Does every Canadian and business in Canada need a CPA? No, but there is a good chance you do! Let’s face it, the Canadian income tax system isn’t exactly simple and streamlined, at least not for many taxpayers with more complex income situations. While those with a simple tax return may not need to find a CPA, it isn’t a bad idea to consult with one every few years or even every year if you need tax planning advice.
Certain situations, such as estate planning, retirement planning, the tax implications on the sale of assets or a business, and other complex situations are reasons to find a CPA. It is far too easy to make a mistake and end up not in compliance with Canada Revenue Agency filing requirements or fall short of your financial goals because you missed beneficial deductions or tax planning opportunities.
You should also find a CPA if you do not feel 100% confident in how to file your tax return or handle your other financial matters. It is better to have peace of mind than to lose sleep worrying about whether you made a mistake that could come back on you down the road.
Businesses of all sizes should find a CPA because you can be more profitable if you focus on more than the accounting work. A CPA can be a valuable business advisor who can help you grow your business by making sound business decisions based on accurate financial reports.
If you need to find a CPA, look no further than Vohora LLP. We have been providing business advisory, tax services, and accounting services for more than 40 years. With us in your corner, you can be confident about your financial decisions and move toward your goals for optimal success. Reach out today to learn more.