TAX LAW BASICS
The Canada Revenue Agency is the body in charge of administering Federal income tax laws and of collecting income taxes. The Income Tax Act (Canada) is the core of the
Canadian tax system. Every year, it is subject to amendments, including at the time of the presentation of the budget by the Minister of Finance.
The income tax liability of companies depends on their legal status: including public, private or Canadian-controlled private corporations. Provinces have their own income tax statutes.
Young graduates specializing in taxation are increasingly sought after.
RELATED OCCUPATIONS
- Tax lawyers help clients reduce their tax liability by optimizing the application of the rules of law.
- Notaries are also experts in civil law. They handle the settling of bills of sale, wills, legacies, etc. Their knowledge of tax matters allows them to better guide their clients.
- Corporate legal advisors are in charge of preserving the economic interests of the companies they work for.
Interview with a tax lawyer
“You have to be inclined towards life-long learning,”
Jason M. Stephan, tax counsel with Warren Sinclair LLP in Red Deer, Alberta