What are Accountants’ and Bookkeepers’ Responsibilities Under Canada’s Excise Tax Act?
Nothing, not a darn thing…so can you stop reading now? DEFINITELY NOT…!
Well you say, “I’m not a Canadian CPA or Bookkeeper, so can I stop reading now?” Definitely not, most governance laws are duplicated or mirrored in commonwealth countries, so if I haven’t listed the specific Act in your country, keep reading.
The Excise Tax Act as it pertains to record-keeping has many potential opportunities for Accountants and Bookkeepers to add value to a complex problem, and by adding value, you can add compensation.
In a circular written by the Canadian Revenue Agency, (memorandum 15.2) they clearly outline the requirements to meet the standards designed in the Act. These requirements are for the taxpaying entity, corporation, or self-employed person. They specifically mention that even if the business entity outsources the record-keeping task to an accountant or bookkeeper, they are still responsible for compliance.
It’s easy to be out of compliance and not know it.