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Best CPA in Calgary

Chartered Professional Accountant for All Your Accounting Needs

When it comes to managing your finances, it is crucial to have a skilled professional by your side. While accountants and Chartered Professional Accountants may seem similar, there are significant differences between the two. A chartered professional accountant in Calgary is way superior in terms of experience, skills, knowledge, and handling critical business situations.

If you are considering hiring a CPA, make sure you select the right professional. Here, we will be discussing the crucial factors that make a chartered professional accountant different from an accountant and why hiring a professional CPA is always a better choice.

chartered professional accountant

chartered professional accountant

Education & Professional Designation

A chartered accountant must have a minimum of a bachelor’s degree in accounting or a related field. CPAs must pass a rigorous examination and meet strict criteria to earn their designation. CPAs are regulated by a professional body, which ensures that they meet specific standards and adhere to a strict code of ethics. Accountants do not have to meet the same requirements and do not have the same level of regulatory oversight.

Professional Development

CPAs are required to complete ongoing professional development to strictly maintain their designation. They have a more extensive knowledge base and expertise in accounting, taxation, and financial management than accountants. Accountants are not required to do so.

Business Decision-Making

An expert chartered professional accountant at AM Accountants Professional Corporation has a more significant understanding of business operations & can provide valuable advice beyond financial management. Above all, CPAs are skilled in analyzing financial data and providing valuable insights to aid in business decision-making.

Compliance & Risk-Management

CPAs are knowledgeable in tax and regulatory compliance, ensuring that businesses remain compliant with laws and regulations. They are skilled in identifying and managing financial risks, ensuring that businesses are protected from potential financial losses. CPAs are required to carry professional liability insurance, providing an added level of protection for clients.

Is Hiring A CPA Costly?

Hiring a chartered professional accountant can be more expensive than hiring an accountant due to their advanced education, professional designation, ongoing professional development, and regulatory oversight. However, the value it can provide in terms of financial management, compliance, risk management, and business advisory services can far outweigh the cost. Ultimately, it depends on your specific needs and budget.

Hiring a Professional CPA Is Always a Better Choice

While accountants can provide valuable financial management services, hiring a professional chartered professional accountant offers numerous benefits, including –

  • A higher level of education and professional designation
  • Regulatory oversight to ensure adherence to professional standards and ethics
  • Ongoing professional development to maintain knowledge and expertise
  • An extensive knowledge base in accounting, taxation, and financial management
  • A greater understanding of business operations and decision-making
  • Professional liability insurance to provide added protection for clients
  • A focus on compliance and risk management to protect businesses

Want To Get Rid Of CRA Tax Audits?

A tax audit is an examination of an individual or business’s financial records and tax returns to ensure compliance with tax laws and regulations. A chartered professional accountant can provide valuable guidance and support during a Canada Revenue Agency tax audit. With their knowledge and expertise, they can help you prepare for the audit, represent you during the audit process, and negotiate any disputes or issues that arise. A CPA can also help you implement sound financial management practices to reduce the likelihood of a tax audit in the future.

Get Your Accounting Problems Solved

AM Accountants recognizes the utmost importance of having a knowledgeable and experienced chartered professional accountant on your side. A full range of financial management services, including tax planning and preparation, accounting and bookkeeping, and financial advisory services, are offered by our team of qualified CPAs. Get in touch with us right now to find out more about how we can meet all of your financial management needs.

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Accountant in Calgary

Keep Business Safe With An Accountant In Calgary

Only a promising entrepreneur knows the difficulties and challenges of running a successful business. It’s not a piece of cake. You shake hands with friends and encounter foes in every step of your journey. An accountant Calgary is indeed the one who stands by your side to safeguard your interest, a guardian angel. That’s where AM Accountants comes in. These financial experts provide the support, guidance, and expertise you will need.

Expert Financial Management

One of the key ways an accountant in Calgary can help small businesses grow is through the financial management. Accountants can help you set up a budget, track your expenses, and develop a financial plan that supports your growth goals. They can also help you understand your financial statements and provide regular reports to help you make informed decisions about your business.

On-time Tax Planning & Preparation

Another important role an accountant in Calgary plays in small business growth is tax planning and preparation. They can help you understand your tax obligations and develop strategies to minimize your tax liability. Accountants can also help you stay up-to-date on changes to tax laws and regulations, ensuring that you are always in compliance with the latest regulations.

Proper Business Planning & Strategy

Accountants can also help small businesses with business planning and strategy. An accountant Calgary can help you develop a roadmap for your business, outlining your short-term and long-term goals, and identifying potential challenges and opportunities. With their financial expertise, accountants can help you understand the financial implications of your business decisions and make informed decisions that support your growth.

A Good Cash Flow Management

One of the biggest challenges for small businesses is managing cash flow. An accountant in Calgary can help you understand your cash flow and develop strategies to improve it. This can include tracking expenses, improving payment terms, and identifying cost-saving opportunities. With proper cash flow management, your small business can have the financial stability needed to grow and thrive.

An Efficient Investment Planning

Another important aspect of small business growth is investment planning. An accountant in Calgary can help you understand the financial implications of investments and make informed decisions about the best investment opportunities for your business. They can also help you evaluate the risk and reward of various investments and make recommendations that align with your business goals.

Bookkeeping & Record-Keeping

Besides financial management & planning, an accountant in Calgary can also help small businesses with bookkeeping and record-keeping. They can help you set up a system for tracking expenses, invoices, and receipts, ensuring that all of your financial information is accurate and up-to-date. This can help you avoid costly errors and ensure that you always have a clear picture of your financial health.

Fraud Prevention & CRA

Small businesses are often vulnerable to fraud, and accountants can help prevent it by implementing strong internal controls and performing regular audits. They can also provide training and resources to help employees understand the importance of ethical behavior and how to identify and report fraud.

  • The CRA can impose fines on a company for making false or misleading statements.
  • The amount of the fine can be substantial and is intended to serve as a deterrent to others.
  • The CRA can charge interest on any taxes owed as a result of the fraud.
  • This interest can add up quickly and significantly increase the amount the company owes.
  • The CRA may refer a case of tax fraud to the PPSC for criminal prosecution.
  • If the company is found guilty, it may face substantial fines or jail time for its owners or managers.
  • The CRA can revoke a company’s registration and refuse to allow it to carry on business

In the end

In conclusion, an accountant in Calgary plays a critical role in the growth and success of small businesses. With their expertise and guidance, small businesses can make informed financial decisions, manage their cash flow, and achieve their growth goals. Consider working with an accountant at AM Accountants to help you reach new heights of success. You can also follow us on Facebook for more updates!

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Efficient Ways To Perform Bookkeeping

Bookkeeping plays a significant role in running a business. It consists of recording different types of transactions such as sales, revenue, expenses, purchases and many more.

 Expenses are an important part of a business due to which they need to be recorded accurately and error-free. Recording all these important things can be overwhelming and time-consuming if you decide to do this yourself instead of hiring a professional accountant.

To make this aggravating process a little easier, we have made this article, which consists of several ways to help you perform bookkeeping efficiently.

Set-Up a Filing System

A system should be established for bookkeeping. This should help you keep track of all the receipts, transactions, expenses, and revenues. The system should then be updated consistently so that the books are up to date and you don’t lack behind.  This can be accomplished manually or by using accounting software such as QuickBooks.

Separation of Business and Private Finances: –

Business expenses should be kept separate from personal expenses. This provides a more accurate record of transactions made for business. This plays an important role in taxes. There are many ways to achieve this, such as getting a business credit card and keeping receipts sorted.

Avoid cash: –

We suggest using credit cards over cash. It is often hard to keep track of cash transactions. When a credit card is used, all the transactions can be easily retrieved from the credit-card statements. This will save much time during bookkeeping since all the transactions are in one place.

Store Receipts

Receipts are necessary as they validate transactions on a company’s books. These can serve as proof in the future for audits and tax purposes. Storing all the receipts can also make the bookkeeping process easier as you can compare the records with the receipts if an error arises.

Accuracy The bookkeeping process should be done precisely to avoid negative consequences in the future. Accuracy can be achieved by carefully recording all the transactions and reviewing them, so they are error-free.

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Best accountants in calgary

Tax Consequences of Loans

Many of us lend money to our friends and family if they are in need. We often don’t consider the tax consequences associated with it if the loan is not repaid.  The information below briefly consists of several ways to approach this situation if you are a money lender or provided a loan to a corporate/small business.

Capital Loss Election
Suppose you are within the money-lending business and are treating the loan to your friends/family professionally. In that case, you have rights as a creditor to receive a loan repayment is taken into account a capital property. If a loan becomes uncollectible, you can consider it to dispose of for nil proceeds hence triggering a financial loss on your taxes. You can then use that loss to offset any capital gains you earned either within the same taxation year or in any future year.

     To preserve your ability to claim a capital loss on a loan to your family/friends, the loan must be interest bearing. The rate of interest is often nominal, and report the interest earned on your tax return.

Loan to a Corporation
If you lent money to a family/friend’s company, which is a Canadian-controlled private corporation also known as a small business corporation (where 90% or more of its assets are measured by fair market price are used principally in a lively business carried on primarily in Canada), and the loan wasn’t repaid, the financial loss would be considered a business investment loss. In this case, half of the loss could be deducted against the debtor’s income from any source, including capital gains.

The rules here require that either the debtor is a small business corporation at the time election is formed in respect of the loan receivable or at any time within the 12 months before the disposition. Therefore, you should consider the debtor’s corporation’s status to correctly claim the losses on your tax return.


The above information consists of different ways through which you can recover from the loss. But most of us are not money lenders or did not pay attention to the status of the debtor’s company. This is why it is essential to consult a professional tax accountant and lawyer while lending money to avoid negative consequences. We can provide you with in-depth consultation and solutions that can prevent problems that might arise in the future and save you on taxes.

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Chartered Professional Accountan

Personal Taxes for Truck Drivers

An owner-operator is usually an independent commercial truck driver, however the concept can as well allude to any entrepreneur who is the owner of and runs an enterprise on their own. Either way, the owner-operator is a lone owner and consequently must incorporate business income before they start their income tax return. In the event that you happen to be a new entrepreneur, You have the ability to take look after the job by understanding the best way to plan for as well as processing your income taxes before the tax period commences.

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accountant near Calgary for agricultural accounting

Steps to Making Financial Projections for Your Business and the Impact of an Accountant in Making Appropriate Planning

A business plan is regarded as the crucial building blocks of any new organization. Certainly one of its major parts is required to be financial projections for your very firstfew years.

These projections are estimates of your money inflows and expenses, pay and asset report. They show financiers and speculators how you will reimburse loans, what you plan to do with your cash and how you will develop it. They likewise enable you to recognize financing needs, streamline your valuing, plan generation, time real consumptions as well as screen your income.

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Corporate Tax Planning

For the owner operator truck driver based in Canada, there exist numerous tax deductions which they can benefit from (and are encouraged to). It is imperative to know that your tax burden tend to reduce, the moment you maximize your tax reductions, deductions, which invariable contribute to you saving much more of your valuable income.

In order to organize your corporate taxes, there exist numerous options for you to do exactly that: You possibly can seek the services of achartered professionalaccountant or perhaps tax specialist, acquire tax preparation tool and you can as well develop a paper return. Whichever method you end up picking, put together a list of your overall earnings as well as spending prior to starting the plan.

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