Calgary Tax Consultants

With over a million people in Calgary, there are bound to be many people in tax trouble. Every day, the Canada Revenue Agency sends out tax collection notices and Calgary gets its fair share. Looking for a tax consultant in Calgary can be challenging but we hope this article will help. Taxes are always a constant no matter where you go, as these are integrated into every aspect of our life. Political science theories would state that this is one of the inherent powers of the government, regardless of the type, as taxes are necessary to generate the revenue needed by our government to help run the country. While we cannot deny that our taxes are useful, it’s knowing how much to pay that proves to be the most bothersome question.

This goes beyond however, the mere payment of our income tax. Among the common problems encountered by Canadians when they file their income tax results from the confusion with the system of taxation in the country. It is hard to understand Personal Income Tax Rates, and Canadians are unable to access relevant income support because of the complexity of tax laws. This reduces Tax Compliance which makes the idea of taxes a more complicated issue that it actually has to. Lastly, income tax laws seem to be an endless list of additional expenditures in legalese, and unless you happen to be an accountant or a lawyer, you might end up more confused as well.

Luckily, however, there are solutions to these common issues with our income taxes. But first, we must understand what income taxes are meant to be. Income taxes according to the Income Tax Act are paid on the taxable income for each taxation year of every Canadian resident at any time in the year. Taxable Income is the taxpayer’s income for the year with the permitted additions and deductions listed in the succeeding sections. The legal definition might be difficult, so let’s skip to the solutions.

What are Tax Consultants?

Tax Consultants are the professionals you will need to help you navigate the maze that are tax laws. Tax Consultants or tax advisors, have their expertise in tax laws, tax planning, and more importantly, tax compliance. What does this mean for you? A tax consultant would be able to assist you on new tax laws and optimize the short-term and long-term taxes that you would have to pay.

In the long run, the tax consultants would help you maximize your taxes, and help you take advantage to lessen the amount of taxes that you would have to pay. This is because of their familiarity with the income tax laws, and the other legal ways that you can lessen the amount of taxes that you owe. Aside from this, the tax consultant also performs the following functions:

  1. Research into Tax Laws
  2. Strategizes with Clients to minimize Income Tax Liability
  3. Explains Tax Issues (Why you would have to pay a certain tax)
  4. Prepares Tax Returns
  5. Plans Estates (in the legal sense)
  6. Ensures continued tax compliance

Tax Consultants are to be found in public accounting firms, law offices, firms that provide financial consultation and may also practice independently of these offices.

How does one become a Tax Consultant?

Tax consultants are expected first to have strong writing and communication skills as the majority of the job description of a tax consultant has to do with the production of numerous written documents that detail their research into the relevant tax laws. Since tax consultants are expected to communicate with their clients, they should be able to draft letters that clearly outline the information relevant to their specific client. They should also be able to explain to their clients about the tax laws that they would encounter as they prepare their taxes.

Educational qualifications for tax consultants generally include a Bachelor’s Degree in Accountancy, Finance or other fields that relate to the preparation of taxes. It is important that you would be able to understand the intricacies of tax laws in Canada. A good tax consultant can tell the difference between federal and provincial income taxes, and the types of deductions, benefits and alterations in tax laws that may occur in the fiscal year.
Start off first with a Bachelor’s Degree, while we mentioned that finance courses would be relevant to the field, a Bachelor’s Degree in Accountancy would afford you the best advantages as this familiarizes you with tax laws, the preparation of the needed documents and more importantly, allow you to have a license to practice as a CPA.

Once you have completed your course, you can choose to specialize in tax consultancy, and here, you would have to undergo more training to ensure that you would have the necessary skills for your specialization. From this point, you should begin to build up experience. You will need to be apply for a certification process to be a certified tax consultant in Canada, so that you would gain the professional recognition from CPA Canada or as a Chartered Accountant.

An entry-level experience would allow you to learn the ropes. You may have learned the theories and principles in school, but application in the real world is a different matter. The process to be a tax consultant involves the need to learn new skills to help you adapt to various changes in tax laws. Once you have gained your certification from CPA Canada or CA, meet with other professional tax consultants and join the seminars and training provided by these accredited organizations. These would help you learn more about the types of taxes that may affect income tax, and help you keep up to date on the newest taxation laws.

This way, you would be in the best position to help your clients the best. A good Calgary Tax Consultant would be able to walk you through the complex network of Income Taxes, and if you would like to become a tax consultant, you would be able to obtain the needed information as well. Benjamin Franklin once said that nothing is said to be certain except death and taxes. Tax Consultants in Calgary would help to ensure that you are able to comply with your taxes with the aid of our tax consultants, and ensure that financial death does not occur for either you or your business.

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