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Category: General Help

Reporting Foreign Income on a Canadian Tax Return

Reporting Foreign Income on a Canadian Tax Return

by | Nov 21, 2019 | General Help

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)

by | Nov 21, 2019 | General Help

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

by | Nov 21, 2019 | General Help

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

by | Nov 21, 2019 | General Help

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

by | Nov 21, 2019 | General Help

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.

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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