The Master of Taxation is aimed at people who have a bachelor’s degree in law, accounting, administration and economics. It bases the training on a minimum knowledge of legal, accounting and finance. Refresher courses are however mandatory to bring master’s students in taxation to a minimum acceptable level of knowledge in fields that are not their own.
Be The Master
The master’s degree in taxation is subject to a quota and those with a baccalaureate who wish to be admitted must present an excellent academic record.
Tax lawyers have the advantage of having taken courses in civil law, public law, criminal law and corporate law. Their training can be supplemented by courses in accounting and finance. An experience in an accounting office is excellent to supplement the training of the tax lawyer. Wondering how do i get certified to do taxes? Then here are the options for you.
CICA Tax Course
The Canadian Institute of Chartered Accountants (CICA) tax course is as long and arduous as a master’s degree. However, there is no admission quota, except perhaps the very high tuition fees. The CICA Tax Course is a rather practical training that is more easily followed with a minimum of practical knowledge.
Professional titles of tax specialists
However, it is still possible for professionals in financial planning and for consultants without any professional affiliation to present themselves as a tax specialist and to have certain established skills in the matter.
An experienced tax professional can make a mistake and cause damage to his clients. In such a situation, the professional liability insurance fund of the lawyer or notary or the insurance company covering the chartered professional accountant will be able to take up the cause of the tax specialist and indemnify the client.
Some consultants will be able to protect themselves from professional liability by operating their consulting business through a corporation. However, they will not be able to protect the aggrieved customer.
Hence the importance of always looking for a qualified and insured professional
Gain experience in taxation
Once the diplomas and professional titles are obtained, a lawyer, an accountant or a tax specialist must acquire practical experience. This experience can be obtained by practicing his profession either in a legal office, an accounting firm or a large company, under the supervision of an experienced tax specialist.
The experienced tax specialist takes the trouble to analyze the files with the aspiring tax specialist and assign him tasks to his measure. As the apprentice tax specialist gains experience and learns to use his knowledge to solve problems, establish plans, strategies and make good use of the time budget allotted to him, he will become a tax specialist at full sense of the word.
Diversify your knowledge or specialize
Some tax professionals will spend their entire careers in the same firm or firm, and others will diversify their experiences. Some will be happy to specialize in tax provisions, innovation tax credits or consumption taxes while others will be more happy to become generalists. GPs, however, need to spend more time updating their knowledge.