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Saturday, 17 March 2018

Considerations In International Tax Planning For Foreign Investors Canada

By Charles Nelson


Consultants are experts in planning and upholding compliance with tax law. They serve both businesses and individuals in the law and position them for both long and short terms optimization. A consultant simply prepares tax returns. When seeking international tax planning for foreign investors Canada, it is important to observe these key issues.

To start with, check the nature of clients that your business deals with. Different firms have different settings. A restaurant will handle different customers from that which a real estate holds. Their working is entirely different so will be their tax returns. Choose a service provider that has knowledge and experience that is close or identical to that of the working of your business. This will help to avoid collisions or miscalculations when filing returns.

Check on the availability of the advisor. Mostly providers of this service are in two groups, those that close at some time during the year, and those that are available during the whole year. For maximum results, it is advised to choose that accountant that will be available throughout the year. This enables your business to be functional when it comes to matters of taxation without delays.

Another important point to consider is, who will be carrying out the work. Some of this consultants end up outsourcing some of their work to third parties. This is not wrong, but for clarity most business owners prefer their work being specifically done by the tax advisor that they initially entrusted the work to. It is recommended so that you can directly speak with the someone who is well aware of your bookkeeping.

Additionally, consider the billing of the provision of this service. Different individuals and firms bill their services either hourly or by giving a flat rate. When the service is not required continuously it, it is advisable to charge based on an hourly rate since this work will be carried out in a very short duration. Consequently, provide the tax consultant with a detailed copy of the tax returns that you have billed in the previous years. This will avoid a situation where they quote a figure that is way above what your business can afford to pay.

Moreover get to understand how well the entity works with some entities that have more than one branch or business. For example, one that a rental business and retail business. Preferably check an entity that can work well with more than one entity.

Figure out the frequency of communication. Communication is a vital issue to consider when selecting a tax consultant. Understand how the entity prefers communicating with the client. Chose that entity that will provide a communication channel that is most satisfying. It is mostly recommended to choose one that has a prospective approach to communication.

Lastly it important to look at the professional qualification of the tax consultant. Most of the time those that are certified public accounts holders are preferred more because CPA has more and comprehensive certification requirements. Moreover, you are advised to choose those with CPA documents they mostly have a wider experience with issues relating to financial planning. Carefully examine the professional qualification and also their level of experience in matters relating to taxation.




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