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Category: General Help

Have a Spouse? Lower your tax bill!

by | Nov 21, 2019 | General Help

There are a number of ways to lower your overall family taxes payable. One of the most common methods is to take advantage of the marginal tax rates by splitting income with your spouse (and other family members). The gist of this method is that income is shifted,...

Gifts to Spouse or Children

by | Nov 21, 2019 | General Help

Unlike the US, Canada doesn’t impose a tax on gifts from one person to another. This doesn’t mean, however, that there aren’t tax consequences to gifts. The advice of a Chartered Professional Accountant can help you figure out the tax consequence of gifts so you can...

Foreign Dividend Income

by | Nov 21, 2019 | General Help

Some foreign dividend income being withheld at 30% v.s. 15% Why are some foreign dividends subject to withholding tax at 30% v.s. 15%? Many types of U.S.-source income, including dividends, paid by a U.S. person to a foreign person are subject to a withholding tax of...

Foreign Asset Reporting System

by | Nov 21, 2019 | General Help

CRA has developed a simplified foreign asset reporting system for persons owning less than $250,000 of a specified foreign property throughout the year. There is no change to the $100,000 threshold for reporting. This change is applicable to taxation years ending...

Cash Donations

by | Nov 21, 2019 | General Help

CPA Help – Dividend or Salary Decision to Avoid CRA Audit Toronto Business owners often wonder whether they should pay themselves and family members a salary or dividends. Which is the most tax efficient? Does one risk a CRA Audit Toronto? A Chartered...

Capital Dividend Account

by | Nov 21, 2019 | General Help

The capital dividend account (“CDA”) is calculated at a particular point of time, other than additions as a result of dispositions of good-will. The account is calculated for the period commencing with the first taxation year after the corporation last became a...
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.

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Faris CPA | Toronto Tax Accountant
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Mohammad Ramadan
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.
raffmarr
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.
Donald K
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.
Gursharan Mann
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.

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Get your CRA tax issues solved
844-340-5771 OR Schedule Assessment