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Be In The Know

Your Questions Answered: Our Commitment to Client Satisfaction

We strive to provide comprehensive information to all our clients and prospective clients. If you have any additional questions, please don't hesitate to reach out. Your satisfaction is our priority, and we are dedicated to resolving all your accounting needs. Read some of our commonly asked questions below or contact us to learn how we can assist you.

WHAT ARE THE DIFFERENCES BETWEEN A CPA AND A BOOKKEEPER?

Certified Public Accountant (CPA): A CPA is a highly-qualified financial professional who has met stringent licensing requirements, which typically include passing a comprehensive exam, completing a specific amount of education, and gaining relevant work experience. CPAs offer a wide range of services, including auditing, tax preparation, financial planning, and consulting. They are authorized to represent clients in front of the Canada Revenue Agency and can perform complex financial analysis and advisory roles.

 

Certified Bookkeeper: A certified bookkeeper is specialized in the day-to-day management of a business's financial records. They focus on recording financial transactions, reconciling accounts, maintaining accurate ledgers, and preparing financial statements. While they also ensure compliance with relevant laws and regulations, their primary role is to provide detailed and timely financial data to help businesses manage their finances effectively. Bookkeepers often have certification through professional organizations, which ensures they have the necessary skills and knowledge.

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Key Differences:

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  • Scope of Services: CPAs offer a broader range of services including auditing and financial advisory, whereas bookkeepers specialize in maintaining accurate financial records.

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  • Specialization: Bookkeepers are more specialized in routine financial tasks, making them an essential part of any business's financial management team.

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  • Cost: Generally, certified bookkeepers offer their specialized services at a lower cost compared to CPAs, making them a cost-effective solution for businesses looking to maintain accurate financial records without the expense of higher-level advisory services.

IF I CANNOT AFFORD A BOOKKEEPER OR ACCOUNTANT, WHAT DO I DO?

Canada Revenue Agency mandates that you keep your records organized and file your taxes promptly. Therefore, accounting and bookkeeping services need to be factored into your budget. We can assist you with either situation, offering fixed pricing to provide financial predictability and ease.

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We advise against attempting to handle your own bookkeeping or taxes without experience, as regulations frequently change and require careful attention. Hiring a licensed professional ensures compliance and accuracy, saving you time and potential headaches. The investment in a professional is truly worth every penny.

HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?

In Canada, you should generally keep your tax records and supporting documents for six years from the end of the last tax year they relate to. This means if you're looking at your records for the 2023 tax year, you should keep them until the end of 2029.

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It's always a good idea to double-check specific requirements for your situation, as there might be exceptions based on the type of records or transactions involved.

WHAT ARE YOUR SERVICE FEES?

We offer custom plans that let you manage your recurring needs, ensuring cost stability and eliminating concerns over large fluctuations between billing periods.

IF TAX RETURNS ARE OVERDUE IS IT TOO LATE TO FILE?

If you are behind, talk to us and we will work with you to get you caught up before the Canada Revenue Agency comes knocking. If you're asking this question, it's only a matter of time before they send you a demand to file. It's better to address the issue now to ensure compliance and avoid any serious implications down the line.

P: (800) 385-7847

P: (905) 397-8196

F: (905) 397-5621

43 Church Street, Unit 408, St. Catharines, ON L2R 7E1

©2024 by Mabon Accounting Services

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