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Category: General Help

How the CRA Calculates Your Net Worth

by | Jun 12, 2020 | General Help

The concept of “Net Worth” is used in taxation, originally, as part of the definition of what counts as and what doesn’t count as income.  The initial analysis created a relationship between “net worth”, “personal expenditures”, and “Income”. In effect, the equation...

CRA Income Splitting

by | Nov 21, 2019 | General Help

Income splitting is a general phrase that refers to many ways in which two or more persons can distribute income or gains from business or property, or from other sources of income. Income splitting, where possible, can result in substantial tax savings. Note that...

Transfer to Settle Debt to Beneficiary

by | Nov 21, 2019 | General Help

Trusts are used as part of tax planning, but the planning doesn’t stop with the set-up of a trust. Where a Canadian resident trust that meets the definition of a “personal trust” in subsection 248(1) of the Income Tax Act holds property that has appreciated in value...

Superficial Loss Rules

by | Nov 21, 2019 | General Help

Not all losses on the sale of capital property can be used to offset gains. The claim of capital losses on a disposition of shares can be denied if both of the following apply: The identical shares are repurchased 30 days before or after the disposal by the taxpayer...
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.
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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