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In every country, there are mandatory payments made by individuals and corporations to contribute to the funding of government activities; these payments are called taxes, and the laws that govern the tax process are called tax laws. However, these laws will not be effectively implemented without the professionals who have taken the time to study and understand how the system works; these professionals are called tax lawyers. Read about criminal law in Canada.
Canada has a fast-growing economy, but its progress will not be possible without taxes; that is why tax lawyers are in high demand in the country. Learn about the various subfields of law.
Therefore, tax law is an excellent choice for anyone interested in law; so, if you want to become a tax lawyer in Canada or you want to learn about the profession, this guide is just what you need to get started.
Why Become a Tax Lawyer in Canada?
There are so many reasons why tax law is an excellent career path in Canada, and some of them are discussed below.
You Can Make a Difference
Tax systems and processes can sometimes be confusing, and many businesses and individuals will rely on professionals like you to help navigate the system. Therefore, if you become a tax lawyer, not only will you help people fulfil their duties to their country, but you will also be contributing significantly to the economic growth of the country.
There Are Plenty of Job Opportunities
If you are looking for a career with diverse opportunities, tax law may be just what you need; no country will do well without taxes, and as such, tax lawyers will always be needed to keep the system functioning. So in Canada, there are tons of job opportunities waiting for you if you can just take that step and become a qualified tax lawyer.
You Will Earn Good Money
Tax lawyers are among the highest-paid lawyers because they contribute directly to revenue generation for the country, and their roles in every industry cannot be overemphasized. So another good reason to become a tax lawyer in Canada is that you will earn a good salary that can sometimes be accompanied by mouth-watering bonuses.
Excellent Specialization Options
Tax law may be a niche under law, but you can further specialize in various sub-fields to help you develop more expert and in-demand skills. The subfields under tax law include corporate tax, compliance, state and local tax, litigation, audits and appeals, etc.
You Will Enjoy More Stability
As a tax lawyer in Canada, one of the things you can be sure of is stability; people pay taxes all year round, meaning your services will be required even in economic downtimes, so you will stay relevant all year round.
What do Tax Lawyers do in Canada?
Tax lawyers ensure that businesses and individuals do not face legal issues regarding their taxes. If you become a lawyer in Canada, you will help organizations limit their exposure to tax liabilities and handle issues for clients facing different tax disputes.
It is also important to note that your duties may vary from client to client. Still, most legal industry observers have concluded that tax lawyers' jobs come with less stress. Since paying taxes will always be mandatory, this field is considered a stable practice area. However, here are some of the everyday tasks of a tax lawyer.
- Represent clients and litigate tax-related court cases.
- Conduct legal research with various computer databases.
- Stay updated with legislative developments and advise clients accordingly.
- Negotiate tax-related compromises on behalf of your client.
- Write and file motions and court briefs.
- Read and research materials regarding tax law changes.
- Provide guidance on the purchase and sale of a business.
- Negotiate, structure, and document business entities.
Are Tax Lawyers Exempted From Tax?
There may be certain situations where you are not required to pay taxes in Canada, but being a tax lawyer is not one of them.
As a tax lawyer, you will pay taxes like every other worker and citizen of the country; the taxes include income taxes which are sometimes automatically deducted by your employer, property taxes usually charged by local government, sales taxes such as goods and service tax and provincial sales tax, etc.
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If, for some reason, you feel like you should be exempted from taxes as a tax lawyer, also remember that you will understand the tax laws more than every other person out there, so you should be able to fulfil your duties as a citizen before helping other people to do the same thing.
How to Become a Tax Lawyer in Canada
Undergraduate Education
Getting the necessary undergraduate education is very vital if you desire to become a tax lawyer in Canada. Although there are no requirements for a specific degree, studying law is best suited for a tax law career; it will help you develop the skills and potential needed for law school and a successful tax law career.
Apart from law, you can choose a business, finance, economics, or accounting for your undergraduate studies. But first, ensure you get good grades because it will determine which law school you can enter in Canada.
Law School and Licensing
After completing your undergraduate education and getting a bachelor's degree in the field you choose, the next step is to take the Law School Admission Test (LSAT), which is mandatory to get admitted to any law school in Canada.
Once you pass this test, you can enrol in any accredited law school in Canada. Although most law schools do not offer tax law specializations, you can still take a variety of tax classes to help you understand the topic better.
Finally, after you graduate from law school, you will need to pass the bar exam, which is usually a two to three-day test, depending on your province; however, to prepare for the bar exam, you can take preparatory courses or hire a tutor.
Enrolled Agent
If you have passed the bar exam, you are good to go because you will have a license that qualifies you as a tax lawyer. However, if you want to represent clients before the IRS, you have to complete the IRS program to become an enrolled agent.
At the end of the program, you will take the Special Enrolment Exam, which covers individual and business tax returns. In addition, to maintain your status as an enrolled agent, you will be required to take a mandatory 72 hours of continuing education classes every three years.
Do Tax Lawyers Need to Know Math?
Math will not be an essential part of your course work when you study law at an undergraduate level and even when you go to school, so tax lawyers are not expected to be experts in math to become successful in their careers.
However, knowing maths has some benefits for a tax lawyer; it can make your work more efficient and accurate, so; it would help if you got familiar with it outside your normal coursework. You can start by paying attention to math in high school, and during your undergraduate studies, you can hire a tutor to teach you any additional skill you need that is not properly covered in school, such as math.
What is the Difference Between an Income Tax Lawyer and CPA?
CPAs are licensed professional accountants who can maintain and audit financial records and prepare tax returns, while a tax lawyer is a professional with vast knowledge of tax law. Although tax lawyers can also prepare tax returns for individuals and businesses, CPAs have more expertise from years of training. Learn about commercial lawyers and how they can help you.
The main duties of a CPA include account bookkeeping, fulfilling tax obligations, tracking finances, filing tax returns and auditing services. Unlike tax lawyers, CPAs have high financial expertise and can guide their clients on financial planning and all aspects of financial management.
On the hand, the duties of a tax lawyer include providing guidance for taxation, representing clients in lawsuits and IRS disputes, negotiating all tax-related problems, and so on.
The duties of a CPA and an income tax lawyer may be similar in some ways, but the difference is clear they both have their separate areas of specialization and expertise. While CPAs are finance experts, tax lawyers are experts in tax laws.
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Whenever people find themselves stressed out and frustrated by all the processes and considerations involved in the world of taxes, the only person they will think of is a tax lawyer, and you can be that person.
Tax law is very interesting, and it is one field that can give you the true satisfaction of contributing to society. So if you have a passion for tax law, do not hesitate to chase your dreams and let Superprof guide you.
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