Bookkeeping in Canada has certain features in comparison with other countries. The key feature is the implementation of accounting services on outsourcing in the form of concluding special contracts with accounting companies or independent certified accountants for the support of small, medium and large businesses.
The popularity of this form of accounting services can be explained by a number of factors:
- the cost of professional accountants’ services is very high, as they are very highly qualified employees who confirm their professional status with a special certificate of membership in one of the three associations of professional accountants;
- small and medium-sized companies, due to the high cost of professional accountants’ services, cannot afford to hire them as permanent employees;
- if an accountant manages several companies at the same time, it will take him much less time to solve similar problems that arise than a full-time accountant, including because of the greater accumulated experience in solving emerging issues;
- for making complex management decisions, an outsourced accountant has more resources, including in the form of consultations with colleagues working in similar conditions, than a full-time accountant.
The reasons for the special popularity of tax accounting services
Canada particularly monitors the thorough implementation of tax legislation by all taxpayers. This is due to the fact that the main source of financing of the state’s social policy is tax revenues.
However, sometimes situations arise when the amounts of tax charges have been paid in excess. In this case, there is a need to return the excessively accrued amounts. And tax return services in Toronto are among the most popular that taxpayers order when entering into outsourcing contracts with accounting companies in Canada.
Another reason for the popularity of tax accounting services in Canada is the need for careful monitoring of compliance with the current tax legislation, since only professional accountants will be able to fully solve all the problems of tax payments and their accrual that a company faces.
