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Category: General Help

Reporting Foreign Income on a Canadian Tax Return

Reporting Foreign Income on a Canadian Tax Return

Canadian resident taxpayers are taxable in Canada on their worldwide income. Foreign-source income may have already been subject to foreign taxes paid. Where this is the case, the taxpayer may be eligible for a deduction or a credit in respect to foreign business and...

Joint Election to Split Pension Income (T1032)

In order to split pension income amongst spouses, an election must be filed by each spouse. This election re-allocates eligible pensions between tax returns to reduce taxable income and combined taxes payable. The pension income can be split up to 50% for certain...

Income Splitting and Income Attribution Rules

Basic Principles of Income Splitting Tax liability is individually determined. Each Individual’s income is taxes based on rates applicable to tax brackets that don’t take into account their spouse’s income. Marginal tax rates increase as income increases. Being able...

How the CRA Catches Tax Cheats

The Canadian Government has put hundreds of millions of dollars into the Canada Revenue Agency to catch tax cheats. Professional Accountant Toronto has noticed the effect of this. One of the ways the CRA catches tax cheats is through a net worth audit. The CRA, on a...

Home Accessibility Tax Credit

An individual may be eligible to claim a non-refundable tax credit of 15% on expenditures up to $10,000. The $10,000 limit is per year, per qualifying individual, per eligible dwelling. The expenditures must be “qualifying expenditures” in the year. Qualifying...
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.

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.
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.
Sam Faris is a consummate professional whose expertise, clarity, and warmth make him worth every penny. If you need clear answers and effective solutions for complex situations, he’s your go-to.

I only write reviews when they’re truly deserved, and after meeting with Sam, I’m compelled to share my experience. I’m meticulous about researching professionals before reaching out, and Sam exceeded my expectation.

From the moment I arrived for a consultation on a nuanced issue, Sam greeted me with a warm yet focused demeanor that instantly put me at ease. He was fully present, diving into my situation with laser-like attention.  As I explained my case, he listened intently, then walked me through each aspect with clear, concise expertise, pausing to ensure I had no questions before moving forward. His ability to break down complexity into actionable insights was remarkable.

What stood out most was his honesty and confidence. He calmly assured me that my situation, while intricate, was well within his expertise—backed by his extensive track record of handling far more complex cases. His steady presence and thorough understanding left me feeling reassured.

Sam's stellar reputation, reflected in his consistent high reviews, is no fluke. He’s the real deal: an upstanding professional whose integrity and skill are rare in today’s world. If you’re facing a challenging situation and need straightforward answers, reassurance, and results, contact Faris.
Response from the owner:It has been pleasure working with you and feel free to contact us in the future for any further help needed.
Thank you for all your help. Reliable and highly professional firm.
Response from the owner:Thank you for the positive review.