We solve serious CRA tax problems

Corporate Tax Planning & Tax Returns in Toronto

About Sam Faris, Licensed Public Accountant

Corporate Tax Accounting

We provide you with everything you need from your corporate tax accountant to ensure that your taxes are filed correctly and tax issues are handled appropriately.

We believe in building strong client relationships. Our size and structure allows us the flexibility to respond to your corporate needs quickly while delivering innovative solutions. Our tax services combine the best corporate tax accountant has to offer along with the most thorough business tax services possible. From simple tasks to those requiring utmost diligence and experience, we are here to serve your needs.

Faris CPA has successfully helped many corporations avoid being audited by the CRA and has achieved favourable results during the audit, post-audit, and objection stages.

Our Corporate Tax Accounting services include:

  • Corporate income tax returns
  • Corporate income tax election forms and designations
  • Estimates and calculations for various transactions
  • Appeals of audit assessments
  • T4 and T4A, T5 and NR4 summaries and slips
  • “Treaty-based” income tax returns for non-residents
  • Undertaking and advising on corporate reorganizations and other corporate tax planning initiatives, including utilizing the $750,000 Capital Gains Exemption
  • Negotiating with the CRA and Ministry of Finance on behalf of our clients
  • Coordinating corporate income tax inquiries and government audits

Corporate Tax Accounting Services You Can Trust

Our skilled tax services team offers:

  • Many years of experience in tax accounting, filing, and representation
  • Attention to detail that is second to none
  • Domestic and international expertise for your business and employees
  • A communication style that ensures you are always informed and remain in compliance with regulatory and taxation requirements

 

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Chartered Professional Accountant in Canada, U.S. and U.K.

FAQS

What are the objectives of corporate tax planning?

The objective of corporate tax planning is to achieve optimum tax efficiency. Part of this primary goal is to decrease tax liability, thereby allowing the individual or company more leeway financially. Furthermore, effective tax planning can help ensure that the taxpayer does not attract unwanted attention from the CRA.

Why is tax planning so important?

The benefits of tax planning include reduced taxed rates, lower taxable income, flexibility in tax payments, and tax credits. Of course, tax planning must be executed properly in order to be fully effective. Additionally, the tax plan must be designed according to the unique requirements of the individual or business.

What are the three basic strategies to use in planning for taxes?

The three basic strategies of tax planning are deductions, income splitting, and deferrals. The first strategy involves taking advantage of a deduction to lower your tax bill by an amount equal to your marginal tax rate. Examples of deductions include RRSP contributions and pension plan contributions. The second strategy calls for dividing taxes among different taxpayers. Income could be split between spouses or other members of the family. As for a deferral, it is the process of eliminating taxes for the current year and deferring them to a later time.

Can I prepare my own corporate tax return?

Yes, you can prepare your own corporate tax return. Major corporations in Canada file their returns online. This process is mandatory, especially for businesses with annual gross revenues that exceed $1 million.

Which investments are tax-free?

Some of the tax-free investments that you can take advantage of in Canada include a registered retirement savings plan (RRSP), a registered education savings plan (RESP), or a tax-free savings account (TFSA).

What deductions can I claim without receipts?

You can deduct meal and travel expenses in your taxes even though you have no receipts. Take note that this only applies if you are self-employed, qualify as a northern resident or have moved to take a job, study at a post-secondary institution, or run a business at a new location.

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.

Dealing with CRA is stressful. Sam took care of me from day one and accommodated my unique needs without hesitation. 5 stars for being professional and a good human.
Response from the owner:Thank you Don for the five stars Google review. We are glad that we met your expectations and your case is closed now. Happy to answer any questions in the future and we will address all queries CRA may have regarding our work. Sam Faris
Sam was very responsive and prompt. Exceptional customer service as well!
Response from the owner:Dan Thank you for your positive 5 stars review and the kind words. We strive to provide best customer service as we are aware that all cases that we take on are time sensitive and require a higher quality of work in order to be successful with the CRA. Your cooperation and prompt reply to our questions was important in getting everything in order and submitting the package on timely basis. We will remain at your disposal anytime you need our services in the future. Sam Faris
Best service. Very impressive and happy with all work Sam has done for me.
Response from the owner:My pleasure Angel and thanks for the 5 stars Google review and your kind words. We are glad that you are happy with our services and the results we got you. Please feel free to contact us in the future for any questions that you may have regarding your file. Best Sam Faris
Great experience with Sam!
Response from the owner:Hello Dasha Thank you for the five stars review and your kind words. It was a pleasure working with you and I am glad that we met your expectations. Please feel free to reach out to us if you need to in the future. Many thanks Sam Faris
I was so impressed with Sam's professionalism and how quickly he reacted to my inquiries. His knowledge was evident, and he handled everything expertly. I highly recommend his services.
Response from the owner:Mohamed Thank you for the 5 stars Google review and your kind words. Our goal is always to make the process efficient and the workflow as smooth as possible. We are glad that we met your expectations and we will remain at your disposal at anyone in the future. Sam Faris
Thank you for all your help! Quick and stress free! Definitely recommended!
Response from the owner:Thank you DD for the 5 star positive review. We were happy to work on your file and get you positive results. We will remain at your disposal in the future if needed. Thanks Sam Faris
Sam and his team helped me to file my multiple outstanding personal and corporate tax returns. He was able to save me from legal action by the CRA, saved me taxes and CRA waived the penalties for me. I highly recommend his services for any tax help and CRA audit needs.
Response from the owner:Ms. Rivera Your 5 stars Google review is very much appreciated. I am glad that we met your expectations and you are happy with our work quality and the outcome achieved. We are specialized in filling multiple years of outstanding personal and corporate tax returns. We have helped many clients for more than 15 years to file all their outstanding tax returns in the most efficient way. We were able to get them out of troubles with the CRA, save them taxes, waiving penalties and get them interest relief. We take a pride of what we do and our team is fully dedicated and experienced to deal with any type of dispute with the CRA. We are at your disposal anytime you need us in the future. Sam Faris
Faris CPA took care of my tax audit case by the CRA. The team performed the work on timely basis and in the most efficient way possible. End results are beyond expectations. Hire Faris CPA and they will do the required work with reasonable fee.
Response from the owner:Many thanks Andrea for your positive review and I am glad that you are happy with our services. Our firm is specialized in all kind of tax disputes with the CRA including tax audits. All our staff are CPAs who have many years of experience in fighting the CRA. Thanks again and please feel free to reach out to us in the future if needed. Sam Faris
I found Sam online and I decided to have a consultation with him to discuss my CRA audit. I got a very good feeling about him, his integrity and his tax knowledge and skills and I had no doubts that he would be the best fit to provide audit help and support. I decided to hire him to handle my case. His approach to my case was consistent to the advice that he gave me at the conclusion. Sam was able to prepare working papers and supporting documents to show the auditor why his numbers are overstated. Sam had to involve the team leader and insisted to meet with him as the auditor refused to adjust his numbers. Sam confidently presented his work to the team leader and the team leader accepted his numbers without any adjustments. Sam deserves 10 stars for all what he has done in my CRA audit case and all his support and help.
Response from the owner:Thank you for the 5 stars review and your kind words. I am glad that we met your expectations. Please feel free to reach out to us if you require further help in the future.