We solve serious CRA tax problems

Are You A Business Owner With a Tax Concern

Good corporate tax planning

TAX PROBLEMS? NEED CANADIAN TAX HELP? UNREPORTED OFFSHORE INCOME?

There are many things to consider when running a business. A concrete strategy for your taxes should be one of them. We can help you avoid expensive repercussions, give you a competitive edge and keep you informed about the regulations that affect you.

PROVIDING PROFESSIONAL ADVICE TO YOU AND YOUR COMPANY. FARIS CPA CAN ASSIST IN AREAS SUCH AS:

Schedule Assessment

PROFESSIONAL TAX ACCOUNTANTS ARE NEEDED IF YOU WANT TO STAND A CHANCE WINNING A DISPUTE WITH THE CRA. OUR ACCOUNTANTS ARE EXPERTS IN:

  • Tax liens and seizures of corporate bank accounts;
  • Objections and appeals for tax reassessments;
  • Applications for voluntary and anonymous disclosures;
  • Settlements of corporate tax debt;
  • Tax disputes regarding excise taxes, GST/HST, and ruling appeals for CPP and EI;
  • Corporate tax disputes; and
  • Payroll remittance.

Good corporate tax planning will benefit your business. Accounting, tax, cash flow, and regulatory problems can be avoided or alleviated with a good tax strategy.

As an experienced, certified, licensed, and expert tax accounting firm we help our clients handle all tax problems and accounting issues. Give us a call today at 1 844 340 5771.

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FAQS

What if I can't afford to pay all the past taxes I owe?

If you can’t afford to pay your tax debts in full, contact the CRA immediately. There are different programs that you can apply for, or you might arrange a payment plan.

What is the difference between a tax credit and a tax deduction?

A tax credit is a literal amount of credit applied to your account. If you have $200 of credit, you’ll pay $200 less on your next tax payment.

However, if you have a tax reduction of the same value, the CRA will reduce your tax bracket by $200.

I just moved to a new city, how do I notify the CRA that I have a new address?

You can notify the CRA of a change of address by filling in form RC325 and sending it in. Another option is to send a signed letter to your local tax office, including your social insurance number, when you moved, and the new address.

Can I run personal expenses through my company

No, you cannot run your personal expenses through your company. It is a bad practice that can lead to other issues including legal, operational and tax problems. It will only make your cash flow situation confusing and difficult to predict when business and personal funds are mixed up. Lastly, it will make your accounting process more complex.

What business expenses can I deduct

The business expenses you can deduct are those you paid or will pay for the activities to earn your income. These expenses can either a current year expense or capital expense. You can deduct any reasonable current cost you incur to earn income.

Can my employees be reimbursed for health coverage?

Yes, your employees can be reimbursed for health coverage. The Healthcare Spending Accounts (HCSAs), which the Canada Revenue Agency established, provided the first-ever savings model for health expenditures in Canada. HCSAs allow employees to be reimbursed for health, dental, and vision care expenses that are eligible as tax credits as stipulated in the Income Tax Act on a tax-free basis.

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.

Had a great experience with Sam Faris and his team. Sam took over my file from the previous accountant and was able to fix significant mistakes in the books which ended up saving me taxes and get me a refund for money that I already paid to the government. They have performed the work on timely basis with the least cost possible. Anyone who is in search for the best tax consultant in the country, Sam Faris is the man. Thank you Sam and his team for all the amazing work.
Faris is an outstanding accountant. A professional at the highest level that comprehends the intrinsic power and beauty of numbers. Serving the appropriate value to each person or company, longing for his personal imagination and process in action keeping financial accounts. He's highly recommended in knowing the magical reality of numbers.
Faris CPA was awesome! I cannot express how grateful I was during my tax audit.

Super kind and approachable- they took the time to explain the entire process. They answered all my questions/concerns and made sure I understood everything.

They made sure nothing was overlooked and would keep in touch with me should they need any docs as well as asked me questions to ensure accuracy.

I really appreciated their dedication and expertise! For anything tax-related, I truly recommend Faris CPA.
Response from the owner:Thank you Donald for your five stars review. We will remain at your disposal if you need our services in the future.
Great experience dealing with Sam Faris and his team. They were transparent, patient with their explanations and they meet all promises. Highly reliable and trustworthy firm. They promise and they meet all their promises. If you are looking for the best tax consultant firm, I highly recommend Faris CPA.
Response from the owner:Many thanks and much appreciated for the kind and positive review.