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.

ACCA-Logo
AICPA-Logo
Chartered professional accountant logo
Chartered Professional Accountant in Canada, U.S. and U.K.

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.

Thank you for all your help. Reliable and highly professional firm.
This is an announcement from Aaron Baer, legal counsel to Faris CPA.

I have been working with Faris CPA for more than 10 years.

Faris CPA is being attacked by Kenneth John Weakley (Oct 1969).

I am posting this review because Kenneth John Weakley has been deleting his reviews and has been reposting them, so that Faris CPA's responses don't always show up.

Faris CPA's position is as follows:

Faris CPA is a well-regarded firm that is compliant with CPA Ontario obligations and has a good track record.

Under no circumstances will Faris CPA be paying Kenneth John Weakley any amount.

Kenneth John Weakley's claims do not have any merit.
Response from the owner:Thank you Aaron for your help with this matter. Please see below my entire response to Kenneth John Weakley fake reviews: “Attention all readers: Kenneth John Weakley DOB October 20, 1969 Address: Address: 821A Fulham Road, London, U.K. SW6 5HG ( Title: NGL449634) Faris CPA and 3 other reputable lawyers in the GTA are being aggressively attacked with fake Google reviews posted by Kenneth John Weakley (DOB October 20, 1969). Unfortunately, his repeated blackmailing and extortion attempts in the past few months have failed and he is still hoping to be successful by keep posting those false and fake reviews. Please note all personal information mentioned in our response is available online, publicly available and anyone can access it and none of the information was obtained while doing business with Kenneth John Weakley. Feel free to Google his name and see the below link to confirm. As such, there is no breaching confidentiality issue whatsoever. https://find-and-update.company-information.service.gov.uk/officers/EfbNEs5kNSRQeb9uq8kdZL0LGm8/appointments Based on the above link you will see the following information: This is a fake review posted by Kenneth John Weakley (DOB: October, 20 1969). Address: 821A Fulham Road, London, U.K. SW6 5HG
Had a very good experience with Sam and his team. They dealt with my CRA audit in the most efficient way possible. I admire their professionalism and expertise in providing answers to the CRA and providing a perfectly reconciled package which was a key to resolve the tax issue. If you look for a tax consultant firm, hire Farid CPA. 10 stars
Response from the owner:Thank you for the five stars and the positive review.
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.