The main difference between a Chartered Professional Accountant (CPA) and an accountant is the level of training, certification, and accountability. While anyone can call themselves an accountant, only those who meet strict education and experience requirements and pass the Common Final Examination can become a CPA in Canada.
CPAs must follow a code of ethics and adhere to Canadian professional standards, with their work regularly reviewed by provincial regulatory bodies. Accountants are not subject to these same standards or scrutiny.
Only a CPA can sign reports for Compilation Engagements, and a Licensed Public Accountant (LPA) CPA is required for Audit and Review Engagements. CPAs also have ongoing education requirements and a fiduciary duty to act in the best interests of clients, while accountants do not.
CPAs are required to stay up-to-date with the latest tax legislation and have a deep understanding of CRA’s internal administrative policies, given their regular interaction with the Canada Revenue Agency.
At Abigael Vista, we work with clients’ tax files throughout the year, conducting thorough research and training on new legislation biannually and as needed when faced with new tax challenges.
While many clients perceive their tax returns as simple, they may unknowingly overlook rules and CRA requirements, which can lead to compliance issues. A return is typically straightforward when it only includes a T4 and RRSP contribution slip. However, once additional factors such as retirement income, rental income, investment income, or other complexities like disability tax credits or sole proprietor income come into play, the return becomes more intricate.
For uncomplicated tax returns, we have a strong partnership with a local H&R Block office and will gladly refer clients to them for assistance.
Yes, CPAs must have a strong theoretical grasp of bookkeeping to conduct a thorough review of your financial records. At Abigael Vista, our team not only possesses this foundational knowledge but also brings extensive practical experience in addressing diverse bookkeeping challenges. We perform and review bookkeeping on a daily basis, supported by our certification as QBO ProAdvisors.
Our mission is to inspire confidence by working collaboratively with you to ensure your business is managed with precision and care, and an in-depth understanding of bookkeeping is essential to fulfilling that commitment.
Our services are designed to inspire and empower clients to transform both personally and professionally. At Abigael Vista, we offer the following:
Our services are competitively priced, with costs varying depending on the specific needs of each business. Rates are determined by factors such as the level of expertise required, as well as the volume and complexity of transactions. We allocate resources strategically to provide clients with the most efficient and cost-effective solutions tailored to their unique requirements.
We collaborate closely with each client to gain a deep understanding of their unique needs and objectives. Our bookkeeping and accounting services are customized to align with the specific industry, size, and scope of your business. By taking the time to thoroughly understand your operations, our team delivers tailored recommendations designed to support and advance your financial goals.
We do not guarantee a tax refund, and we advise caution toward anyone who makes such assurances. Tax outcomes depend on a variety of individual factors, and no one can promise a specific result. Our objective is to help you maximize any potential refund and minimize your tax liability, all within the framework of applicable tax laws. We work closely with you to gain a clear understanding of your financial situation, identify all eligible deductions and credits, and provide guidance on strategies to improve your tax position in the future.
We do not charge any hidden fees. Our pricing is fully transparent, and any additional costs will be clearly communicated and agreed upon prior to commencing any work.
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