Posted: Oct 31, 2013
Tax payments are headaches and at the same time mandatory. Being a citizen of a country it is important to pay all the taxes levied by the government of the country which we often feel as an imposition but latently they’re used for our betterment in some way or the other by the government. Be it road construction, all the government services that we get, expenditures in defense of a country etc, finance for all these things comes from the taxes. Taxes for different things are different and fall with different rules and regulations. These are followed and collected according to international tax rules and Canadian taxation system is also not left untouched of them.
There are so many taxes and their deadlines which are hard to followed and keep a track of especially for big industries and business persons. Here comes the hard core requirement for a Tax specialist. A tax specialist takes care of all the taxes associated with your firm and your personal accounts, their terms, their different percentages. He doesn’t only make sure that all your taxes are paid in time but also helps you in saving taxes where possible with his vast knowledge and expertise in tax industry.
The general tax the government collects from everyone is income tax which is levied on based on your salary and is required to be paid to the government time to time on a fixed percentage depending on how much your annual salary is amounting. If you run multiple businesses and firms, it becomes a tedious task to manage all the records of your capex, opex and much more that only an expert can understand and complete all the tax related commitments in time saving your time, so much of pain and headache. Any big businessmen would never like income tax police to rush in to his territory because of tax payment issues. They hold a brand name and a reputation in market which they don’t want to get wagered for nothing but little carelessness. So, a tax expert is a must in every for every industry, firms and sometimes also in small businesses which deal with finance.
Tax are not only collected for salary but there are many taxes to be paid in an year like house tax, water tax, taxes for real estate, corporate taxes a businessman must take very good care of, taxes on residents and non-residents and much more which a normal person is less aware of. If you own a home and use water, you are supposed to pay home taxes and water taxes. If you are a resident of Canada, the tax rules and regulations for you will be different from the ones who are non residents. This is completely because of the services they two use of the government as a resident uses more services as compared to non residents. Therefore, there tax considerations have to be different.
A tax expert can put you out through all this math work and help you manage your tax, pay them well in time and save wherever possible.
Ken Donaldson is a chartered accountant who practices as an independent tax consultant. He also author of international tax, in this article he provides tax specialist tips. For more information you can visit Taxca.com.