We solve serious CRA tax problems

Review & Compilation Services

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Many companies provide their financial statements, along with a CPA’s report, to lenders, investors, suppliers and customers. These stakeholders may gain different levels of assurance based on the type of financial statement provided.

A Review consultation provides stakeholders with limited assurance that no material modifications need to be made to the financial statements in order to be in conformity with the financial reporting framework.

A Compilation provides stakeholders with a general understanding of your business, the accounting principles used, and the financial reporting systems present. It also presents your financial information in the appropriate, accepted format.

The tasks require diligence and experience. Faris CPA’s superior corporate tax accountant provides thorough business tax services and innovative solutions that are just right for you and your business.

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Chartered Professional Accountant in Canada, U.S. and U.K.

FAQS

What is the difference between a compilation and a review?
A compilation is a basic summary of your company’s financial statements written by a CPA using your company’s data. On the other hand, in a review engagement, the auditor conducts analytical procedures and makes inquiries to ascertain whether the financial statements’ information is correct.
Is a compilation an attestation service?
Yes, a compilation is an attestation service because a Chartered Professional Accountant (CPA) should conclude the reliability of a company’s financial statement to produce the document. This scenario is usually applicable to private companies.
Is a compilation an assurance service?
No, a compilation is not an assurance service because it doesn’t provide any assurance on an organization’s financial statements. There are no testing or analytical procedures performed during a compilation.
pro-tip

Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.

I was referred to Sam Faris by a family member who highly recommended him to deal with my CRA audit matter which has been ongoing for almost 2 years. Considering that this was a sensitive issue, I needed to make sure that Sam would be the right fit to handle my case. I requested an in-person meeting. I met with Sam for more than 2 hours. He went through CRA proposal letter and immediately identified the weaknesses in CRA’s calculations. He immediately advised on the best approach to dispute this proposal and provided a time line when he will submit the counter analysis. I was impressed with his confidence and his expertise and decided to retain his services. He worked on my file around the clock to ensure meeting the deadline. At the end, Sam was able to reduce the tax bill and I was able to pay it with no hesitation. While Sam was working on the file, he was in a full control with the situation by communicating with the auditor on timely and professional manners. I never felt that I was left in the dark as Sam was always providing me with an update. I do recommend to hire Sam for any dispute with the CRA. Thanks
Response from the owner:Thank you for your positive reviews and kind words.
Had a consultation with Sam about a tax situation and very glad I got professional advice on how to proceed.
Response from the owner:Many thanks for taking the time writing this amazing review.
Sam helped me during a tax audit with the CRA. His performance was beyond expectation and I am very satisfied with the end results. Sam has demonstrated a high business and ethics standards and more importantly, he met all his promises. Well deserved excellent rating.
Response from the owner:Thank you Mr. Zahir for your positive feedback.
Very glad I contacted Sam and his team for help with my tax situation. I had worked with other accountants in the past but none of them were as knowledgeable and easy to work with as the Faris CPA team. They were able to help me resolve my situation and better prepare for the future.

Update - it’s been a few years now and can confirm that working with Sam as my tax consultant was an excellent choice and highly recommend him!