What makes a CPA different
A CPA is a licensed professional who has met education, examination and experience requirements and is bound by the standards of the profession. A bookkeeper records transactions; a tax preparer completes returns. A CPA does those things and also:
- Prepares year-end financial statements
- Files corporate and personal returns with planning behind them
- Represents you in a CRA review or audit
- Advises on incorporation, compensation and tax structure
When a CPA becomes essential
- You are incorporated, or planning to be
- Your income comes from more than one source: employment, self-employment, rental or investments
- You have employees and must handle payroll and source deductions
- A lender or grant program requires formal financial statements
- You have received a CRA review letter or audit notice
- You want a long-term plan for the business, or an exit
Beyond compliance
The best time to bring in a CPA is before there is a problem. Deadlines get met either way; the difference is in the planning around owner pay, instalments, structure and growth that happens between them. Done well, that work costs less than it saves.
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