Who Needs To File A T2091 and When?

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This form is used by taxpayers to designate a real property as a principal residence by an individual. The principal residence exemption applies to each year that a property is designated as the principal residence and no other property is so designated. The filing of this form has become more important now that the CRA requires individuals to report the sale of principal residences. T2091 needs to be filed when the principal residence exemption does not fully eliminate the gain on the sale and needs to be filed with the taxpayer’s return for the year the property is disposed of.

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

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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.

Testimonials

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Faris CPA | Toronto Tax Accountant

Based on 335 reviews

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Sam and his team are expert and awesome tax consultants. They were incredibly professional, respectful and informative in dealing with us. What stood out the most was the team’s attention to details to finding all possible deductions to minimize my tax liability.

They helped me to file my many years of unfilled and outstanding personal and corporate tax returns and the tax amount that I ended up owing is very minimal in comparison to what other CPA suggested.

I am now at much better situation from a tax standpoint and involving Faris CPA to deal with my matter made me more comfortable as I was confident that my case was being handled by a true professionals.

I highly recommend the firm for anyone who has tax problems with the CRA and needs to get the best results.

Response from the owner:Sangeet Thank you for the five stars review. Filling multiple years of personal and corporate tax returns is one of our specialties. We have been helping clients catching up with their taxes for more than 15 years now. While we are doing the work, we perform tax planning to minimize taxes owing and at the same time we prepare a high quality package to protect our clients and protect our work in case CRA decides to perform tax audit. Thank you again and feel free to contact us in the future if you have any question regarding our work. Sam Faris

We spoke to a few CPAs before hiring Sam of Faris CPA. Immediately Sam was able to pin point the problem and provided a solution to my problems with the CRA tax audit. We had a very pressing deadline to make a submission to the CRA and missing the deadline will involve significant amount of penalties that we will have to pay. Not only that Sam worked none stop to meet the deadline, he was able to save us thousands of dollars. We are also now in full compliant with the taxes and in a good standing. If you are looking for a tax consultant or you are having a CRA tax audit, don’t waste your time and money. Hire Sam Faris and you will not be disappointed.

Many thanks to Sam and well deserved 10 stars.

Response from the owner:Anish Thank you for your positive feedback. When it comes to CRA issues, meeting deadlines is extremely important and at the same time providing a top quality package is as important. This will avoid escalation with the CRA and as you realized, will save money to our clients. As in all cases, we took your case seriously and we aggressively worked on it to meet the deadline at the same time we did not compromise our work quality. I am glad that you are satisfied with the results. Posting the Google review is rewarding to our hard work too. Please feel free to contact us in the future if you have any questions. Sam Faris

Faris CPA filed my multiples years of unfilled tax returns for both my corporate and my personal. He saved me taxes and was able to waive the penalties for me. Great job team and I will recommend Faris CPA to everyone who has CRA problems.

Response from the owner:Ahmad Your five stars Google review and your positive feedback is much appreciated. All the cases that we take are time sensitive and we take them extremely seriously to avoid complications with the CRA. Meeting deadlines is essential in any case we work on. This is why we were able to save you penalties and interest as we filed all returns before CRA makes a contact with you. We will remain at your disposal anytime you need our services in the future. Sam Faris

CRA performed net worth audit to my company and my personal taxes for three years. I hired another professional at the beginning and paid him 25k. This professional did not deliver what he promised and was unable to reduce taxes as per the CRA proposal letter. I was referred to Sam by a tax lawyer who highly recommended him for any CRA audit. I consulted Sam and I googled him as well. I was impressed with his knowledge, confidence and excellent reputation and decided to hire him. Sam results at the end were way less from CRA proposal. He backed up all his numbers in a way that CRA had to accept his approach and his final numbers. I was very happy with the final tax bill after the audit was completed. I have so much respect to Sam and his work ethics. I was also happy with his fee and I think his fee is reasonable too. Thank you Sam for all your help. You saved mine and my family lives.

Response from the owner:Thank you for the positive five stars review and your kind words. Net worth audit is the most complicated audit that CRA performs where CRA has doubts that taxpayers under reported the income. This kind of audit is one of our specialties. Over the years, we have developed a unique and sophisticated strategy to defend our clients from the CRA excessive numbers. In many cases, CRA auditors acknowledged and complemented our work and our approach. We will remain at your disposal if you need our services in the future. Sam Faris

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

Mohamed Younes DEBBAGH

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

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