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Toronto is the famed capital of Ontario province, the biggest city in Canada, and the fourth largest in North America.
It is also home to the country’s most sizable metropolitan population, recorded at 6.4 million as of 2021.
For taxpayers looking for professional help, this number is an advantage.
It means the pool of accountants is enormous, although finding the right one can also take more work.
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What To Consider When Searching for a Toronto Tax Accountant
Toronto has at least 58,420 financial auditors and accountants, so finding one should be the least of your worries as a taxpayer.
However, you can’t be overconfident and assume that everyone can help in the same way.
The key is to find the right professional, and here are things to look into when scoping for a fit:
Your business
Most people think that all tax accountants have equal expertise for all kinds of tax situations.
Like doctors and lawyers, accountants have specialties, too.
So review your business, its size and financial situation, and its accounting and tax responsibilities.
Of course, you’ll want an accountant who has considerable experience handling tax scenarios similar to yours.
Professional fees
Accountants usually charge around $150 to $400 hourly in Canada, depending on factors like business size, location, and the accountant’s experience.
Each professional may also have their own pricing structures, such as a flat rate, variable costs, and a percentage of the business revenue.
What’s important is that you’re sure of all these things before engaging with the accountant.
Also, be wary of advertised rates. Anything far below the market pricing is always fishy.
Professional reputation
Remember that you will be answerable to the Canada Revenue Agency (CRA) if they find irregularities in your documents.
Your accountant can practically get off scot-free, at least legally.
Therefore, you need to research the reputation of your prospect before committing to them.
You shouldn’t settle for less than a Chartered Professional Accountant (CPA), the leading professional qualification for accountants in Canada.
On top of that, look into their reputation in the industry. Online reviews can be helpful, but ensure you stick to well-known third-party websites for credibility.
Proximity
Proximity is a practical aspect of working with an accountant that depends on your preference, comfort level, or convenience.
Would you be happy with virtual communications or traditional, face-to-face business?
Usually, this involves the trust you have in the accountant.
You may also take your daily activities into account.
In any case, being physically close to your accountant will have its perks. There’s nothing like building a real, in-your-face relationship with another human, especially if they handle your taxes.
Technical relevance
Even if you prefer the old-fashioned, in-person way of working with an accountant, they should be digitally ready as needed.
Suppose you’re out of the country on an important business trip.
You have to be able to send over digital documents without a problem.
Believe it or not, some traditionalist accountants have remained IT-deficient.
You’ll naturally want to choose someone who can meet your fast-changing needs.
The best tax accountants in Toronto should be easy to find, especially when you know what you’re looking for.
Before deciding to hire someone, go through the tips above for perspective.
Most importantly, don’t hyperfocus on one prospect. Instead, take at least two or even three options and compare them.
That’s how you know who’s best for you.
