How Do I Find the Right Tax Advisor?

Finding a tax advisor to take your family into a tax-efficient future is important.

Such an advisor will be as precious to your financial health as your doctor is to your physical health. Your tax advisor should be someone who knows you and your goals for your family and your business very well.

He or she should, of course, be someone who has earned your trust and respect by keeping up with the latest in tax law and CRA’s interpretation of the law, its policies and procedures as well as your own personal, business, and financial evolution. This person will also play an integral role with your other professional team members — your financial planner, investment and insurance advisors and lawyer for example. To find such a trusted advisor, consider this action plan:
 

• Seek Referrals. Ask your friends and business associates for referrals; check out the yellow pages and Chamber of Commerce or Board of Trade in your area for the names of well-respected tax advisors.
   
• Expertise and Services Needed. Find out what level of expertise you need: bookkeeping and payroll services, commercial tax preparation, accounting and auditing, corporate as well as personal returns, trust returns and estate planning.
   
• Reputation and Experience. Interview at least three professionals in your area. This can include independents, partners in a partnership, financial institutions, and so on. It’s best to include one from every group to get the best overview of potential service, quality and price.
   
• Ask Questions – Is He or She Up-to-Date? Come to the interview prepared to ask your top taxation concerns.  Recent education in a cutting edge tax course is necessary to serve you best.
   
• Listen Well. When you ask your questions, take note of the way the answers are communicated to you. Can you learn from this person? Is the person willing to help you learn? Is the person interested in you and your business? Does he or she make suggestions to you? Does he or she have a strong background in taxation?
   
• Find Out About Service. Ask about fees, guarantee of service, billing practices, errors or omissions insurance, size of organizations, additional services provided. What happens when errors occur?
   
• Integrated Services. Ask about the professional’s ability to interact with others: lawyers, financial planners, insurance advisors and so on, should you need these services.
   
• Make the Decision. Choose the advisor you are most comfortable with.
   
• Give a Trial. Ask the advisor to complete a small job, to see if there is integrity behind the quality of the work, the ability to meet deadlines and to work with you on follow-up procedures.
   
• Review the Accuracy of the Work. Listen and learn as the advisor explains the results of the work to you.

Graduates of the DFA-Tax Services Specialist program are trained to provide a holistic family wealth management solution with expertise in taxation. You may wish to seek out such a qualified specialist to work with you.

Excerpted from Make Sure It's Deductible. © Knowledge Bureau, Inc. All rights reserved.