|The federal tax in Canada is regulated by the Canada Revenue Agency. It is the responsibility of CRA to collect federal taxes from individuals and businesses. Since CRA has to deal with enormous numbers of people and companies the majority of the tax system is based on a honor system where an individual or a business files their earning and spending appropriately.
Because of such process it is up to the person who is filing the taxes to be aware of all the rules and regulations related to the Canadian tax system. This also means that it is also one’s individual responsibility to be aware of any possible deductions that they are eligible of. But for an individual or a typical small business it is virtually impossible to have such knowledge first hand which enables them to file their own taxes.
This is why most people and small business rely on an accounting firm to do their taxes for them. By having professionals working on their finances they are able to avoid hassle and also get the maximum benefit possible from the Canadian tax system. Since time itself is money it is best to hire a professional rather than trying to do everything yourself.
Many small business in Canada and even in the U.S. rely on accounting firms such as Jamesbridge Associates. They are a professional team of tax accountants with locations throughout Ontario who specialize in tax services which they offer to small & individual business as well as incorporated businesses. Please click on the link below for additional information on CRA and please visit Jamesbridge Associates for more information.