If you own a corporation, are an investor, or self employed, I highly recommend that you hire a chartered accountant (“CA”). CAs are not bean counters. They provide valuable business and tax advice, helping you achieve your financial goals.
By reading this article, you can make a more informed decision on whether your business requires a Chartered Accountant, and more specifically, why hiring a Chartered Accountant in Toronto has added benefits.
Chartered Accountants – Years of Education
Becoming a CA is by no means an easy task. They spend years in school, must pass 3 qualifying examinations, and must have 30 months of practical experience, before they can obtain their CA designation.
With such rigorous educational requirements, Chartered Accountants have the knowledge to help you and your business.
Chartered Accountants – High Ethical Standards
Chartered Accountants must abide by a professional code of conduct. The code of conduct is very extensive and requires CAs to act ethically, maintain client confidentiality, be independent, and avoid situations involving a conflict of interest. It has been said that CAs have one of the most rigorous professional codes of conduct amongst the various professional bodies in Canada.
Where CAs fail to abide by the standards of the profession, they will likely be disciplined, and in some cases expelled from the profession altogether.
Non designated accountants may not belong to a professional body or have a code of conduct to abide by, which can be very worrisome for business owners. If your Accountant isn’t accountable to anyone besides himself, what assurances do you have that they will do the right thing?
Chartered Accountants – Tax Experts
Many accountants provide tax planning and tax preparation services to their clients. However, not every accountant is a tax expert. So what exactly is a tax expert and are CA’s tax experts? I’ll explain this below.
Firstly, tax experts have a great deal of knowledge, or expertise, in the area of taxation. There are different types of tax experts, such as: GST experts, Canadian Income Tax Experts, Estate Tax Experts, and so forth.
The Canadian Institute of Chartered Accountants (CICA) has the most rigorous and most comprehensive tax training program in Canada, know as the Canadian In Depth Tax Course. Many CAs have completed the CICA In Depth Tax Course and have practiced tax for many years, allowing them to hold themselves out as tax experts.
Before hiring a CA, you should find out whether he/she has completed the CICA In-Depth Tax Course and the type and years of tax experience they have. You want to ensure that you’re in fact hiring a CA that’s a tax expert.
Chartered Accountant – Fees
CAs are not always expensive. Many Chartered Accountants are pleased to provide their clients with a fixed fee, rather than bill by the hour. In addition, they will usually demonstrate that the value that you and your business derive from their services is far in excess of the fees that you pay them.
I recommend that you obtain a fee quote first, so there are no surprises. In addition, you should ensure that your CA always seeks your approval before rendering a bill. Finally, you should have a detailed engagement letter that specifies the services that will be performed, expected delivery date, and the fees for such services, in order to avoid any disputes.
Chartered Accountant Toronto
Toronto is the financial and economic centre of Canada and the Greater Toronto Area has a population in excess of 5 million people. In addition, Toronto has many diverse businesses and more small businesses than any other region in the country.
Because of Toronto’s large population and business composition, many Chartered Accountants in Toronto would have dealt with both a variety of businesses and a large number of businesses. This unique advantage afforded to Chartered Accountants in Toronto is likely not available to Accountants located in other parts of Canada.
In addition, Toronto has the most number of CAs practicing accounting than anywhere else in Canada. This creates healthy competition and more choice for consumers.
Finally, many of the largest CA firms are headquartered in downtown Toronto. If you’re operating a large business, it’s helpful to deal with the leading CA’s located in the heart of Toronto.
These are strong reasons to hire a Toronto CA as opposed to an accountant located in another region of Canada. Where else, other than a city like Toronto, will you have this opportunity?
Hiring a CA, specifically a CA in Toronto, can be highly beneficial to your business. They have years of education, high ethical standards, and reasonable fees. Many of them are also tax experts. In addition, they provide value for money and help you achieve your financial goals.
In encourage you to visit the CICA’s website at http://cica.ca for additional information. You may also want to visit the ICAO’s website, http://icao.on.ca which also provides very helpful information about CAs.