| Contact information: | Kevin Mayo, CGA |
| Phone: | (250) 642-3765 |
| Email: |
What is a Certified General Accountant?
A Certified General Accountant (C.G.A.) is a professional accountant who has been granted the designation upon completion of a rigorous course of studies, exams, and work experience. In the Province of B.C., CGA's and CA's (Chartered Accountants) have the same public practice rights. In other words, both are professional accountants who by government law are allowed to perform the same accounting and tax services for both publically traded and private corporations, non-profit entities, and individuals.
What is the difference between a professional accountant and a non-designated accountant or bookkeeper?
A professional accountant has achieved their designation through work experience, studies and exams. Also, they are required by their respective organization to maintain professional standards, are to abide by Rules of Conduct and Code of Ethics, and must maintain a high level of continuing professional development credits. They are also required to maintain Professional Liability Insurance. The respective organizations also have the means to investigate and displine members who fail to uphold their Rules of Conduct and Code of Ethics, or who betray the publics' trust. Bookkeepers or non-designated accountants do not have a Rules of Conduct and Code of Ethics, do not have to continously maintain and upgrade their skills and knowledge, and nor do they have to have Professional Liability Insurance. There is currently no government legislated, self-governing body that regulates and oversees the quality and standards of bookkeepers and non-designated accountants.
How do you choose a professional accountant, bookkeeper or non-designated accountant?
Like most other things, your choice for a trusted accountant, tax or business advisor is based on referrals from family, friends or business acquaintances. You will want to make sure that they are competent for the services you require or may require, and that your personalities agree with one another. Contrary to public opnion, yes, most accountants do have personalities! Just ask me. Keep in mind that competency comes from the skills and knowledge gained through years of work experience, education and continous professional development.
Do professional accountants work for the Canada Revenue Agency (CRA)?
NO, NO and NO! There is a myth that professional accountants work for the CRA. As a professional accountant, we are required to maintain our professional standards and follow our Rules of Conduct and Code of Ethics. Also, all accountants (professional or not) who prepare and file tax returns on behalf of individuals and corporations are subject to Third Party Penalties http://www.cra-arc.gc.ca/E/pub/tp/ic01-1/ic01-1-e.html#P106_5526. However, when it comes to tax planning and compliance, it is the accountants job to ensure that you report all transactions accurately and then minimize all taxes payable as allowed and determined by the Canadian Income Tax Act. This also goes for all transactions that may have Goods and Services tax or Provincial Sales tax implications. An accountants job when it comes to tax planning and compliance is to minimize your income taxes payable and therefore keep more money in your pocket, report all your transactions accurately and timely, and let you sleep at night without the fear of the taxman knocking at your door!
And about me....