The Tasks a Certified General Accountant Performs
A Detailed Analysis of Various Tasks a Certified General Accountant Performs
The job of a certified general accountant (CGA) is to take up varied responsibilities which would help in proper functioning of your business. As such, we will explore various tasks a CGA performs to ensure your business keeps operating smoothly without facing any bottlenecks.
A Look at the Various Tasks a CGA Performs
Business Taxes for Sole Proprietorship, Partnership, and Corporation
Irrespective of whether it is a sole proprietorship or a well-established corporation, a certified general accountant can assist with proper management of taxes for your business entity as well as suggest ways you can save on taxes without affecting tax compliance in any way. Let us go through the details here.
If you want to run a business as a sole proprietor then a certified general accountant can help you understand all the pros as well as cons of operating a sole proprietorship business.
For this type of business, the business income is part of the personal return (T1) you file. A CGA can work closely with you and ensure that important qualifying deductions (such as CCA, motor vehicle expenditure, home office expenses, etc.) are included in your returns.
In a partnership, the income business earns is included in tax returns of individual partners. A certified general accountant can assist with preparation of partnership statements as well as help in inclusion of income in individual returns of partners according to the partnership agreement partners have.
As you must be aware of, due to its separate legal entity, a corporation is generally taxed separately and provides several opportunities for proper tax planning.
A CGA assist shareholders clearly understand the ways in which they can withdraw remuneration out of the corporation as well as file the right returns (such as T4 and T5).
Moreover, CGA can also look into the filing of tax returns (T2) for your corporation in right manner, which are more complicated in comparison to the personal tax returns (T1). Few of the other tasks a CGA performs include:
- Filing of returns for a trust (T3)
- T4 and T5 slip preparation as well as filing
- Return preparation for GST and HST as well as filing of the same
- Help with business number registration
- Assist with enrollment in payroll and GST/HST program
- Examine whether it will be necessary for your business to register for HST/GST program
- Create a procedure for tracking GST/HST collection and spend (ITCs)
- Facilitate preparation as well as filing of GST and HST returns
- Perform HST/GST regular versus quick method assessment
- Look into GST and HST rebates for employees
- Assess your requirements with respect to use of any particular type of bookkeeping system.
The Bottom Line
As we can see the role of a certified general accountant is quite important for any type of business you may have. Ranging from bookkeeping to accounts and taxes, they can take care of all the aspects of running a business and also ensure that the business achieves its goals.