CRA Specified Investment Business Definition

The income earned by a specified investment business is not eligible for the small business deduction. This makes it important to know what kinds of businesses are specified investment businesses.

MEANING OF SPECIFIED INVESTMENT BUSINESS

A specified investment business is a business carried on by a corporation, not an individual. It is a business, other than the business of leasing real property, the principal purpose of which is to earn income from property. Income from property includes, but is not limited to interest, dividend, rental, or royalty income.

There are a few more exception

the most important one of which is the number-of-employees exception. Even if the principal purpose of a business is to earn income from property, where the corporation employs more than 5 full-time employees (directly or indirectly through associated corporations) in the business for the entire year, the business will not be a specified investment business.

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“Sam handled a complex and urgent tax situation with professionalism, attention to detail, and speed. He quickly sorted out the situation with the CRA and made significant improvement to my overall tax situation. I recommend Sam and his team to anyone who needs fast, reliable tax help that you can trust.”

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Faris CPA | Toronto Tax Accountant

4.9

Based on 224 reviews

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Paulina R

1701920055

Very helpful and super efficient. Sam is an expert with tax problems and will help you in every aspect with the least cost. Thank you so much for all your hard work!!

jonathan sousa

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Scott Dalziel

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Sam and Edward were extremely helpful and very timely in providing their services! They provided great service at a very reasonable price.

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Colin Simpson

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Very professional and high work ethics.

Ryan Butao

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Ana Santos

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Amazing work and great exceptional service.

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Edden Y

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Sam Faris is highly professional and keep his promises. He promised me a fair resolution to my tax issue and he met the promise. His fee is very reasonable too.

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Sam helped me out with a complicated (to me) tax issue I had. He was super responsive and walked me through everything. I had a follow up question a few months later and he responded within an hour. Highly recommended.

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Very professional support for international taxes.

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Sam is extremely knowledgeable with tax issues with CRA. He provided me the best advice which saved me from troubles. His fee is reasonable too. Thank you Sam and I will recommend you to my people.

peter lozier

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I had the absolute pleasure of working with Sam Faris and I can't express enough how thrilled I am with the service I received. From start to finish, the experience was seamless and efficient.Sam is a true expert in Canadian tax regulations. he demonstrated an impressive knowledge of the Canadian tax code, which immediately put my mind at ease. He was able to answer all my questions and provide valuable insights that helped immensely with Canadian tax laws.What truly sets Sam apart is their incredible speed and attention to detail. I submitted my tax documents, and he worked diligently to complete my return in record time, all while ensuring it complied with the Canadian tax requirements. I was amazed at how swiftly they turned around my taxes without sacrificing accuracy. It's evident that he has a deep understanding of the Canadian tax system and can navigate it with ease.Throughout the entire process, Sam was not only professional but also incredibly personable. They made what is typically a stressful time of year into a stress-free experience. Their friendly demeanor and willingness to explain complex Canadian tax concepts in simple terms made me feel valued as a client.

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I received the best tax advice for my international tax issue. Thank you Sam for all your help.

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Sam helped me with the voluntary disclosure program to file all my outstanding tax returns. He saved me taxes and penalties and his fee is very reasonable. I highly recommend him to any problems with CRA.

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Best Service

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Thank you for everything you have done for me-

Ken Weakley

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Michael Pallotta

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Faris cpa and his team recommended to me by a family member. Many thanks to Sam Faris and his team for all of their hard work. I highly recommend Sam Faris and his team for any tax problems with CRA. 10 stars

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Dealt with top tax lawyers in the city and they could not get me good results. I was referred to Sam Faris by another tax lawyer. Sam has dealt with my case perfectly and got me the best results i would expect to get. Dont pay legal fee. Hire Sam and he will do it all and will be sleepless until your case is settled to your satisfaction.

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Faris cpa help me ti file my outstanding tax returns for many years under voluntary disclosure program. he exceeded my expectations. he saved me lots of money and more importantly i can sleep well at night. thanks Sam and team.

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Direct Limo

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Top tax expert in the country. Sam has helped me with a big issue with CRA. He exceeded my expectations and now I live peacefully as I have Sam around to protect me.

KV NT

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Angelo Vretos

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Very Professional, Expert in CRA disputes and I would rate him 10 stars.

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Sam is very knowledgeable and an expert in CRA tax disputes. Highly recommend!

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Sam is professional and an expert in CRA tax disputes.

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Sam is professional and an expert with CRA tax disputes

N S

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Sam is the best accountant I've worked with. He's fast to reply, extremely knowledgeable, and I wouldn't have known what to do without him. He helped me with my VDP / Voluntary Disclosure Program with the CRA, and took care of everything for me. Everything went through just fine and he saved me so much money. I can't recommend Sam enough.

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I wasn't on top of my taxes for a couple of years and needed to do a Voluntary Disclosure Program (VDP) with the CRA. Sam has been absolutely amazing, and brought a sense of urgency and speed that I have sorely missed with previous accountants I considered. He took care of everything with the utmost professionalism, was always on top of things, and extremely fast with emails. 10/10 professional, recommended especially for VDP.

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Oday Ridha

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Excellent Service from a Very Honest person

Level Up

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Sam is the type of person who actually cares about the results of his work. Sure you can find an infinite amount of CPA's that are willing to input information but Sam will actually take his time to ensure the work is done properly, and accurately!I cannot recommend Faris CPA enough, He is and has been helping me through a lot of complex and complicated situations. You will not be upset with your decision to invest into yourself and your business when hiring Faris CPA.

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Best tax expert in town. Thank you Sam for all your hard work.

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Best tax expert in town. Life saver once it comes to CRA problems. Sam helped me a lot with my tax problems and I truly admire his work quality and his commitment to help me. His fee is reasonable. Don’t bother to hire a tax lawyer hire Sam and he can do it all with the least cost.

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Was very helpful and fast even when I contacted him 2 years later on something he remembered my name and my issue

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Great tax filing experience, No 1 on Toronto with tax issues 😊

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I would highly recommend Faris CPA for anyone seeking top-notch tax services or assistance with voluntary disclosure. I look forward to working with them again in the future. Thank you Sam for your exceptional service!

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Sam and his team are very professional and have a high work ethic. They are specialized in accounting and tax disputes with CRA. Their services are second to none. Highly recommend the firm.

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Best tax office in town! Expert in tax problems with CRA. 10 stars!

ANTHONY ANDRADY

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D Bah

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Chris Matusiak

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Patient, understanding and reliable are all words I would use to describe Sam Faris. He'll personally address all your concerns and needs. I'm a current customer and will continue using his services down the road for both personal and soon business taxes.

Nick Bournas

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Great support from Sam Faris while handling the voluntary disclosure process. Sam saved me significant amount of money and got me a peace of mind by filling all outstanding tax returns. 10 stars

Christina Brown

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I hired Sam of Faris CPA to handle my tax problems. He was able to resolve all issues with the least cost. I highly recommend him to handle any tax problems with CRA. I appreciated his integrity and professionalism.

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CRA Specified Investment Business Definition

MEANING OF SPECIFIED INVESTMENT BUSINESS

There are a few more exception

Testimonial

Heather Krause

Get your CRA issue resolved so you can sleep at night

Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

Testimonials

Get your CRA issue resolved so you can sleep at night