- What’s the difference between a Chartered Professional Accountant (CPA) and an Accountant?
- Does it make sense to use a CPA to file my taxes?
- Can CPAs do bookkeeping?
- What services does a CPA firm offer?
- Should I consult a CPA firm if I’m starting a new business?
- Does Morley CPA provide year round services?
- What information should I bring to a meeting with a CPA?
The main difference between a CPA and an accountant is in their level of training and certification.
Almost anyone can call themselves an accountant- but only those who have met stringent education and experience requirements and then passed the Common Final Examination – a three-day examination - can call themselves a Chartered Professional Accountant (CPA) in Canada.
CPA’s must adhere to a strict code of professional ethics and perform their work in accordance with the Canadian technical and professional standards. The Provincial regulatory bodies regularly review the work of CPA’s to confirm they adhere to these requirements.
These rules do not apply to accountants, nor is their work required to be scrutinised.
Only a CPA can sign a report for a Compilation Engagement. A Review Engagement report or an Audit report must be a CPA who is a Licensed Public Accountant which has a further set of rules and experience requirements, An accountant cannot sign an audit report nor can a CPA who is not a Licensed Public Accountant.
CPA’s must complete ongoing education requirements specified by their Provincial regulatory bodies to maintain their professional designation, There are no ongoing education requirements for accountants.
CPA’s have a fiduciary responsibility which means they must legally act in the best interests of their clients. There are no fiduciary responsibility requirements for an accountant.
CPA’s are always held to a higher standard of behaviour when acting on behalf of clients or a Board of Directors than an accountant.
At Morley CPA Professional Corporation, we have two CPA’s on our team, two experienced and certified bookkeepers, two client excellence coordinators and an office administrator. At Morley CPA Professional corporation, we hold all our team members to a high standard of integrity where our vision is to provide leadership that inspires confidence and hope in our team and our clients and sets up a cycle of growth and transformation for our client’s businesses as we grow and transform our accounting leadership and team.
Yes, CPA’s are required to be up to date with the latest legislation. Also, since they work with the Canada Revenue Agency (CRA) on a regular basis, they will be knowledgeable about CRA’s internal administrative policies.
At Morley CPA, we work with clients’ tax files all year long. We research and train on the new legislation twice a year and every time we come across a new tax challenge.
Often our clients think their tax return is simple, but we find that taxpayers can inadvertently fall offside with CRA because they don’t know the rules and CRA administrative requirements.
At Morley CPA , we find that a simple tax return is one where the taxpayer has a T4 and an RRSP contribution slip . As soon as the taxpayer has anything more than that – retirement income, rental income, investment income, spousal and child support issues, multiple family members, disability tax credits, sole proprietor income – their tax return becomes complicated.
At Morley CPA Professional Corporation, we have a great relationship with our neighbourhood H&R Block office and will send a potential client to them if the return is simple.
Yes, as a CPA we need to understand bookkeeping at a theoretical level so that we can do a thorough review of your bookkeeping. In addition, at Morley CPA Professional Corporation, our team not only understands the theoretical aspects of bookkeeping, we have extensive experience in all manner of bookkeeping challenges and we review and perform bookkeeping for our clients on a daily basis. All our professional team members are certified QBO ProAdvisors. Our mission is to inspire confidence in our clients that we are working together with them to ensure their business is being taken care of. Having an in depth knowledge of bookkeeping is an important component of realising this part of mission.
Our services a designed to challenge and inspire our clients to transform themselves and their business. At Morley CPA we offer the following services
- Advisory services for business leaders
- Accounting services
- Bookkeeping and payroll
- HST preparation and filing
- Personal tax services
- Corporate income tax returns
- Filings for non-residents who own rental property
- Not for profit year end financial statement and tax return preparation
- Corporate year end financial statement and tax return preparation
- Troubleshooting and fixing a QuickBooks Online datafile
- Tax consultation
- Cottage capital gains calculations
Yes, it is important to contact a CPA before forming and starting a new business. You will need to discuss the organization of your company for tax purposes, as well as numerous other issues relating to operations and provincial and federal employment requirements and sales tax requirements. Morley CPA can help you with
- $ Set up accounting systems
- $ Secure financing
- $ Analyze operating results
- $ Develop budgets and business plans and forecasts
- $ Prepare tax returns
- $ Audit, review, or compile financial statements
- $ Assess benefit and compensation plans
Do not wait until the year-end to have this discussion. You could be making decisions without the proper advice.
At Morley CPA our mission is to provide expert and timely accounting and leadership advice and connections to help our clients be successful. We have a team of experienced professionals who will help you navigate your financial, tax and general business challenges by providing proven solutions.
Yes, our office located at 100 Muskoka Road South (upstairs above the Minds Alive Toy Store) in Gravenhurst is open year-round and our Barrie office located at Suiteworks, 92 Caplan Avenue is staffed every week on Tuesday or by appointment. Please call us at 705-684-9600 to make an appointment to speak with a CPA for either location.
a) Information to bring to your first meeting with Morley CPA includes:
- Contact information for all family members we are doing work for
- Prior years tax returns – both personal and corporate
- Any letters from Canada Revenue Agency (CRA) that you have received
- Paperwork regarding your income or expenses for the year
- For sole proprietors and corporations – your 9 digit Business Number, HST number and filing frequency
- For corporations
- your articles of incorporation
- Information about the shareholders
- Information about other companies in the group
- Access to your accounting records
b) Questions to consider before meeting with Morley CPA
- What are your current challenges
- What keeps you awake at night
- What is going well in the business
- What services are you looking for and why.
- The state and current status of your business books and records
- What does success look like in 2-3 years time from your relationship with us
- What is your budget for CPA services