Looking for CPAs in Ottawa? Faris CPA will perform all your accountancy needs. We are Chartered Professional Accountants, with representation in Ottawa, offering exemplary services.
Dealing with your books and taxes can be a challenge. It’s even more dreadful if the Canada Revenue Agency (CRA) is on your neck for misrepresented tax filings, tax evasion, or any other obligation you have failed to perform. You may not even be aware of all the obligations but you risk being audited by the CRA and penalization.
Faris CPA can make your life easier by taking care of your tax problems, CRA disputes and keeping you out of trouble with the CRA. Our services are absolute and professional.
Chartered Professional Accountants in Ottawa
CPAs provide individuals and corporates with services such as accounting, financing and tax planning, filing, and auditing.
Tax laws in Canada are complex and the government takes them very seriously. You risk jail term, fine, or both for failing to file your tax returns.
One of CRA’s mandates is to legally do anything they can to collect taxes. This includes registering your debt with the Federal Court of Canada, assessing penalties, and effecting judgments by the court.
It is, therefore, important to employ the services of a CPA not only for financial auditing, bookkeeping, and accounting but also to ensure you never cross the wrong paths with the CRA.
Why Hire a CPA in Ottawa?
1. To Perform Your Accounting and Financial Audits.
As an individual or corporate, you need to know your financial status on a regular basis. Bookkeeping and audits are complex but a CPA can do it for you. We will:
- Prepare your financial statements and audits
- Handle your bookkeeping including your payroll
- Prepare budgets
- Compute taxes, prompt payments, and file the returns
2. Resolve Your Tax Problems
As mentioned earlier, tax laws in Canada are very complex to understand especially if you have no accounting background. Tax problems like missed taxes, improper filing of returns, and incomplete financial records are bound to occur.
In case the CRA audits you, you’ll be found guilty of tax evasion (whether knowingly or unknowingly) or other tax problems. At Faris CPA, we can help you avoid these problems by amending your wrong tax entries, filings, and financial statements, and ensuring such a mistake never happens again.
3. Tax Representation
If the CRA decides to perform an audit, we will represent and advise you during and after the audit. We will also reply to the audit proposal and if your books and financial statements need amendments to solve your tax problems, we will gladly do that.
Additionally, if the audit result is unfair or unfavourable, we can always file a Notice of Objection (similar to an appeal) for a more favourable result.
4. Help you in Voluntary Disclosure
If for any reason you missed paying your taxes and subsequently file your returns, whether intentionally or not, you can choose to voluntarily disclose the evasion.
Faris CPA will advise you and help you avoid the charges and hefty amounts in penalties by choosing to disclose any missed or incorrectly filed returns
There are two options to choose how you want to file your voluntary disclosure program application. You can either reveal your identity or do anonymous filing.
We will help you figure out the best way to file your application to the voluntary disclosure program (VDP). We will also advise and guide you on the two tracks program for voluntary tax disclosure.
- General disclosure for taxpayers who evade tax unintentionally and seek to amend the mistakes
- Limited Program for those who made intentional tax mistakes.
5. Help You Through the CRA’s Net Worth Audit
Sometimes, if the CRA compares your lifestyle and your income tax payments, they may decide to conduct a net worth assessment on you if the comparison doesn’t match. For a person without auditing knowledge, it can be hard to understand the terms and assumptions taken by the CRA.
In case of unfavourable results, we can counter check the Net Worth Statement to look for any mistakes like unentered liability or double-entered assets and consequently help challenge the net worth assessment results.
Consult with Faris CPA Today
Faris CPA is a professional accounting firm with many years of experience in both bookkeeping and solving CRA disputes. We have an excellent track record in accounting and have challenged and won many disputes against the CRA.
We specialize in:
- Financial Audits
- GST/HST audits
- Voluntary disclosures
Pro Tip:
If the CRA requests a net worth audit, don’t take any chances. Get a CPA to help you prepare and deal with the process.
FAQs on CPAs in Ottawa
When do I need to hire a CPA in Ottawa?
Some of the situations when you need to hire a CPA in Canada include in case you receive a letter from the CRA stating that you’re being audited, when you need to handle your tax issues including filing returns and tax problems, when you want to set your books straight, when you’ve decided to acquire, merger, or close your business, when starting a business, or when you require tax representation.
What do I do if I disagree with the CRA’s assessment?
If for any reason you disagree with the CRA’s assessment of your returns, you can write a Notice of Objection. This is a formal dispute where you state your reasons for objections and provide documents as evidence.
If you are still dissatisfied with the ruling made by CRA on your objection, you can file an appeal at the Tax Court of Canada.
What happens to me if I file my tax return late?
If you don’t file your returns by the deadline, the CRA will charge you a late-filing penalty. The penalty is equal to 5% of the amount you owe plus 1% of the balance you owe every month for up to 12 months. To avoid the late filing penalty, ensure you file your return by deadline even if you won’t pay the full amount at once.
