CAs have the depth and breadth of financial expertise. They must complete high levels of education,
experience and examination, then maintain their knowledge through ongoing professional development.
CAs think strategically, requiring a deep understanding of the complex relationships between business
operations, performance measurement, risk management, financing, taxation and regulations.
CAs know business.
The influence of CAs is felt in every corner of the nation’s economy. CAs are the indisputable leaders
in the field of public accounting. CAs are strategically positioned to assist you with the personal and
business tax decisions that you face. With their talent, integrity and expertise, CAs are there to ensure
that these decisions are the very best possible for you or your organization.
In today’s fast-paced business environment, your tax strategy must continually evolve. This means being
up-to-date on the latest tax legislation, and knowing how changes could support or stifle your financial
goals. Professional planning could limit tax liabilities, and identify the deductions and credits to which
you or your business are entitled. CAs are ideally positioned to help you find your way through these
complexities. Recognized worldwide, the CA designation denotes expertise, integrity, and business
insight in a broad array of financial and business advisory services, including tax planning.
Business Tax Services
Complex changes to tax legislation have a direct impact on your business. A CA can assist in creating a
business plan tailored to your growth, staff, physical and intangible resources. Effective management
of business tax liabilities can provide an edge in achieving strategic financial goals, and is key to building
a successful business.
Should your business be structured as a proprietorship, a partnership, a joint venture or a corporation?
How should the structure change as your business evolves? Whichever structure you choose, there
are generally other questions to be answered, including partnership or share structures, and whether
there would be tax or business benefits to using multiple legal entities rather than only one. A CA with
this expertise can advise you on the alternatives available to minimize taxes, protect your equity from
business risks and create and maintain a structure to facilitate future business transactions. The right
structure can provide a competitive edge, significant tax benefits or both.
Mergers, Acquisitions and Divestitures
Acquiring and divesting in companies has many complexities, including the need for tax planning. A CA
with expertise in this area can provide industry knowledge and valuable advice throughout the merger,
acquisition and divestment process, ensuring a smooth and effective transition.
As your business grows, your tax needs change. A CA with expertise in this area can offer strategies
that help to minimize federal, provincial, and municipal taxes. This is essential advice for everyone from
unincorporated owner-managed businesses to multinational enterprises. Effective tax advice and
planning can give your business a competitive advantage.
Tax law is continually evolving. A CA with expertise in tax compliance can offer advice to improve
corporate accounting systems, maximize tax deferrals, prepare tax and information returns, and manage
relations with federal, provincial and municipal tax authorities.
GST and Other Commodity Taxes
Virtually every business transaction has commodity tax implications. Commodity taxes include HST and
excise taxes. A CA with expertise in this area can provide early tax advice that protects your business
from unexpected surprises by optimizing compliance systems, avoiding overpayments, and minimizing
the impact of tax assessments.
Home-Based Businesses and Proprietors
Home-based business owners face financial decisions with complex tax implications. A CA with expertise
in this area can personalize a plan that reduces your overall operating costs, and minimizes tax liabilities,
such as advising on whether to claim capital cost allowances on home, automobile, and information
technology assets. A CA will work with you to develop a strategy that meets your financial goals, and
helps you avoid potential tax pitfalls if your business circumstances change.
Owner-managers need a tax plan that integrates business and personal financial goals. A CA with
expertise in this area can advise on minimizing corporate tax liability, while maximizing personal income
growth for your family, including whether to compensate yourself through salary, dividends, or using more
complex remuneration strategies. A CA can also provide advice on retirement and succession plans,
allowing a smooth transition when you decide it’s time to pass your business on to the next generation.
Personal Tax Consulting Services
Tax legislation is constantly changing, affecting your investment portfolio and personal tax return. A CA
with this type of expertise is up-to-date on tax changes relevant to your specific needs — they can offer
strategic tax and financial planning advice and services for individuals, estates, trusts, and partnerships.
A tailored tax strategy can save you money and maximize your assets.
Late filing or payment may well attract phone calls or appointments with the CRA for audits,” warns Yu Wong. “Make sure your returns are accurate and complete.