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Category: General Help

Capital Dividends Are Tax Free

by | Nov 21, 2019 | General Help

Capital Dividends Capital dividends received by Canadian resident taxpayers are tax-free. However, the amount of the capital dividend paid to a non-resident shareholder is subject to Part XIII tax.-S.212(2)(b). This important tax attribute is lost if not used to make...

CRA Moving Expenses

by | Nov 21, 2019 | General Help

The CRA, in filing your income taxes, allows for a deduction for moving expenses in some cases. You can claim a deduction eligible moving expenses on line 219 of your tax return forms. Not all moving expenses are deductible. To avoid a negative audit outcome, make...

Limitations When Claiming Business Expenses

by | Nov 21, 2019 | General Help

Business Expense Limitations In an earlier article, a list of business expense categories used by the CRA was provided (see the article HERE). This is the second article in the series that hopes to help small business owners figure out what expenses are deductible and...

Business Expense Categories

by | Nov 21, 2019 | General Help

A question that business owners ask themselves is “What expenses are deductible?”. There is often a desire to have a list of business expense categories that they can refer to and be safe in knowing that what they are claiming as an expense is legitimate....

Allowable Business Investment Loss (ABIL)

by | Nov 21, 2019 | General Help

In most instances, Canada’s tax system taxes net income, this means that expense are deducted from revenues. For employees, deductible expenses are specifically set out in categories with conditions. For business income and property income, any day-to-day operational...
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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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.
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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.
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Response from the owner:Many thanks and much appreciated for the kind and positive review.

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