WHY DO YOU NEED A CHARTERED PROFESSIONAL ACCOUNTANT (CPA) FOR CORPORATE TAX RETURNS?

There is far more to corporate tax returns beyond simply filling out the paperwork. Businesses who choose to do their own taxes, rather than hiring an experienced Chartered Professional Accountant such as Gary R. Landa, may be missing out on many cost-saving opportunities.

THE BENEFITS OF HAVING CORPORATE TAX RETURNS PREPARED BY A PROFESSIONAL CPA

UNDERSTANDING OF RELEVANT REGULATIONS

Experience can bring true insight into the tax planning opportunities available for many different types of businesses.

BENEFIT FROM EXPERIENCE WITH MANY DIFFERENT CASES

When an accountant has larger clients, they gain experience and knowledge in complex tax planning and preparation. That knowledge is also applicable to smaller businesses. Small businesses can benefit from many of the same tax saving opportunities that a large business utilizes – but only if they have a knowledgeable CPA like Gary R. Landa with 34 years’ experience on their side.

TAKE ADVANTAGE OF ALL POSSIBLE TAX BENEFITS

An experienced Chartered Professional Accountant will know deductions and tax planning opportunities available to businesses. These can often greatly minimize the amount of taxes that may be paid. Remember, it is not what you make, but how much you keep which is important.

ACCURATE TAX PREPARATION

Trained CPAs can ensure your corporate tax returns are filed accurately while complying with all relevant laws and regulations, and within the time limits and deadlines imposed by law.

HAVE YOUR TAX STRATEGY PLANNED IN ADVANCE

Smart investments and changes in business practices can often open new avenues to lower your tax burden. A highly-experienced CPA can help you design tax-minimization strategies that pay off year after year, while always being available for consultation if you ever have questions about the best financial approach to your business.

HAVE REAL EXPERIENCE ON YOUR SIDE

Gary R. Landa, CA Professional Corporation employs top CPAs with decades of experience behind them, and are available to help you find the most advantageous tax strategies possible. Contact Gary R. Landa, CA Professional Corporation for more information.

THINGS TO CONSIDER WHILE NEGOTIATING WITH CRA

The Canada Revenue Agency, or Agence du revenu du Canada (CRA), administers tax laws for the Canadian Government, the majority of provinces and territories, numerous social and economic programs, and international trade legislation.

When dealing with CRA agents, it is important to choose your responses with extreme care. Otherwise, it could potentially open you up to further investigation.

 

FIVE COMMON MISTAKES WHEN NEGOTIATING WITH THE CRA

1. Providing Too Much Information

When a CRA agent asks a question, the answer they receive should only address the specifics of the question, and no more. Anything else you say can expand the scope of the investigation, as your answers open the door for further follow-up and explanation. When answering questions, be concise and to the point with no extra elaboration.

2. Having Multiple Representatives

It is best to have one single point of contact between yourself and the CRA. Having multiple representatives dealing with the CRA on your behalf can easily lead to conflicting answers to CRA questions. It can be extremely difficult to avoid this with multiple people talking to CRA, as even seemingly-minor contradictions can create new issues.

3. Expanding the Scope of Investigation

We have seen cases where CRA agents have asked questions outside the scope of the current audit. Examples would include questions about years not under investigation, or associated businesses not currently being audited. Using an experienced representative such as Gary R Landa, CA Professional Corporation can advise you if you are required to answer such questions or provide information outside the scope of the audit. If you do answer, your answers become part of the investigation and potentially expand its scope to include the topics of discussion.

It is highly recommended that your representative have strong knowledge of the Income Tax Act such as Gary Landa. Many accountants know accounting and transfer information from a financial statement to a tax return but may not know the rules. A representative who does not know the Income Tax rules and has experience negotiating with CRA may give too much information to CRA and could result in a reassessment by CRA.

4. Misunderstanding the Intent of Questions

Seemingly-innocuous questions posed by CRA agents may have much deeper intent. Negotiations with the CRA requires understanding not just the answers to questions, but why those specific questions are being asked.

 

HIRING A PROFESSIONAL CRA NEGOTIATOR WITH YEARS OF EXPERIENCE

If you are a business owner and require the help of a professional to negotiate with CRA on your behalf, Gary R. Landa, CA Professional Corporation is ready to help. Contact us today to learn more.