Importance of Canada Taxation and Law
Tax is an amount paid by citizens of a region to fund public expenditures. Evasion of tax payment is punishable by law. Law abiding citizens make it a point to abide by tax payments rules and regulations in Canada. However, tax calculations are difficult and in most cases, individuals, business firms and educational institutions, hospitals etc. take help from Tax consultants in order to avoid future problems. Pursuing a course in taxation laws ensures a good career and bright prospects. Hence, a large number of students opt for the course with the intention of making a career in tax consultancy. Sometimes, business firms and organization employ people who have knowledge of taxation laws so that tax activities can be handled in-house.
Difficulties faced by students studying Canada Taxation Laws
In Canada, taxes are collected by the federal, provincial and municipal governments. Students are required to know the various taxes collected by these departments and rules and regulations regarding tax collection.
Each taxpaying individual in Canada has to submit a return in a particular format that has to be prepared by experts. Students have to be trained to prepare the format in an appropriate way.
There are different types of takes like income tax, sales tax, property taxes and business taxes.
The HST (harmonized sales tax) in Canada has to be paid on goods and services but there are some exceptions. Students have to learn which goods and services are included and which are not.
Taxation is a legal area of great complexity. Many professionals restrict their practice to only tax matters. Tax professionals can be accountants or lawyers.
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Taxation and Law is an area of study which takes long years of practice and experience to master. Students who pursue the course still deal with the basics and are merely introduced to the various aspects and scope of the subject. Legal topics are highly technical in nature. It requires good knowledge of language and also knowledge of legal terminology.
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