Most people know that lawyers are the people you go to when you need legal assistance, but few know exactly what they do. This blog post is going to shed some light on the role of a Canadian tax lawyer. Generally speaking, tax lawyers help individuals and businesses with tax planning, preparing and filing tax returns, as well as representing them in disputes with the Canada Revenue Agency (CRA). They can also provide advice on how to reduce your taxable income. If you’re looking for help with your taxes, or if you need representation in a dispute with the CRA, then a Canadian tax lawyer is the professional for you.
Help You With CRA Documents
With page upon page of CRA forms to fill out, it’s easy to feel stressed out by the prospect of having to find the right one for your unique situation and fill it out correctly. There might be thousands of CRA forms, but business and tax lawyers can efficiently pick out the correct forms to suit your needs and help you fill them out properly.
Tax lawyers can also make sure you understand the contents of each relevant document so that you’re able to make informed choices regarding the sometimes-complicated tax procedures.
Minimize The Taxes You Pay
Tax lawyers can assist you with formulating strategies that will allow you to minimize the amount of taxes you have to pay. This may be as simple as moving money from your savings account into a TFSA or as complicated as setting up a family trust.
Tax lawyers can also help you develop the right type of business structure and create customized retirement plans that will allow you to maximize your return. Tax lawyers can also help you maximize your deductions and minimize expenses, which is especially important for small businesses. Whatever your situation, a tax lawyer will be able to come up with an appropriate solution for you.
Assist With Estate Planning
Estate planning can be a complicated process, especially with the high number of variables involved.
When you’ve got specific plans for your assets and want to ensure your loved ones benefit from them, tax lawyers can help.
Tax lawyers are adept at handling estate planning matters and may be able to help you ensure that your estate is distributed according to your wishes. A tax lawyer won’t be able to recommend which of your family members should get what part of your estate, but they can help you set up wills, trusts, or other types of plans that will help your beneficiaries avoid paying taxes on the assets they receive from you after you pass away.
Assist with CRA Disputes
Tax law issues can arise at any time throughout the year, but they tend to become more common during tax season because so many Canadians find themselves confused by the complex tax laws in Canada .
Tax lawyers can provide valuable advice about how you should handle potential tax problems before they even become CRA audit issues. If you’re not sure if you need to hire an expert on taxation matters , it’s best not to take any chances – always remember that the CRA has considerably more tax knowledge than individual taxpayers . You should talk with a lawyer as soon as you realize that your ability to adequately deal with the issue is questionable.
Tax lawyers can also give you valuable guidance on how to handle tax audits in Canada . They may be able to help you plan the best course of action for dealing with CRA during an audit, or they might even be able to represent your interests in front of the agency when it becomes necessary.
While tax auditors are well-versed in the loopholes of Canada ‘s tax code, they do make mistakes. This is where you can leverage your lawyer’s expertise to help ensure that CRA doesn’t penalize you for rules that might not apply to you.
Tax lawyers can also offer valuable advice if you are thinking about signing up with the Canadian voluntary disclosures program . Voluntary disclosure allows Canadians who may not have filed complete and accurate income tax returns for previous years to come forward without fear of criminal prosecution – even if those past filings were incorrect . If possible, a legal representative should be included on any submissions.
Property Tax Advice
Property taxes can be complicated, especially when you receive legal descriptions and assessed values that may not always be accurate. Whether they are or not, tax lawyers can organize property appraisals, research tax assessments, and possibly even file appeals and assist with exemptions.
Even though property tax is undoubtedly a tricky area to navigate on your own, lawyers make it as straightforward as possible.
Answer Any Tax Questions
Tax laws and regulations change all the time, and it’s not always easy to keep up. Whether you have a general or specific question about your obligations as an individual or business, a tax lawyer can answer them for your much-needed peace of mind.
If they don’t know the answer to your question immediately, they can research rule changes, case law, and the federal income tax to ensure you remain compliant in whatever you do. Essentially, tax lawyers are there to give you confidence in your decisions.
When you find yourself stressed out and frustrated by all that’s involved in the world of taxes, a tax lawyer can be your first port of call to get the help you need. They can help with everything from the assets you leave your loved ones to the taxes you file as a business and everything in between.