Tax planning, income tax returns, maximizing investment securities… A tax specialist has many assignments. What are the skills, training and talents needed to be a tax expert?
It’s a fact – the skills of a tax specialist are sought after in all business sectors. According to the Ordre des comptables professionnels agréés (CPA) du Québec, the placement rate is close to 100%! In addition, the pay is often very high. On average, for a Canadian professional accountant it amounts to $141,000, according to the CPA’s occupational compensation survey. How do you become a good tax specialist?
Skills sought
First of all, be good at adapting, because there are frequent changes in the finance world. It is also necessary to be a good communicator, since a tax specialist will have to work with all the employees in a company, or with a large clientele. Having a good sense of judgement and keeping highly informed is essential – tax laws are updated regularly. In addition, meticulousness, strong analytical skills combined with the ability to see the big picture, a sense of organization and responsibilities must not be neglected either.
Training possible
Although the Ordre des CPA du Québec governs the profession, it is not mandatory to be a member to practise, because the title “Accountant” is not reserved. It should be noted, however, that certain professional acts are reserved for holders of the CPA designation. For example, the title “Chartered Professional Accountant” is a regulated profession and it is not possible to use this title without being a member of the Order.
In Québec there are three main avenues to access the profession: the DESS in taxation, a Master’s degree in tax law and finally the fundamental tax course dispensed by CPA Canada (intended for those who are already employed).
It is possible to get a DESS in taxation after an undergraduate degree, most often in accounting, law or economics. This training, dispensed at the HEC, is done in one year full or part time. It deals in particular with all aspects of taxation, laws and tax principles. It is a gateway to the Master’s degree.
The Master’s degree in Law with taxation option will deepen knowledge, in particular the fundamental principles of Canadian tax policy. The theory training is supplemented by a 200-hour practical internship.
Finally, CPA Canada’s Core Tax Course is considered the most advanced in-service tax training program in the country. It is aimed at Canadian tax specialists who are working full time and provides basic knowledge of taxation.