We solve serious CRA tax problems

Foreign Asset Reporting System

Written by Sam Faris

Published on November 21, 2019

Last updated December 5, 2023

Table of Contents

    CRA has developed a simplified foreign asset reporting system for persons owning less than $250,000 of a specified foreign property throughout the year. There is no change to the $100,000 threshold for reporting. This change is applicable to taxation years ending 2014.

    About the Author

    Picture of Sam Faris

    Sam Faris

    CPA, CGA, LPA, CPA (C.O.) (Expired), FACCA (U.K.)

    Sam Faris, President of Faris CPA, is a Licensed Public Accountant in Ontario, with affiliations to CPA Ontario, CPA USA, and FACCA U.K. Since 2003, he's excelled in resolving CRA disputes and tax audits. His firm offers diverse services, from bookkeeping to corporate tax planning, serving a wide client base. Renowned for his formidable track record against the CRA, Sam is a committed advocate and expert in tax resolution.

    Learn more about Sam Faris
    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.

    Testimonials

    Faris CPA | Toronto Tax Accountant
    Faris CPA | Toronto Tax Accountant
    4.9
    Based on325reviews
    See all reviewsWrite a review
    Fadwa Layous
    Fadwa Layous
    1745074093
    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.
    Louis Makhoul
    Louis Makhoul
    1745070683
    Thank you Sam for your guidance and walking me through the implication of being taxed in Canada as a US resident. You help is very helpful and informative.
    Filippo Alviani
    Filippo Alviani
    1745016692
    It was a pleasure working with Mr. Faris. He is highly respectful, meets his promises and has a very high business standards. We approached Mr. Faris as we needed help in a tax audit. We have hired a tax lawyer to help us before but he did not deliver. We were referred to Mr. Faris by one of his clients who highly recommended him to us. Mr. Faris met our expectations and was able to deliver a package to the CRA to resolve the situation to our satisfaction. We are glad that we met him and used his services.
    michael Gebregziabiher Tekie
    michael Gebregziabiher Tekie
    1744494716
    I am very grateful to Mr. Faris and his team. I appreciate their expertise, support and professionalism in my most difficult time in life fighting the CRA. They were always made me feel that I am in a good hands and the results that they got very impressive. If you have any problem with the CRA, hire Faris CPA as they are top notch tax firm.
    Kamalpreet Singh
    Kamalpreet Singh
    1744210173
    I recently had a consultation with Mr. Faris regarding a CRA audit. He was very knowledgeable. He helped me to get a fair understanding of my situation and reduced my stress level by suggesting a very good approach to address the audit and how to eliminate unfavorable audit results.
    Husna A
    Husna A
    1744125375
    I had the pleasure of working with Sam during a CRA audit, and I can confidently say he is an expert in his field. His deep understanding of tax laws and CRA procedures was immediately clear. Sam is incredibly thorough—he reviewed all my documents with precision, identified areas that needed attention, and ensured everything was in perfect order before submission.

    What really stood out was his strategic thinking. Sam didn’t just react to CRA inquiries—he anticipated them, prepared strong responses, and communicated with the CRA on my behalf in a professional and effective manner. His ability to break down complex tax language into something I could actually understand was a huge relief.

    Beyond his technical skills, Sam is patient, calm under pressure, and genuinely dedicated to helping his clients. I never felt rushed or overwhelmed—he made a stressful experience feel completely manageable. If you need help with a CRA audit or any tax-related issue, Sam is the person you want in your corner. Highly recommended!
    A McLean
    A McLean
    1743781009
    I was referred to Sam Faris by a family member as I needed tax help from a professional and tax expert. I met in person with Sam and explained the tax audit that I am having. Sam reviewed all the documents that I have and reviewed my tax history and figured what triggered the red flag by the CRA. It was the wrong filling by my previous accountant. Based on Sam’s experience with similar cases, he determined the best approach to fight the CRA audit. I trusted his advice and I decided to hire his services. As expected, Sam kept his promises and worked aggressively on my file based on the approach that he determined when I first met him. Long story short, the results that he achieved for me were very sufficient. I had to pay a very minimal tax bill compared to what the CRA proposed at the beginning. My life is back to normal now and CRA is not part of it anymore. I can’t thank Sam enough for the great work that he has done for me.
    Petros Neguse
    Petros Neguse
    1743720410
    Sam Faris was very helpful in providing the approach for my corporate audit with the CRA. His approach saved me time, money and of course emotion in dealing with the CRA. The work was performed on timely basis and with the budget so there were no surprises.
    Derrick Brampton
    Derrick Brampton
    1743688002
    Working with CPA Faris and the team on an issue I had with CRA was stress free and such a breeze they are attentive to customers needs and the seamless service is second to none they resolved my issue swiftly and I’ll definitely be recommending there services
    Deniese Scott
    Deniese Scott
    1743625116
    I had an excellent experience working with Sam Faris. Their team is knowledgeable, professional, and incredibly efficient. They took the time to understand my situation, provided clear explanations, and ensured I received the best possible outcome. The process was smooth, and they handled everything with great attention to detail.
    If you’re looking for a trustworthy and reliable tax firm, I highly recommend Sam Faris. Their expertise and customer service are truly outstanding!
    Aymann El-Hakim
    Aymann El-Hakim
    1743623387
    Sam and his team are amazing. They know how the CRA operates and are able to get results based on your actual numbers - not the inflated CRA ones. Faris CPA really are life-savers!
    Benjamin Daniel Vrdoljak
    Benjamin Daniel Vrdoljak
    1743551655
    I had the pleasure of working with Sam Faris to deal with a complex matter with the CRA, and I am very satisfied with his services. He provided exceptional support and guidance. He demonstrated commitment to my case and was on top of every task I hired him for. I felt I am in a very good hands and was confident with his capabilities.
    mahdiyeh hezarkhani
    mahdiyeh hezarkhani
    1743550971
    Sam is a professional who cares about his clients and provides a high level of service. His professionalism and work ethic makes him a respected CPA and his high level of customer service makes him a good businessman. It is a true pleasure to work with him and I highly recommend him as a CPA.
    DISTINCTIVE HARDWOOD & RENOS
    DISTINCTIVE HARDWOOD & RENOS
    1743537779
    Sam and his team were both wonderful to deal with. They are professional, knowledgeable, and always quick to respond to any questions. They helped me through a difficult time with the CRA audit. Their attention to details and dedication very much appreciated.
    Amanda Leigh
    Amanda Leigh
    1743430019
    I had an excellent experience with Sam and his team. They were professional, responsive, and took the time to understand my needs. Their expertise in accounting and tax laws helped me navigate my finances with ease. I highly recommend FARIS CPA for anyone seeking reliable and personalized accounting services
    Tara B.
    Tara B.
    1742833017
    I found Sam Faris to be very professional and helpful. He took the time to answer my questions and concerns. I’d made a mistake reporting income from the United States, so I had to file amendments for several years of taxes, submit an application to the VDP, and file a few years that I was behind on. After I struggled for months just trying to figure out where to start, Sam got it all done in just three days. I appreciated his step-by-step method of collecting information that was never too overwhelming.
    Alla G
    Alla G
    1742319038
    Very Pleasant to deal with and extremely knowledgeable with tax issues
    Thank you Sam with all your help and support.
    zeina moalem
    zeina moalem
    1742082267
    i scheduled a consultation with Sam regarding some tax questions. Sam has answered all my questions to my satisfaction. he was friendly, patient and very polite. he also waived the charge for me. many thanks to Sam.
    Delina Tekle
    Delina Tekle
    1741545648
    Great help from Faris CPA. I had an initial consultation with Mr. Faris. He provided a perfect tax advice. I was confident with his advice and decided to hire his firm. Sam did not disappoint me. His services were second to none. His fee is reasonable as well comparing to other 2 firms that I consulted with.
    IKRAM HUSSAIN
    IKRAM HUSSAIN
    1741373406
    Supper knowledgeable with tax matters with the cra.
    I was referred to Sam by a family friend who has dealt with him during a tax audit. Sam help me out to resolve my audit with the CRA. He was prompt in replying and have high business standards. Sam responded to the unfair proposal letter by the CRA and was able to convince CRA that their tax numbers are incorrect. He submitted to the CRA a very sophisticated package which was perfectly backed up and reconciled. As a result of Sam submission, CRA accepted his package with no question asked. Many thanks to Sam and his team. Muhammad ikram Convenience store
    M “Moss” T
    M “Moss” T
    1741360189
    Sam and his team helped me to correct my corporate books as a result of the previous accountant sloppy and carless accounting and bookkeeping. He was able to file amended corporate tax returns plus amended personal tax returns under the voluntary disclosure program in a very short of time. He saved me lots of money with his brilliant tax planning and all around creative tax and accounting strategies. I am grateful to his help. His fee is reasonable considering the quality of work that he provided. Don't waste your time by hiring another firm or a tax lawyer. Sam can do it all to your satisfaction.
    Asmeret
    Asmeret
    1741359097
    Excellent work with respect to a very complicated tax matter with the CRA. Very happy with the outcome. Thank you FARIS CPA with all your help.
    Doris Malkowska
    Doris Malkowska
    1741029286
    Sam helped me and my family during a tough time with the CRA. He provided an amazing support and got us favorable results. Thank you Sam and will recommend you to friends and family.
    Peggy Lipp
    Peggy Lipp
    1740750895
    We found Sam Faris over internet and trusted him with a complicated task and short timeframe. He submitted everything to our satisfaction and was accurate, fast responding, and detailed oriented. We are very happy to have trusted him. Thank you!
    Asqeri Kasmi
    Asqeri Kasmi
    1739577896
    I had a meeting with Sam. He is an expert of the field and very professional. He provides the right solution and the respective plan and works diligently to complete his work on time. He and his staff of CA are experts of the field. Strongly recommended.
    Ideal Air Inc Office
    Ideal Air Inc Office
    1739388293
    While I can’t provide details on my case and I usually don’t like to post Google reviews but I made an exception for Sam Faris. I absolutely recommend Sam to deal with any tax dispute with the CRA. He is efficient, creative and highly knowledgeable and experienced in successfully fighting the CRA. Many thanks Sam.
    J Ballan
    J Ballan
    1738865094
    Honestly you don’t need a tax lawyer to solve your tax problems with the CRA. Save legal fees and hire Faris CPA team. I hired the team and they handled a very complex audit. Their approach to the audit was second to none. The amount of work and in depth analysis provided to the auditor and his team leader was extremely helpful to reduce the tax bill to a point where I was super satisfied.
    Nadeen Awad
    Nadeen Awad
    1736621506
    Sam Faris and his team helped me with a very complicated CRA audit. He was very aggressive with his approach and was able to reduce the tax bill big time. My life is back to normal now as CRA case is closed to my satisfaction. Many thanks to Sam and his team.
    Sami Haddad
    Sami Haddad
    1730671240
    Excellent, well knowlegable team and efficient service. Thanks for all your help.
    Rula Haddad
    Rula Haddad
    1730671108
    Excellent service..
    Atifa Lattif
    Atifa Lattif
    1730053571
    Sam Faris and his team helped me with a very complicated audit by the CRA.their approach and the way my case was handled was beyond my expectations.he saved me from getting a significant tax bill and more importantly CRA was convinced with Sam argument and accepted his submission and my case is closed now. I did not have to go through objection and pay more fee and live restlessly anymore.I highly recommend Sam and his team.
    Abe Matar
    Abe Matar
    1728938693
    Thanks you Sam for all your help. You made the work process very easy to us.
    Melika Ardestani
    Melika Ardestani
    1727649993
    He’s very professional and gave me a lot of advice about taxes and my tuition at university. I highly recommend him!
    Hudaynazar PETIYEV
    Hudaynazar PETIYEV
    1727452195
    Sam helped me to file my 10 years personal tax returns. He made the process super easy and stress free. CRA accepted the package with no single question asked. He is highly knowledgeable, down to earth and easy to deal with.
    M G
    M G
    1726589253
    I interviewed 5 CPA firms before hiring Mr. Faris. During the initial assessment he was able to identify a huge mistake that CRA has done. He was able to perfectly communicate this mistake with me and explained how this mistake should be corrected. Mr. Faris assured me that the CRA will have to correct this mistake which will result in saving huge amount of taxes and penalties and interest. Mr. Faris worked around the clock including weekends to meet the pressing deadline. In summary, he met all his promises and of course did not disappoint me. All these sleepless nights worrying about the CRA are gone now and of course thanks to Mr. Faris who has changed my mind about the accounting and the tax profession forever.
    Ana Miletic
    Ana Miletic
    1726541724
    The best CPA and tax firm in the country. Worked with so many CPA firms but Faris CPA is the best by far. Highly professional, knowledgeable, pays attention to details. His fee is very reasonable comparing to other CPAs. I highly recommend the firm.
    Dusan Caricic
    Dusan Caricic
    1726227765
    Sam was able to sort out my US and Canadian tax returns as a result of errors made by my previous CPA. He was able to identify every little mistake on the returns and saved me taxes and penalties. I highly recommend Sam and his firm for all tax and accounting needs.
    T D
    T D
    1726168345
    We approached Sam 10 years ago when CRA was auditing us and our business. Sam was able to handle the audit properly and resolved it to our satisfaction. Since then, Sam has been our family and business accountant. His service is reliable, professional and efficient. Also his fee is reasonable. I already referred to Sam family members and friends who are super happy with his services.
    Gerda Saryte
    Gerda Saryte
    1725833115
    MR. Faris has given me a great advice and helped me through complicated tax issues with the CRA.
    Petar Przuljevic
    Petar Przuljevic
    1725785018
    Sam Faris challenged CRA proposal regarding selling two of my properties. Sam was able to convince CRA that the sale of those properties was not business in nature and not subject to HST. His response was based on detailed analysis and supported with court cases. Many thanks to Sam for saving me money and the hassle with the CRA.
    Sterling B
    Sterling B
    1725482811
    Sam is honest and highly responsive. He's a very hard worker and gets things done quickly. I can't recommend him enough.
    Peter J
    Peter J
    1725379584
    I recently hired Faris CPA for a tax dispute with the CRA. Sam and his team were very professional and knowledgable in dealing with my concerns and tackled my issue head on. Their communication was particularly noteworthy as they answered all of my questions throughout the process in short time. Definitely recommended.
    Brkovic Zorka
    Brkovic Zorka
    1725358810
    Sam Faris is a reliable and highly knowledgeable with what he does. Sam delivered a strong and convincing package to the CRA regarding my case. He worked tirelessly to meet a very tight deadline. He was able to object the CRA decision and knocked down the taxes significantly. I highly respect him on both personal and business levels. He is a man of his word. I will definitely recommend him to family and friends. Many thanks Sam.
    Sotiris Yannopoulos
    Sotiris Yannopoulos
    1725226185
    Sam deserves all the 5 stars reviews that he already received. He has done an amazing job with regards to my case with the CRA.
    Marko Krawcow
    Marko Krawcow
    1725062049
    By far one of the most enjoyable experiences I’ve had with a tax specialist. I can truly say this is the most professional and hardworking person I have ever met. He spared no time getting to work, not only was he extremely efficient but a great communicator. If you’re looking for someone to help you figure out your finances, message Sam. I have no regrets, only wish I had done this sooner.
    helene ghaleb
    helene ghaleb
    1725053083
    Working with Sam and his team for the last 7 years has been a pleasure. Their attention to details has been essential in assisting me to navigate complex tax and accounting matters. Sam and his team are always prompt in reply to my questions and fully dedicated to my file. I highly recommend their services to anyone in need of top-notch accounting and tax support.
    stjoseph cafe
    stjoseph cafe
    1724640445
    Lucky that I retained Faris CPA to deal with the CRA. I have no complaints whatsoever. My file was dealt with on a timely and efficiently basis. With the least cost.
    CIFS Ottawa
    CIFS Ottawa
    1724638931
    The firm performed tax planning to my organization. I am very happy with the results and the performance.
    Will Noja
    Will Noja
    1724517164
    I had a consultation with Mr. Fares last week and explained my issue with the CRA. Sam provided a great advice. Further he recommended not to hire a professional and pay money while he thought that I can handle the issues on my own. Obviously he looked at my best interest rather than to pay him more unnecessary fee. He is reliable and trustworthy and I would recommend him to anyone in need for this kind of services.
    Sahar Ghantous
    Sahar Ghantous
    1724511412
    Sam helped me to resolve a serious audit with the CRA. Throughout the process, Sam demonstrated skills, knowledge and expertise in accounting and the tax rules. He was able to challenge the auditor and prove why her assumptions were inaccurate.
    I feel safe and confident to have Sam and his team as my representative in any future tax and accounting related matters.
    Jack
    Jack
    1724373648
    Thanks for your help, amazing service 👍
    Danijela Sljukic
    Danijela Sljukic
    1724094925
    Working with Sam at Faris CPA was an excellent experience. His deep knowledge and professionalism made navigating a challenging audit with the CRA much easier. Sam was highly responsive, addressing all my concerns and guiding me through every step of the process. I'm very pleased with the service provided and would highly recommend Sam and the Faris CPA team to anyone in need of dependable accounting and tax support.
    D C
    D C
    1724088666
    I recently worked with Faris CPA regarding my many years of outstanding personal and corporate tax returns. Sam has submitted all returns under the voluntary disclosure program, he was incredibly helpful throughout the entire process. He was knowledgeable, responsive, and took the time to explain everything in detail. Thanks to his expertise, I felt confident in my decisions. I highly recommend Faris CPA, especially if you have the chance to work with Sam!
    More reviewsjs_loader

    Get your CRA issues resolved so you can sleep at night

    Tax Help Now
    Get your CRA tax issues solved
    844-340-5771 OR Schedule Assessment
    Get your CRA tax issues solved
    844-340-5771 OR Schedule Assessment