We solve serious CRA tax problems

Real Estate

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Canada first introduced capital gains taxation in 1972. The GST is a federal, value-added tax that applies to the supply of most goods and services in Canada. Almost everyone has to pay GST/HST on the purchase of taxable supplies of goods and services, and on gains realized on the disposition of capital property. These tax can apply to both residential and commercial real properties.

The application of evolving accounting and tax rules to real estate business realities remains a significant challenge. The increase in complexity in the terms of real estate transactions has resulted in diversity of practicesfor revenue recognition by companies in this sector.

Success will require weighing the advice and real estate investing and tax strategies of several professionals – lawyers, insurance agents, lenders, and accountants. This combination of experience is needed to realize the full benefit of your real estate investments.Whether or not push-down accounting for financial statements is appropriate for a particular real estate company requires careful consideration of a number of factors.

The real estate industry is highly susceptible to changing demographics, interest rate, and economic indicators. To maintain a competitive edge, companies need to ensure that they are taking calculated risks and seizing the right opportunities.

At Faris CPA, we understand challenges facing the real estate industry and the concerns of CRA officials. We can bring clarity and simplicity to the issues and complexities that your organization faces on a day-to-day basis by providing high level accounting, financial, taxation, and business advisory services.

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

Testimonial

“I run a small successful business and before some time, I had to do a complex CRA tax audit that was beyond my capacity. I badly needed a good accountant to take care of it. I came into contact with Sam Faris and his team of accountants who fought CRA for me. I have to say, they helped me very much. If you need an expert CPA, Sam Faris is the one I’d recommend.”

Alexander P.
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.

Faris CPA was awesome! I cannot express how grateful I was during my tax audit.

Super kind and approachable- they took the time to explain the entire process. They answered all my questions/concerns and made sure I understood everything.

They made sure nothing was overlooked and would keep in touch with me should they need any docs as well as asked me questions to ensure accuracy.

I really appreciated their dedication and expertise! For anything tax-related, I truly recommend Faris CPA.
Response from the owner:Thank you Donald for your five stars review. We will remain at your disposal if you need our services in the future.
Great experience dealing with Sam Faris and his team. They were transparent, patient with their explanations and they meet all promises. Highly reliable and trustworthy firm. They promise and they meet all their promises. If you are looking for the best tax consultant firm, I highly recommend Faris CPA.
Response from the owner:Many thanks and much appreciated for the kind and positive review.
Sam Faris is a consummate professional whose expertise, clarity, and warmth make him worth every penny. If you need clear answers and effective solutions for complex situations, he’s your go-to.

I only write reviews when they’re truly deserved, and after meeting with Sam, I’m compelled to share my experience. I’m meticulous about researching professionals before reaching out, and Sam exceeded my expectation.

From the moment I arrived for a consultation on a nuanced issue, Sam greeted me with a warm yet focused demeanor that instantly put me at ease. He was fully present, diving into my situation with laser-like attention.  As I explained my case, he listened intently, then walked me through each aspect with clear, concise expertise, pausing to ensure I had no questions before moving forward. His ability to break down complexity into actionable insights was remarkable.

What stood out most was his honesty and confidence. He calmly assured me that my situation, while intricate, was well within his expertise—backed by his extensive track record of handling far more complex cases. His steady presence and thorough understanding left me feeling reassured.

Sam's stellar reputation, reflected in his consistent high reviews, is no fluke. He’s the real deal: an upstanding professional whose integrity and skill are rare in today’s world. If you’re facing a challenging situation and need straightforward answers, reassurance, and results, contact Faris.
Response from the owner:It has been pleasure working with you and feel free to contact us in the future for any further help needed.
Thank you for all your help. Reliable and highly professional firm.
Response from the owner:Thank you for the positive review.