We solve serious CRA tax problems

Audited Financial Statements

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Faris CPA brings clarity and simplicity to the issues and complexities that your business faces on a day-to-day basis.

You can be confident in our expertise and reply commitment to you. We will review and audit of your financial statements. This allows us to provide the independent, objective assurance that your company needs and stakeholders demand.

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

Case Study

A new client had a difficult CRA audit that disallowed an HST refund valued at almost one million dollars. The CRA audit revealed that his previous accountant had made significant errors which resulted in the disallowing a very significant HST refund.

Sam Faris and his team performed an intensive review of the proposal letter from the CRA along with the income tax act. We were convinced that the case would be won if the records were corrected and a new argument was submitted as a replace to the proposal letter from the CRA.

The CRA auditor denied the response. Our firm filed a Notice of Objection to the CRA.

The Notice of Objection was successful, and our client was able to recover, not only the original refund, but there were additional amounts that the previous accounted had missed that were awarded to our client as well.

FAQS

What is included in audited financial statements?
Audited financial statements include a profit and loss statement, balance sheet, statement of cash flows, and statement of changes in owners’ equity. They help you keep track of your records and transactions.
What is the difference between audited and unaudited financial statements?
Audited financial statements have been examined by a third-party accountant who can confirm that the information is accurate and factual. On the other hand, unaudited financial statements don’t have that guarantee.
How long does it take to have financial statements audited?
It takes up to three months to audit financial statements. The process includes four weeks of planning, four weeks of fieldwork and four weeks of compiling the audit report.
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!