Do professional accountants work for the Canada Revenue Agency (CRA)?
NO, NO and NO! There is a myth that professional accountants work for the CRA. As a professional accountant, we are required to maintain our professional standards and follow our Rules of Conduct and Code of Ethics. Also, all accountants (professional or not) who prepare and file tax returns on behalf of individuals and corporations are subject to Third Party Penalties http://www.cra-arc.gc.ca/E/pub/tp/ic01-1/ic01-1-e.html#P106_5526. However, when it comes to tax planning and compliance, it is the accountants job to ensure that you report all transactions accurately and then minimize all taxes payable as allowed and determined by the Canadian Income Tax Act. This also goes for all transactions that may have Goods and Services tax or Provincial Sales tax implications. An accountants job when it comes to tax planning and compliance is to minimize your income taxes payable and therefore keep more money in your pocket, report all your transactions accurately and timely, and let you sleep a
