The vast majority of Canadian accountants only have a very basic understanding of income tax law. Practising taxation is not for the faint of heart. The Income Tax Act is, by far, the largest statute (and likely the most complex) in Canadian law. It’s fair to say many Canadians believe that most accountants understand tax. Accountants dominate the practice of taxation even though the interpretation of the act is a legal function and not an accounting function.

However, the blunt truth is that the vast majority of Canadian accountants only have a very basic understanding of income tax law. This can be a real problem when non-specialist advisers dispense taxation advice to clients who rely on it, but don’t understand the advisers are likely not qualified to provide such advice. It’s the public that ultimately pays the price for this when such advice turns out to be incorrect…

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