Personal and Corporate Taxation/Accounting Education

[Keeleclimber]

I'm looking for advice on where I can learn more about accounting, specifically taxation, more specifically how to become extremely cost efficient, tax wise.

I live on a farm and consult in the oil industry. I've paid 5 different CPA accountants to help me and all five have given me completely opposite financial plans.

I want to learn how to do it on my own.
I'm considering going back to school to become a chartered accountant, any suggestions / options for online courses or accredited programs???

Thanks in advance for any advice!!

[ganderblaster]

Great thread. Let me know what you find.

[Buckwheat]

In the last few year the three separate accounting designations in Canada (CA-Chartered Accountant, CMA-Certified Management Accountant, CGA-Certified General Accountant) have merged into one program, CPA-Certified public Accountant. To get into this program you need Finance University Degree or equivelent. You write challenge exam to get in and then go through the program. I did the CMA route back in the day so I'm not familiar with the new CPA program but here's a link that should give you all the info you need to make a decision. https://www.cpacanada.ca/en/become-a...cation-program
If you are not planning a career in accounting I wouldn't recommend this route as its a lot of work. I know the UofC has some continuing education courses for personal financial management so that may be an option. Accounting is not the most exciting career but it did the bills. Good Luck!

[BlackHeart]

Originally Posted by Keeleclimber

I'm looking for advice on where I can learn more about accounting, specifically taxation, more specifically how to become extremely cost efficient, tax wise.

I live on a farm and consult in the oil industry. I've paid 5 different CPA accountants to help me and all five have given me completely opposite financial plans.

I want to learn how to do it on my own.
I'm considering going back to school to become a chartered accountant, any suggestions / options for online courses or accredited programs???

Thanks in advance for any advice!!

One of the best routes is the 2 year program at NAIT. That will get you the basics. Then you can take night courses for 2 years or continue on the degree program at NAIT for two more years. Then there is the Pre-professional program that takes about 2 years of course work and tests. Then if your work experience is at a sufficient level, you will then get your CPA (Chartered Professional Accountant) designation. There is no more CA or CMA in Alberta...they merged.

[tchammer]

A few things I have learned over the years in regards to accountants.
- if you have any sort of complexities in your business or accounting, DO NOT BE CHEAP when it comes to accountants.

- I personally view CPA's , chartered professional accountants, as essentially people doing the governments audit work for them. Which is not always a bad thing. I do not worry about government audits because the chance of being audited is dramatically lower when a CPA company is doing your taxes and year end statements, and they generally are going to do them accurately. IF YOUR BOOKKEEPING IS ACCURATE.

- if your business involves any sort of relatively large investment capital or investment partners ,having a chartered accountant is almost a must, as a potential investor wants the piece of mind knowing that your financial statements are accurate and legal. This applies to banks as well.

-always remember that it is up to you to form your long term business plan and then direct your accountant from there. NOTE: It has to be legal.

-always remember that accountants are inherently going to try and keep your taxes lower, which generally comes from lowering your income position in layman's terms. This will not always coincide with your best long term business plan. eg. banks want to see profits in order to provide loans. In my business it does not necessarily make sense to squeeze down the profits for the benefit of taxes if it costs me the ability to borrow money for a new venture.

[kevinhits]

Originally Posted by tchammer

A few things I have learned over the years in regards to accountants.
- if you have any sort of complexities in your business or accounting, DO NOT BE CHEAP when it comes to accountants.

- I personally view CPA's , chartered professional accountants, as essentially people doing the governments audit work for them. Which is not always a bad thing. I do not worry about government audits because the chance of being audited is dramatically lower when a CPA company is doing your taxes and year end statements, and they generally are going to do them accurately. IF YOUR BOOKKEEPING IS ACCURATE.

- if your business involves any sort of relatively large investment capital or investment partners ,having a chartered accountant is almost a must, as a potential investor wants the piece of mind knowing that your financial statements are accurate and legal. This applies to banks as well.

-always remember that it is up to you to form your long term business plan and then direct your accountant from there. NOTE: It has to be legal.

-always remember that accountants are inherently going to try and keep your taxes lower, which generally comes from lowering your income position in layman's terms. This will not always coincide with your best long term business plan. eg. banks want to see profits in order to provide loans. In my business it does not necessarily make sense to squeeze down the profits for the benefit of taxes if it costs me the ability to borrow money for a new venture.

You saved me alot of typing....

Bang on advice coming from someone with multi million business

[KGB]

And remember: if you have a good accountant you won't need a good lawyer...

[JWCalgary]

You will get different results from different accountants. The "rules" as they say, are subject to interpretation in lots of cases. I deal with tax interpretations often. One accountant to another will interpret differently.

My advice is to focus on the form of your corporate/non-corporate organization with your lawyer AND accountant together and determine the best strategy.

The accounting designation is a long haul, so unless you're happy going to school for a number of years, I would rely on the pro's advice and be done with it. There are always courses in tax you can take but to truly understand is highly nuanced and should not be taken lightly.