Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Do You Need a Tax Lawyer?

8 Aug 2024 · 1 min

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A speaker contrasts accounting/bookkeeping tasks (categorizing items like meals and entertainment for tax treatment) with the legal interpretation of tax statutes, asserting that interpreting the Income Tax Act is primarily a legal function and recommending someone with legal expertise for statute interpretation.

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The accountant or the bookkeeper is going to categorize something as meals and entertainment so that it can be properly reflected in the tax code to trigger those tax code attributions for 50% deductibility as an example. So the Income Tax act is really more statute and interpretation. Actually, the rules fall more specifically for forward, in my opinion, since it's more legalese to a legal function rather than an accounting function. It's just trying to clarify the real interpretation that you're looking for someone who actually understands the legal interpretation, because how these statutes are written is more legal oriented.