital Cost Allowance). Financial Statements (at minimum, Notice to Reader statements), which provide the necessary financial information required by lenders and banks. (Ensure that this IS NOT merely the bookkeeping income/expense and balance sheets prepared within Quickbooks or Simply Accounting as they are not acceptable to banks and lenders.)
If you do not belong to or fall under the jurisdiction of a Recognised Controlling Body; and If you have been removed from a related profession for serious misconduct or if you are guilty of an offence described in s 240(3) of the TAAct.
As it is a compulsory requirement for all tax practitioners to belong to a Recognised Controlling Body, you are required to register as a member with one of the listed Recognised Controlling Bodies if you do not fall under the jurisdiction of a statutory Recognised Controlling Body referred to in s 240A(1) of TAAct.
The three SARS POA forms are: TPPOA - Special Power of Attorney to Tax Practitioner ASPOA - Authority on Special Power of Attorney by Tax Practitioner SPPOA - Special Power of Attorney.
SARS doesn’t allow changes to the ID number on eFiling. Go to your nearest SARS branch to change the ID number on SARS system.
It simple you can do this on the eFiling website or login to eFiling and follow
To draw a list of all your clients for whom you have submitted returns/declarations, click: Organisation Rights Groups Manage Groups
Unless you fall under the jurisdiction of a statutory Recognised Controlling Bodies referred to in s 240A(1) of TAAct, you are required to register with one of the Recognised Controlling Bodies approved by the Commissioner under s 240A(2).

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