We solve serious CRA tax problems

Moving out of Canada or Living Abroad?

Each country imposes taxes using particular criteria. Canada draws a distinction in how it taxes a person based on whether the person is a Canadian resident or a non-resident. The question of ‘residence’ can be complex, but a Tax Accountant Toronto can help you navigate the legal maze. Residence for tax reasons is not the same as residence when considering immigration or emigration. The tests apply differently to trusts, corporations, and individuals. Not understanding them can lead to inadvertent unfiled tax returns. Having unfiled tax returns exposes you to penalties, fines, interest, and possible criminal prosecution. A Tax Accountant Toronto can help you figure out your obligations and avoid the problems that come with unfiled tax returns.

As a Tax Accountant Toronto and they will tell you that Canada taxes residents on their world-wide income. There are also complex rules that connect Canadian residents to income of foreign corporations, partnerships, and trust. The Income Tax Act also imposes information reporting obligations on taxpayers depending on their circumstances. This can all get very confusing and without the help of a Tax Accountant Toronto, people accidentally have unfiled tax returns. Changing residency status also has consequences that have to be considered. It’s not just having unfiled tax returns that can be the problem.

One scenario that often catches Canadians is when they leave Canada or go to live overseas for a while. Just because you have left Canada doesn’t mean you’ve stopped being a Canadian resident for tax purposes. You can even be out of the country for years and still have to pay tax on your worldwide income and not knowing can cause you to have unfiled tax returns. For individuals, the legal test considers a number of factors that measure your social and economic ties to Canada. The list is very long and there are many court decisions that can be relevant. A Tax Accountant Toronto can either tell you whether you’re likely still a Canadian resident or help you remain or stop being a tax resident when you leave or are living abroad.

Take this scenario. Your company offers you a job at a branch outside of Canada. Your put your home up for sale and move before it’s sold. Maybe your family stays behind to finish packing, finish school, or wait for the house to sell. They come and join you at your new place of work sometime after you leave, and you may go back to visit family while you are working outside of Canada. Maybe you intend to come back to Canada, maybe you don’t, and maybe you don’t know. Are you still a tax resident of Canada? When did you stop being a resident? These are questions the answer of which depends on your particular circumstances. There is no one factor that gives the right answer but a Tax Accountant Toronto can help you figure things out. Know what your obligations are and don’t end up with unfiled tax returns. Make sure things go smoothly by getting the help of a Tax Accountant Toronto today.

FAQS

Is there an exit tax to leave Canada?

Yes. When you leave Canada, you are deemed to dispose of all of your property at its fair market value immediately before you cease to reside in Canada (even if you have not actually sold it). This deemed disposition triggers a departure tax on the gain accrued on this property before your departure.

How much do you get back in taxes for moving expenses in Canada?

The CRA has stated that your employer can provide you with a non-accountable allowance of up to $650 as a reimbursement of moving expenses. The allowance will not be considered income provided you certify in writing that you incurred moving expenses of an amount at least equal to the allowance you received.

How do you let CRA know you moved out of Canada?

You can update your information to the CRA online using the CRA’s My Account service, or by calling the CRA at 1-800-959-8281. The Agency also accepts address changes by mail. You can also update by phone using the Individual Income Tax Enquiries line at 1-800-959-8281. The CRA will ask you for your name, address, social insurance number, date of birth, and other information from your tax return or notice of assessment.

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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.

I was referred to Mr. Faris by another professional who recommended him to deal with my multiple years of outstanding corporate and tax returns. I interviewed Sam and was impressed in his confidence and transparency. He did not promise the moon just to get my business. Sam was able to file all returns under the voluntary disclosure program. After completing filling all tax returns, I realized the amount of money he saved me. I enjoyed very much working with him. He ensured that the work progress flow smoothly without any complications. He took to consideration the emotional stress factor and he was available to speak with me even beyond business hours just to make me more calm and to make me feel that he is on top of the matter and it will be resolved to my satisfaction. Indeed, this is what happened. The matter was resolved to my satisfaction and CRA concluded that the returns which Sam filed are reasonable and there is no need to further audit me nor my company. In summary, Sam is a life saver. He saved me and saved my family and now I am in the right track where all my tax filing obligations are met and I don’t owe any taxes. So grateful to Sam and his dedication while working on my file.
Response from the owner:Raj Thank you for the positive Google review. We are happy that you are satisfied with our services. Voluntary disclosure program is one of our specialties and we have dealt with many complex cases too. We get referrals from other professionals as we have been in the business of fighting CRA many years and we have countless success stories that many professionals are aware of. Please do contact us if you require further help in the future.
Sam is an excellent CPA and the best tax consultant in the country. He helped me to deal with a very complicated tax audit with the CRA where the CRA sent me a proposal assessment of 1.5 million dollars based on their net worth audit calculation and analysis. Sam was able to provide a counter analysis which highlighted significant mistakes that the auditor made with his assumptions and calculations. It’s ridicules that CRA wanted to taxed me on a loan that I obtained from my bank. Sam dealt with this audit perfectly. He demonstrated a very high level of expertise and CRA had to accept his counter analysis with no question asked. Many thanks to Sam’s efforts and high business standards in dealing with this issue and resolve it to my favor. I will have Sam as my primary CPA going forward so I can focus on doing business and will have a peace of mind in terms of the high quality of work done by him. Well deserved this review with the 5 stars rating.
Response from the owner:Yash Thank you for the positive feedback and the 5 stars Google review. We are glad that you are happy with our service and you are satisfied with the outcome. Net worth audits are very complicated and disputing them might get very tricky. We have been dealing with the same types of audits for many years and we are confident in fighting CRA and to point out mistakes that the auditor have made while performing the audit. We will remain at your disposal anytime you contact us in the future.
Sam Faris helped me with a complex cross border tax matter. This issue involved 12 years of tax returns and it was as a result from mistakes that my previous accountant did. He was able to perfectly address the issue with the CRA and to fix the returns under the voluntary disclosure program. End results; CRA accepted Sam’s work with not a single question and the returns were reassessed to my satisfaction without penalties and interest. Many thanks to Sam brilliant work.
Response from the owner:Dear Sir It was a pleasure working on your file and get you the results that you aimed to have and to your satisfaction. We have been dealing with similar cases for many years and we were confident that the results are favorable. Please feel free to contact us in the future if you do require further help.
I found Sam’s firm online and I read the excellent Google reviews about him and his team. I decided to hire him to help me navigate an issue with the CRA. Sam delivered as expected and as promised. Results were to my satisfaction and I am very happy with how the process was handled. Highly professional and extremely knowledgeable.
Response from the owner:Dear Tanya Thank you for the 5 stars Google review and your kind words. We strive to provide the best customer service and make our clients relax and calm during the process. The cases we are taking are very sensitive so providing quality work to the CRA is extremely important so just to avoid any escalation and to make sure that our package is accepted from the first round. We will remain at your disposal anytime you require our services. Sam Faris
You will notice Sam is very quick with his responses. He knows his stuff and gives solid advice. Highly efficient, would recommend.
Response from the owner:Dear Jay Thank you for the 5 stars positive review. Working with you was pleasant too. Many thanks for your business and please do feel free to contact me if you have any questions. Sam Faris
after the initial assessment I had with Sam, he proposed a strategy to dispute CRA decision. He knew up front how to approach my case as he seemed that he dealt with similar cases many times. I hired him the end results were as promised and no surprises. Sam is very trust worthy and has a high business standards. May thanks Sam.
Response from the owner:Many thanks for the positive review.
I recently turned to Faris CPA for help with my tax filing, and I must say, I'm over the moon with the results! The whole process was a breeze, saving me time and stress. What really stood out was the friendly professionalism, impressive expertise, and crystal-clear communication from Sam and his team. They made what could've been a daunting task feel like a walk in the park! If you're looking for a warm, approachable tax expert who genuinely cares about his clients, I wholeheartedly recommend Sam and the folks at Faris CPA - they're great tax consultants!
Response from the owner:Many thanks.
Working with Sam and his team was an extremely valuable experience. One of the best Tax consultants in Toronto I've ever come across.

He has a ton of experience resolving problems with the CRA and was truly a big asset to me when I had issues I needed help with.

Would highly recommend Sam and Faris CPA, thanks again for all the great work!
Response from the owner:Thank you Paul for your positive feedback and we are glad we met your expectations.
I had an amazing experience working with Faris CPA for my CRA needs. They really know the CRA processes and made everything so easy. They were super professional, always ready to answer my questions, and made sure everything was done right. I couldn't have asked for better help. Highly recommend their services for anyone dealing with the CRA! -Sara
Response from the owner:Thank you Sara for the 5 stars review.