Tax Accountant Toronto, Canada are far superior to anyone else in the world. First of all they have to go through a great deal of education in order to practice taxation. Although it is not mandated that one is a chartered accountant in order advise clients on their tax situation, it is highly recommended. In order to become a chartered accountant one must have substantial schooling as well as pass a series of very grueling exams in audit, taxation, financial accounting, regulation, business concepts, and ethics. Very few people are able to obtain this distinction and it is for this reason why Chartered Accountants are so highly regarded, even more so than their American counterparts. Additionally, many accountants in Canada are bilingual in both French and English, which gives them a competitive advantage when dealing with clients within close proximity to the United States border, especially those in michgan, wisconsin, and new york who have ties to the Canadian provinces, whether its through business or personal reasons. Most chartered accountants in Canada focus on either audit of public companies or the taxation of corporations and or individuals. However, the study of tax requires a great deal of skill and knowledge in taxation in order to be effective and helping clients achieve there goals as well as preventing them from facing fines and penalties from the government. A chartered accountant whose specialty is taxation must be very familiar with all tax law and must keep update on the reading of treatises as needed. A tax accountant can be seen to be somewhat comparable to that of a tax attorney and there are even some instances in which they can represent clients in court. However, this usually requires additional certification of some kind.
It is highly recommended that any student interested in accounting start with the study of accounting early on in school. They must be aware of the fundamental aspects of accounting such as the debit and credit systems and which particular accounts those particular functions relate to. They must also be aware of the basic formula of accounting where assets equals liabilities plus equities. If a student isn’t able to understand these basic concepts than they aren’t going to have an easy time getting through financial, managerial, and cost accounting. If a student excels in accounting they should take business core courses early on in their University career. They also must obtain some kind of accounting related internship early on in their studies, preferably at a major Public Accounting Firm. This will put them at a severe advantage when looking for full time employment upon graduation. Students that fail to do this have quite a hard time finding real employment after graduation and up accepting low level non-career jobs at call centers or retail institutions.
There is absolutely no growth potential in such roles, and the student is usually surrounded by people that are less educated and will eventually get driven out when their level of education is detected. Sales at every level whether it’s at a retail bank, a used car lot, or the Gap is all the same it leads to nowhere. However, every industry requires a skill set in sales. Especially in accounting. When a new student acquires a job at an accounting firm they start out as a staff accountant and then eventually work their way up to senior. After reaching the senior level they become a manager and then a senior manager. Around 5 to 7 years into their career an employee of an accounting firm becomes director. Around 10 to 15 years into ones career, they have a realistic ability to achieve the partner or shareholder level in which they get to share in the overall profits of the firm. For example if firm Toronto CPA Advisors raked in 50 million dollars in revenue in 2014, had 30 million dollars in expenses, and 20 million in net profit and there were 4 CPA’s that were partners at a stake of 10 percent each. Then each partner would be compensated with about 2 million dollars. This is why accounting can be quite lucrative. Early on in your career you may only make 50- 60 thousand dollars a year, but by the time you retire you can easily be a millionaire. This is why the study of accounting and especially taxation is instrumental to a young professional being successful. It is also recommended that a student works with the career services department of their local university in order to increase their probability of landing quality employment. These schools have relationships with many of the large CPA firms and can easily facilitate internships and full time roles. Students must be sure to get very good grades while matriculating through an Accounting program. A grade point average of 3.5 or higher is needed in order to be successful during the recruitment process. If one is to have lower than this they may have more luck at regional certified public accounting firms which aren’t as picky.