FREQUENTLY ASKED QUESTIONS

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WHY I SHOULD USE YOUR SERVICES?

Price: Our rates are competitive.

Convenience: Being on the cloud, we can service local and national customers

Customer service: We are friendly, knowledgeable, and quick to respond. We are here to take care of you

Reputation: We have an excellent reputation. Please ask us for references, and check what our customers say about CPA Accounting Solutions.

WHAT ARE YOUR SERVICE FEES?

Our fees are very competitive and reasonable. Since we serve a wide range of businesses in our community, our competitive pricing widely varies depending on the client's size and needs. We would love to hear from you and go through a planning session to properly offer you the best price for the best accounting services you can have.

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA AND A BOOKKEEPER?

A bookkeeper is responsible for accurately recording transactions, including accounts receivable, accounts payable, inventory, and (sometimes) payroll, and providing reports on a monthly, quarterly, and annual basis.

Accountants are a level up from bookkeepers. They can (but usually don't) perform bookkeeping functions, but usually, they prepare detailed financial statements, perform audits of the books of public companies, and they may prepare reports for tax purposes.

A CPA has an additional level of credibility and expertise. A CPA is an accountant who has passed certain examinations and met all other statutory and licensing requirements of a state to be certified by the professional order. In addition to preparing and reviewing financial statements, CPAs also prepare tax returns for businesses and individuals, sign tax returns, and represent taxpayers before the CRA for audits and other matters.

HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?

This what the CRA recommends:

"Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep your supporting documents for six years in case the CRA selects your return for a review. The CRA may ask for documents other than official receipts, such as canceled cheques or bank statements as proof of any deduction or credit you claimed. Also, keep a copy of your return, the related notice of assessment, and any notice of reassessment."

HOW DO I REGISTER FOR "MY ACCOUNT" ON REVENUE CANADA WEBSITE?

You will have to complete two steps:

Step 1 – Provide personal information

Enter your social insurance number.
Enter your date of birth.
Enter your current postal code.
Enter an amount you entered on one of your income tax and benefit returns. Have a copy of your returns handy. (The line amount requested will vary. It could be from the current tax year or the previous one.) To register, a return for one of these two years must have been filed and assessed.
Create a CRA user ID and password.
Create your security questions and answers. You can also decide if you want a persistent cookie added to your computer, so you can access CRA Login Services using that same computer later without being asked for more identification.

After you complete step one of the registration process, you will have access to limited tax information on My Account. After you enter your CRA security code, you will have access to the full suite of services available in My Account, as well as the Auto-fill my return service.

Step 2 – Enter the CRA security code

To access your account, return to My Account for Individuals, select "CRA login," and enter your CRA user ID and password. When prompted, enter your CRA security code.