Is your company facing a tax dispute? Do you need help to complete your returns, or do you want to regularize the situation of your company, but lack the knowledge to go about it?
Oftentimes, an accountant alone is not enough, but there are many professionals ready to help you manage both your business accounting and taxation. This could be a tax expert, an accountant or a tax lawyer. But once again, are you unsure which one you should turn to for your specific needs?
In accounting as in taxation, areas of expertise are diverse and varied, and it is better to call on a professional that specializes your field of interest. Here are some tips to help you.
Hiring an accountant when you lack business accounting knowledge
If you are looking for help with the bookkeeping of your company, an accountant will be the best person to assist you.
An accountant is essentially the guarantor of a company’s accounts and they will analyze your company’s financial situation to define the accounting budgets. They keep an eye on all transactions, be it purchases, sales and expenses for new equipment. They will determine the annual and monthly balance sheets of your company in order to advise you later.
An accountant is near-indispensable for carrying out your GST/QST tax return. If you do not have an accountant, know that you can use always an external provider to help you.
Company taxation: hire a tax specialist
Corporate taxation is a very complex field and is closely linked to corporate accounting. It is difficult for a company manager to be aware of all the tax rules determining their rights and duties.
A tax specialist therefore serves as an intermediary between the company and the tax administration. If you are facing a tax dispute, if you want to make a tax optimization or pay less taxes through various rules, a tax expert is the professional you need.
This professional can advise you and provide support in all stages related to the taxation of your company. They can also be a great help in creating your business and will be able to direct you to the most appropriate title for your company. For all these reasons, the use of a corporate tax specialist is practically essential.
The tax lawyer: an asset in the event of a tax dispute
Hiring a tax lawyer is ideal if you need help in a tax dispute or incorporating your company, because this professional has a dual expertise.
In addition to having all the necessary knowledge of taxation, the tax lawyer is also able to litigate on your behalf, unlike a tax specialist who will act more as a consultant.
Lack of business accounting knowledge: professionals are there to help you
Accountants, tax specialists and tax lawyers are professionals that specialize in a particular field. They can provide you with the necessary knowledge of taxation and business accounting to ensure your financial well-being. However, hiring one of these experts can differ according to your needs. An accountant for example, is unable to plead for you in court if you face a dispute. During your career, you will likely have to call one of these three professionals, and maybe all of them.
If you want help in business accounting, do not hesitate to contact us, we will be happy to provide the help you need.
Frédéric Roy-Gobeil
CPA, M. TAX
As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at Ernst & Young, I am also a member of the Ordre des comptables professionnels agréés CPA and have a master's degree in taxation from the Université de Sherbrooke. With a passion for the world of entrepreneurship and the growth mindset, I have authored numerous articles and videos on the industry and the business world, as well as on accounting, taxation, financial statements and financial independence.
