Businesses in Canada must navigate their way through a labyrinth of complicated tax laws and often confusing regulations, in order to achieve tax compliance. Whether we’re talking income and sales tax, or payroll and corporate tax, all are levied at federal, provincial and municipal levels, and complying with them all, is vital for any businesses’ success. While a strategic approach can help business owners make the most of their tax position, most won’t ever unlock benefits of any significance, without professional help.
With guidance and insider advice from a reputable CPA in Surrey, you can give your business a considerable boost through strategic tax management, and here’s what you could achieve if you do:
Reduced tax liability
There will always be opportunities to save on taxes that most Canadian business owners know nothing about. With a CPAs help, however, these can be uncovered, and used to reduce your tax liability.
Constant compliance
Worrying about tax laws and regulations and complying with them all to avoid penalties and fines, becomes a distant nightmare when you hire a CPA to help you manage your business taxes. Simple!
An optimized business structure
A businesses tax liability can be heavily influenced by the way in which it has been structured, and this isn’t always easy for laypeople to get to grips with. A tax professional can help you choose a business structure that’s tax-efficient, based upon its size, goals and industry.
Fewer risks
With some effective tax management strategies and practices put in place by a CPA, business owners can worry less about the risk of a tax audit or inquiry, both of which can be immensely disruptive, time consuming, and above all else, costly.
Better planning for the future
Managing taxes in a strategic manner calls for long-term planning, so that changes to tax laws, the circumstances of a business, and economic conditions can be more accurately predicted or anticipated. With an accountant on board, tax strategies can be developed that align perfectly with a businesses’ long term goals, and which are readily adaptable to the constantly changing tax landscape.
Why is partnering with a tax accountant so important?
For any business owner, the goal should always be to manage their taxes effectively, and be profitable. But without the kind of knowledge, understanding and expertise of some highly qualified in tax preparation and planning, this is often out of reach.
What can a tax accountant help you with?
Giving business owners professional support, tax accountants typically provide all of the services listed below, and are there to give the most up-to-date advice and guidance, whenever you need it:
- Planning and optimizes taxes
After assessing the financial situation of your business, a tax accountant will identify opportunities where money can be saved on taxes, and put together a strategic, customized tax strategy to reduce your tax liabilities, and save as much of your money as possible.
- Compliance and reporting
A tax accountant will prepare your tax returns accurately, file them on time, and make sure that you’re compliant with all Canadian tax laws, at all times.
- Support and representation with audits
Should you be selected for a tax inquiry or audit, your CPA can guide and support you throughout, as well as representing you in front of the CRA.
- Financial analysis and forecasting
A CPA will help you make better financial decisions and plan more strategically, with insights into how your business is performing.
- Educating and guiding
Tax matters can be complex, but a tax accountant in Surrey, BC can explain everything in simple terms to business owners and stakeholders, and guide them through the different processes.
Without strategic tax management and support from a tax accountant, your business could be paying more in taxes than it needs to, while also risking non-compliance; neither of which are good for business! Cut out the risk while focusing on growth, by hiring an experienced CPA.