Tax time came and went. Your taxes were filed and you thought you’d made it through another year. But… wait, a Notice of Assessment is about to ruin your day. Many Canadians receive letters from the Canada Revenue Agency each year. The language can be confusing and you may be easily daunted at the prospect of trying to figure out what’s needed and how to obtain the information to clarify this messy, stressful situation.
Why is dealing with the Canada Revenue Agency so scary? First of all, you’re not a tax expert. You were just trying to fill out the forms as required. What if mistakes were made? What impact will this have on your finances? Will you or your business be audited? Is Canada Revenue Agency even correct in their assessment of your return?
Canada operates a self-assessing income tax system. This means that the individual or corporation is responsible for reporting income and deductions and determining the amount of taxes that is payable, within the framework of the legislation. This is your responsibility. With a complex income tax act, dealing with CRA requires the expertise of a professional. A tax specialist speaks the language and understands the legislation, ensuring that you are paying the least amount of income tax allowable under the Income Tax Act.
At The Accounting Place we know that taxation is your single largest annual expense and believe that everything we do is part of your wealth building and retention plans. We also believe that no one can know it all, or be an expert in all areas of financial services.
This is why we specialize in taxation and work with a team of experts in their respective fields – either yours or ours – consisting of financial planners, investment advisors, bankers, lawyers, estate and retirement specialists and insurance representatives. This gives you access to the expertise that you need and, with The Accounting Place working as your primary advisor coordinating an overall wealth building plan, we can help you manage your financial affairs to your best advantage – while you do what you do best!
Why give the taxman more than is absolutely necessary by law? The Accounting Place is conveniently located at 154 Grays Road, Stoney Creek. Find out how you can maximize your wealth retention. Give us a call at 1- 866-938-1010.
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