Are You A Business Owner With a Tax Concern
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:
- Offshore tax disputes
- Customs duties, sales, capital transfer taxes, and GST/HST;
- Issues with Cross-Border taxes;
- Tax planning for real estate;
- International tax planning;
- Employee Compensation and executive taxation;
- Advising on tax consequences of proposed transactions;
- Tax advice for small businesses or small business owners of any kind;
- Reporting taxes for partnerships;
- Filing and paying corporate income tax installments and returns;
- Identifying tax minimization opportunities for your business; and
- Corporate back taxes.
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.
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.