Tax season is here! The good news is that an experienced accounting firm can help you with your taxes. The bad news is that if you are not prepared properly, it can be a nightmare to get everything sorted out on time. If you’re wondering what Canadian tax services are required for your company, this will clear things up.
Hiring a Bookkeeper
Bookkeepers are the backbone of any successful business. They take care of all the day-to-day finances, so you are not required to worry about balancing your checkbook or filing tax returns. You can spend more time on your company’s growth strategies and less time worrying about accountants and taxes.
Your bookkeeper will be responsible for the following:
- Reconciling bank accounts (checking transactions against receipts)
- Filing payroll reports
- Creating financial statements
Hiring a Certified General Accountant (CGA)
If you’re looking for a Canadian tax accountant, consider hiring a Certified General Accountant (CGA). A CGA is a professional designation requiring candidates to complete six years of full-time or equivalent part-time study at an accredited university program. Once they have completed their education and passed the required examinations, they can apply for certification.
The CGA designation allows its holders to handle a varying range of accounting and tax services:
- Perform financial statement audits
- Prepare tax returns and perform internal reviews
- Compile financial statements and assist in the preparation of financial statements
Hiring a Certified Management Accountant (CMA)
A Certified Management Accountant (CMA) is a professional certified by the Institute of Certified Management Accountants of Canada. They are professionals who can assist in providing financial services to companies and individuals.
A CMA can help you with your tax planning and preparation, accounting, and governance. They will also handle your bookkeeping, budgeting, financial reporting, internal controls audits, risk assessments, and many other services related to management accountancy.
Requirements: To become a CMA, several conditions need to be met, such as having at least four years of relevant experience in an accounting field or three years with five years of total experience as an accountant or auditor at any level in public practice or private industry; passing all parts of the Information Technology Examination; working through an intensive training program consisting of 24 hours per month for 12 months followed by two examinations (one on general accounting principles & practices & one on the business analysis); completing all coursework required for designation within five years after completion of required education/training; securing sponsorship from a member firm from IIAC
Hiring a Chartered Accountant (CA)
A Chartered Accountant (CA) is a licensed professional accountant who has passed the CA Qualifying Exam and is granted a charter by CPA Canada. The CGA is not considered as prestigious as the CA designation, which means that you may want to hire a Chartered Accountant in Canada if you want your business to be taken seriously by potential clients, vendors, and investors.
The cost of hiring an accountant can vary based on several factors, including their experience level, geographic location, and industry specialization. A small startup with just one employee might only need someone to do quarterly bookkeeping tasks such as reconciling bank statements or filling out tax forms for GST/HST payments (which should only take about 2 hours per month).
On the other hand, larger companies probably need more comprehensive services such as financial analysis or budgeting assistance from someone with extensive experience dealing with complicated accounting issues.
How long does it take before I start earning revenue? You can expect your revenue stream within 30 days after ordering this service.
Your business will need some tax services.
Your business will need some tax services. It’s something to be noticed, but what are the kinds of taxes your company needs?
- Employment Insurance (EI) is an employment insurance program in Canada. It benefits-eligible workers who cannot work because they are sick, injured, or pregnant, caring for a newborn or newly adopted child, or caring for family members with disabilities. The EI program also provides services to people whose jobs were affected by changing work patterns and other economic conditions (such as when companies downsize). The EI fund is financed by premiums paid by both employers and employees.
- Canada Pension Plan (CPP) is a contributory social insurance plan that helps pay retirement benefits for most Canadians aged 65 or older who have contributed to the CPP during their working lives. To receive CPP retirement pension payments, you must meet certain legal requirements such as living in Canada after age 18, residing in Canada throughout your working life, and have made at least one valid contribution during every year between 1966 and 2017 where your employer deducted CPP contributions from your pay cheque.
- Old Age Security (OAS) is a monthly benefit provided by the Government of Canada’s public pension plan for those who have reached age 65, even if you do not qualify under another federal/provincial pension plan or private sector plans such as RSPs.
- GST/HST Goods & Services Tax/ Harmonized Sales Tax – Goods & Services Tax (GST) applies to most goods manufactured or imported into Canada intended for sale here (including imported goods brought back from abroad). GST does not apply to most financial services, including bank fees like wire transfers but does apply to mutual funds sold through retail brokerages, which means if you purchase an investment vehicle like stocks, bonds, ETFs, mutual funds, etc. These transactions will be subject to GST even though they may never enter our borders again once bought overseas via internet trading platforms like discount commissions brokerage firms etc.
If you’re looking to operate your business in Canada, you need to understand the Canadian tax services required by the Canada Revenue Agency (CRA). A professional accountant can help you with this process by providing valuable advice and guidance on structuring your company for success.