Become a Tax Specialist in Canada in 4 Steps

Learn how to become a tax specialist in few steps!

A tax specialist is a highly effective individual who carries out annual and quarterly federal tax and international tax compliance, as well as some other accounting duties. It is a highly rewarding career in Canada, and here we are to show you how to become a tax specialist in Canada.

So, in this article, we will explore what a tax specialist is, what a tax specialist does, the skills needed to become a tax specialist in Canada, as well as the steps to making it a reality. Let’s go!.

What is a tax specialist

A tax specialist is an individual who is accountable for managing the tax compliance and correspondence of an organization. They do this by resolving discrepancies and analyzing tax audits. They are fully aware of the federal regulations and tax law to ensure that tax statements are filed efficiently and accurately.

Oftentimes, tax specialists have good communication and analytical skills to explain documents to the management of an organization. Also, tax specialists must be able to manage and analyze tax computations and the company’s financial transactions.

Also, you will help clients to steer through tax obligations within complex financial situations. Likewise, advise businesses on how to comply with tax regulations and policies. As well as influence financial strategies or Investments to minimize Enterprise tax payments.

What Does a Tax Specialist Do?

A tax specialist will help organizations and individuals with the quarterly and annual international federal and local tax planning or compliance. Oftentimes they work on behalf of an individual. Here are some of the other duties and responsibilities of a tax specialist in an organization.

  • Pay payroll liabilities by creating checks and conducting miscellaneous adjustments.
  • Electronically file and prepare a timely and accurate individual tax return based on company policies and IRS regulations.
  • Audit W-2s, retirement plan contributions, payroll YTD earnings, and relocation tax report.
  • Work with the different accounting systems to adjust analyze and improve the bookkeeping system of clients.
  • build and maintain a good communication system between site manager and customer.
  • Ensuring accurate account and task information and assigning responsibilities including organizing new components in the payroll system.
  • Commend for commitment to productivity and keen organizational skills, as well as consistently performing a detailed payroll adjustment.
  • Conduct interviews with couples or individuals using state laws and current IRS, as well as electrically or manually find returns through proprietary software.
  • Acknowledge safety standards, communication procedures, field sanitation, security construction activities, and job specification.
  • Interact with management, borrowers, and companies concerning the escrow analysis of mortgage escrow accounts. as well as collect payments for existing shortages.

Skills needed to be a tax specialist in Canada

Without a doubt, as a tax specialist in Canada, you must inculcate some specific skills needed for you to be successful in your career. Here are examples.

  • Interpersonal Skills
  • Computer Skills
  • Analytical Skills
  • Communication skills

#1. Interpersonal Skills

To become a tax specialist in Canada, you must be able to communicate with people regarding your feedback ideas, and thoughts in the most efficient way.

#2. Computer Skills

The knowledge of how to operate a computer is important for you to be successful as a tax specialist in Canada. This is because you will be dealing with programs and applications that you will need a computer for.

#3. Analytical Skills

Basically, an analytical skill involves the ability to gather information from different sources and then interpret it in a more viable way to reach a reasonable finding that will profit the business. Hence, it must be inculcated.

#4. Communication skills

The ability to effectively communicate with your client is important to becoming a tax specialist in Canada. In some cases, you might have to represent your clients in a court hearing. So the ability to communicate effectively during court hearings is crucial. Note that your communication skill will be evident in your oral and written form.

#5. Customer service skills

As a tax specialist, you are a member of an organizational team. So, you need customer service skills to communicate effectively with the customers of your organization.

Become a Tax Specialist in Canada in 5 Steps

Becoming a tax specialist is a journey you need to be prepared for. And below is the step-by-step guide on how to become a tax specialist in Canada. Ensure not to miss a step.

Step one: Get an undergraduate degree

Without a doubt, the first step to becoming a tax specialist in Canada is earning a bachelor’s degree in related courses. Basically, the position of a tax specialist is ideal for students with a bachelor’s degree in accounting. During your program, you will examine concepts in business law, business management, strategic management marketing, and financial accounting.

Note that to be successful in this career, you should attain a cooperative education experience. This is because you can gain a handful of knowledge of accounting principles and the tax field from the experience you gain. This will allow you to work with current professionals in your field of study. And make you familiar with current techniques and tax software that is used in the tax field.

Also, while in school, ensure to develop effective communication and interactive skills. This is because you will have to process data, hence your verbal and written exchange must be easily understandable. You can do this by taking extra communication courses.

In your undergraduate program ensure that you gain an adequate understanding of tax principles and law. You may have to complete additional coursework in tax law which will offer you the opportunity to gain more knowledge.

Step two: Complete On-The-Job or Formal Training

The next step to becoming a tax specialist in Canada after earning a bachelor’s degree is to complete formal training or on-the-job training. This program may last up to a year, where you will familiarise yourself which the tax code, IRS policies, and deductions.

You can achieve this through on-site learning and on-the-job training, where you will get enhancement from the courses you will take. You may also apply for an apprenticeship program that is available in your province.

Step three: Complete registration with the IRS

You need to register with the Internal Revenue Service (IRS) if you will be a tax specialist that prepares and submit federal tax returns. Upon registration, you will be given a tax identification number for recognition. Note that you have to pay the processing fee and renew your registration every year.

Step four: Keep updated with the current tax laws

Without a doubt, tax specialist gets employment advancement programs from the IRS. However, this employment advancement is for a tax specialist who demonstrates knowledge of changing and current laws. Hence, you need to work hard to keep your knowledge and skills in areas of tax very sharp and current. Likewise, completes all developmental programs and additional training programs.

Becoming a Tax Preparer in Canada

Frequently Asked Questions (FAQs)

How can I file other people’s taxes?

You can file tax legally for someone else, up to five people electronically. However, in cases whereby a session is omitted or if anything is incorrect, the taxpayer will be responsible for any errors or omissions.

What are the qualifications needed to become a tax specialist in Canada?

Basically, to become a successful tax specialist you must have excellent numeracy skills, a logical and analytical mind, and the ability to interpret and explain complex legislation to non-specialists. As well as excellent communication and interpersonal skills, negotiation skills, planning and organization skills, and problem-solving skills.

Where and how can I get answers to tax questions?

You may ask tax questions by calling the toll-free customer service line at 1-800-829-1040 for individual tax issues or 1-800-829-4933 for business-related tax issues.

What happens if I made a mistake in finding my tax in Canada?

Basically, when you make a mistake while filling your tax, the Canada revenue agency will accept just one return per tax in a year. What this means is that once you made a mistake in your tax filing, you can only make an adjustment. Ensure that you wait for the notice of assessment before submitting the adjustment made.

Is a career in tax, a good career?

Yes, it is a good career. Basically, a career in taxation will impel you for a good salary package. Although, as a trainee, your salary might be discouraging, but once you gain a few years of experience, you can then start to earn more!.

Conclusion

The processing of taxes, tax preparation, and tax payments is better handled by a tax specialist. That is why organizations and companies seek the service of a tax specialist. Hence, we have provided the steps on how to become a tax specialist in Canada as well as the skills needed for the job.