Finding a tax professional can be challenging for high net worth individuals, given the large number of independent professionals and firms specializing in this area. Here are some elements that can guide your choice.
Who works pays taxes. But the self-employed must also carry out administrative formalities and complicated calculations.
Who can help them? How much does this help cost?
Not everyone can be called an accountant or tax expert or a chartered accountant. An accountant is part of the professional association IPCF, a chartered accountant belongs to the IEC. The latter performs the same work as an accountant, but he has other skills: he can for example establish reports in case of merger. For the Faris CPA this is the best deal.
First make yourself a good idea of who your accountant is. “I do not want customers who are looking for a blessing-yes-yes, a client must also know what he wants: he prefers someone who takes risks, who mortgages while wanting too much, and who Exceeds the limits from time to time Or someone who does what he needs without causing you sleeplessness I say quickly and very clearly that I belong to the second category A customer who tells me that he does not want to pay taxes does not belong here. “
The master’s degree in taxation is a guarantee of quality in the community, argues Marie-Pierre Allard, professor in the Department of taxation at the University. Continuing education is also essential, says Jane Meagher, President of the Canadian Tax Foundation. “Tax rules are constantly evolving, and tax practitioners must take training every year to be up to date,” she says.
Experience and reputation
The objective of the taxpayer should be in the sights of the tax professional, which guarantees him an up-to-date expertise according to his needs, says an experienced tax expert. The more complex the file, the more appropriate it is to use experienced people. For simpler cases, you do not have to go to an experienced tax professional, because investors often have accountants to guide them. In law firms or accounting firms, records simple can be directed to a less experienced tax specialist. Membership in a professional order will also protect the tax professional’s professional liability, thanks to a disciplinary council and a code of ethics.
The investor must ensure that the philosophy, values or taste for risk in interpreting the tax rules of the expert meet his expectations. Taxation is played out in gray areas. It takes a tax specialist who is able to adapt and respond to the needs of the client, particularly with respect to risks, as in the case of an aggressive income splitting strategy.
The importance of the amounts involved and the tax savings to be realized will be decisive when it comes to deciding the costs to be paid. Indeed, lawyers’ hourly rate can reach $ 500. It’s a lot for current operations. But when you have millions of dollars, it’s probably worth spending bigger amounts to make better savings. Fiduciary services are included in the packages of most major banks.