4 Ways CPAs Make a Difference When it Comes to Your Personal Taxes
Job changes, life transitions and big moves can add stress to your life. Don’t let your taxes stress you out, too. It can be hard to understand regulations and legislation changes. You may ask yourself: Am I doing this correctly? Do I have the right form? Is this how I calculate that number?
When tax time comes, get prepared and feel confident by working with a Chartered Professional Accountant (CPA). With their knowledge, oversight and expertise, they can help you save time from the beginning and help you to maximize your return. Read about the four ways a CPA can make a difference to your personal taxes.
A CPA has specialized, expert knowledge
A CPA undergoes rigorous academic and professional training: earning the CPA designation is not easy. So, you can be confident knowing that a CPA receives their designation with a proven foundation of knowledge and skill.
Many CPAs specialize in taxation, so they’re equipped with strong technical knowledge and breadth of practical experience in this area. They can help you with your financial needs no matter what life throws at you.
A CPA is regulated to provide you protection
You can rest easy knowing that CPAs are held accountable and meet the highest standards set by the profession. Throughout a CPA's career, they're subject to ongoing regulation and oversight, such as a code of conduct and specific bylaws and regulations.
CPAs must meet mandatory annual continuing professional development requirements to keep up on the latest changes in tax regulation. They are also subject to inspection and insurance requirements. These oversights help to ensure CPAs provide you quality tax services.
A CPA stays ahead of the curve
CPAs are required to complete over a hundred hours of professional development every three years. Because CPAs are always learning, you can be confident they are up to date on the latest industry trends and nuances affecting your taxes and finances, so you don't have to.
CPAs are always ahead of the curve on the newest tax regulation changes and are keeping abreast of the evolving federal and provincial government tax relief programs. CPAs help ensure that you benefit from all available relief measures and tax benefits.
A CPA's job doesn't end when you file your taxes
When the Canadian Revenue Agency (CRA) has questions about your taxes, CPAs are there to work with you to resolve any issues. While you hope to avoid follow-up from the CRA, it’s not uncommon that you will need to provide additional documentation after filing. CPAs are equipped to represent you in follow-ups and audits.
A CPA can also provide advice on your future returns. Strategically working with a CPA throughout the year can help save you money in the long run.