What We Do
Audit Assistance
If you’ve been informed that CRA will audit you, we can help you respond to the audit professionally and promptly. Having a tax audit professional beside you will help you save time, effort, and energy to comply with CRA’sthe requirements.
Prepare Books and Records
If CRA hasn’t called you, it doesn’t mean that you won’t be audited.
Being prepared with books, records, payroll information, and other requirements from the CRA before they inform you will give you peace of mind. Plus, being organized and prepared will make the audit process faster when it happens.
Solve Tax Problems
Besides keeping you ready for CRA audits, our team of competent CPAs can also help you with your tax problems, voluntary disclosure, and other accounting-related needs.
Reviews from Our Clients
“Before finding Faris CPA, I have worked with 2 other companies, and they don’t come close to the amount of help that the firm has given me. They were a big help in filling outstanding tax returns under the Voluntary Disclosure Program and their fee was reasonable. Sam always goes the extra mile to make sure that all my questions are answered. I highly recommend this firm.”
“I have been using Faris CPA’s tax accounting services since 2017, and I’ve never had problems managing my finances ever since. The quality of service they offer is top-notch, and they always keep me updated. If you’re looking for a CPA, just give them a call and avail of their assessment. I assure you, you won’t regret choosing Faris CPA.”
“Sam has been taking care of my business’s taxes since 2018. Working with Faris CPA was one of the best business decisions I’ve made, and this firm continues to deliver good work every year. Great, reliable Toronto firm.”
Tax Disputes and Tax Objections
Dealing with tax problems is a tricky task, and incorrect or incomplete information may be used against you. With Faris CPA by your side, you won’t have to worry about mistakes in your books, records, and bank statements. We have excellent CPAs that will help you maintain and organize all of your accounting-related information so that you will be prepared when filing disputes or objections with CRA’s decisions.
Have your business assessed by Faris CPA now!
Corporate Tax Audit
Being under an audit is stressful and daunting. It will be far worse if you don’t get assistance from a reliable tax audit specialist who will help you prepare all the paperwork needed for the audit. You must contact a CPA firm to handle all your accounting-related tasks to ensure that you do not pay more than required. They will also help you study your situation and give you advice and options on how to handle the audit.
For your accounting needs, contact Faris CPA now.
Pro Tip
If you receive the CEBA loan, make sure to keep track of all payments and loan forgiveness.
Reduction of Penalties and Interest
CRA is a powerful agency, and they can stop your business if they find that you are violating the law. We know that managing a business is hard. That is why we are offering to assist you with your problems regarding penalties and interests.
Faris CPA will help you:
● Explain why you received a tax debt certificate
● Give the best options in dealing with tax debt.
● Negotiate with CRA to give you a manageable payment plan
● Prevent CRA from pursuing other legal actions against you
● Provide advice to help you grow your business
● Create a long-term plan to help you sustain the business
Receive relevant and timely advice from top CPAs when you call Faris CPA now!
FAQS
After applying, all applicants are encouraged to check the status of their CEBA Loan online at https://status-statut.ceba-cuec.ca/, but if you continue to have questions you may call the CEBA Call Centre at 1-888-324-4201. If approved, funds will be deposited directly into the account you provided. The full process will take 15 business days.
After applying, all applicants are encouraged to check the status of their CEBA Loan online at https://status-statut.ceba-cuec.ca/, but if you continue to have questions you may call the CEBA Call Centre at 1-888-324-4201. If approved, funds will be deposited directly into the account you provided. The full process will take 15 business days.
After applying, all applicants are encouraged to check the status of their CEBA Loan online at https://status-statut.ceba-cuec.ca/, but if you continue to have questions you may call the CEBA Call Centre at 1-888-324-4201. If approved, funds will be deposited directly into the account you provided. The full process will take 15 business days.
Working while on CEWS is quite a complicated topic. There are no laws currently in place that disallow people to work while on CEWS. However, if you consider it thoroughly, it is morally wrong to accept the taxpayer’s money and enjoy a second source of income at the same time. While it isn’t illegal, it certainly is not the right thing to do.
This will depend on the government. If the government sees that many people are still struggling due to the effects of the pandemic, they will extend the CEWS program as long as the people need it. Currently, the program is extended until the summer of 2021.
The CEWS, as a wage subsidy, is included in the employer’s taxable income. Therefore, the amount of CEWS that an employer will be receiving for a qualifying period will be included in the employer’s income. Still, the employers will be entitled to deductions equal to the amount of remuneration paid to employees, but the amount of CEWS received will reduce any remuneration expenses that are eligible for tax credits calculated on the same remuneration.
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.
Testimonial
Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”