We solve serious CRA tax problems

CRA Tax Assessments in Toronto

If you need help with CRA tax assessments, you don’t need a tax lawyer. At Faris CPA, we’ve been assisting with CRA tax assessments and saving taxpayers unnecessary legal fees for over a decade.

Tax assessments are an important part of your submission process. Even after you’ve submitted your tax return, the Canadian Revenue Agency is responsible for reviewing your documents and determining if there are any discrepancies or simply stating what you owe or are entitled to as a return.

GET YOUR TAX PROBLEMS SOLVED BY FARIS & TEAM

TAX ASSESSMENT EXPERTS IN TORONTO

Tax Assessment Experts in Toronto

Faris CPA is proud to be a leader in tax accounting with over 15 years of industry experience. Our tax accountants in Toronto specialize in CRA tax returns and assessments for individuals and a wide range of businesses in Toronto, including retail, distribution, construction, and non-profit organizations.

Our income tax assessment experts work with clients to ensure they understand the entire tax process from the moment they file their returns to any discrepancies or inquiries brought forth by the CRA.

When you’re presented with an NOA, we’ll work with you to translate any confusing language, determine if you owe any money, and ensure you’re met with quick and innovative tax return and assessment solutions.

Ensure Accuracy in Your CRA Tax Assessment
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CRA Notice of Assessment

Understanding Your NOA

When it comes to filing your taxes, the CRA will engage in what’s known as a notice of assessment. Your NOA is a complete evaluation of your tax return and is sent every year after your return has been filed.

Your NOA consists of various key details related to your taxes, including the date your return was reviewed and all details related to the amount of money you owe or will be receiving as a refund or credit.

Challenging Your NOA

If you’ve received a corporate or personal income tax assessment from the CRA and believe their findings are inaccurate or unfair, there may be opportunities to challenge your audit results with the help of a professional CPA.

Once you’ve received your NOA, time is of the essence. You have 90 days to object to your tax return assessment through the Income and Excise Tax Acts. The first of those 90 days begins at the time your notice is sent, not when it’s been received.

Your corporate or personal income tax assessment objection must be filed with the CRA and include all relevant information, including dates, the reason for your objection, and any other relevant details.

Find Tax and Assessment Help in Canada

At Faris CPA, our accounting professionals help clients understand the intricacies of their NOAs and the appropriate next steps. If there are grounds to object to your tax return assessments, our team will ensure you have all the information you need to submit your claim.

We understand the complexities and nuances involved in tax filings, returns, and income tax assessments from the CRA. Whether you’re looking to submit an objection to your corporate or personal tax results, we’ll help you navigate the next steps with ease.

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Hire an Experienced CPA for Your Tax Return Assessment

Hire an Experienced CPA for Your Tax Return Assessment

Faris CPA is proud to be a leading accounting firm with over a decade of industry experience and expertise. With our trusted President, Sam Farris, at the helm, we’ve helped thousands of Canadians navigate the nuances of their tax filings, returns, and assessments.

Understanding the details of your income taxes and CRA assessments can be an overwhelming process. We work closely with our clients to ensure they have the appropriate tools and resources to proceed with the next steps.

Whether you’re looking to understand the details of your corporate or personal income tax assessment, trust Faris CPA to ensure your financial needs are met.

Other Services

Faris CPA is proud to offer a wide variety of tax-related services, not limited to:

FAQS

What is a tax assessment?

A tax assessment — known in Canada as a notice of assessment or NOA — is the process of determining the overall value, and often use, of your property or income. With this information, the CRA can determine if you’re entitled to a tax return or if you owe money to the federal government.

Why am I receiving a notice of assessment?

A notice of assessment is sent by the CRA to outline the details of your tax return and any refunds or owed amounts. Assessments are typically received approximately two weeks after filing a return and can contain a host of valuable information, including eligible tuition credits and maximum RRSP contributions.

With the details of your taxes outlined in your assessment, you can determine if there are necessary next steps regarding paying what you owe or disputing claims by the CRA.

What’s included in a tax assessment from the CRA?

Tax assessments from the CRA typically include four components:

Account Summary

This section is at the top of your assessment and includes either the amount of taxes owed and the payment deadline, notice of zero balance, or the amount you’ll receive in the form of a refund.

Assessment Summary

This section includes details from the primary section of your tax return, including income and any relevant deductions. It will also include any discrepancies or penalties the CRA has added to your owed amount.

Explanations & Additional Information

Any changes to your tax return will be outlined in this section, including information pertaining to your income or any eligible deductions. If you’re between the age of 25 and 65, you will also find your Canada Training Credit limit in this section, which outlines the amount you’re eligible to claim in future tax years as a credit for training or tuition fees.

RRSP Deduction Limit

Any information pertaining to RRSP contributions and deduction limits is listed here, including any excess RRSP contributions made in the current tax year.

Tax return vs. notice of assessment

While these two terms are connected, there are noticeable differences between a tax return and a tax assessment.

Tax returns are the physical or electronic forms submitted to the CRA, outlining a business or individual’s earned income and other relevant financial details.

Tax assessments are annual statements sent by the CRA outlining the details of your return and their findings. An assessment includes any money owed to the government, credits or refunds, and important details regarding tuition or training credits and RRSPs.

Normal vs. extended tax reassessment

The CRA is entitled to review and reassess a taxpayer’s corporate and personal tax returns for any reason; however, there are two reassessment periods to consider.

A normal reassessment period is three years from the date of the original CRA tax assessment for most individuals and may be up to four years for corporations.

On the other hand, normal reassessment periods can be extended for an additional three years for a wide range of reasons, including carrying back a credit or loss from a later tax year, putting into practice the application of the non-resident trust rules, or if a corporation pays an amount or receives a refund of profits tax or foreign income.

How to dispute tax assessment

The process of disputing a tax assessment from the CRA is time-sensitive since you only have 90 days from the day your assessment is sent, not when it’s been received. The CRA provides the appropriate forms to file your objection and it is up to the individual submitting to ensure all dates and details involving the objection are included.

If you’re looking to challenge CRA tax assessments, a professional CPA can help. At Faris CPA, we work with individuals and organizations to determine the appropriate next steps and ensure you have the resources you need to yield your desired financial results.

How can Faris CPA help with my taxes and assessments?

At Faris CPA, we work with people and organizations across Toronto to help them find the right financial solution.

With over 15 years of experience, our licensed accountants and CRA tax audit professionals can help you understand the details of your CRA tax assessment and suggest the appropriate next steps. We offer an unparalleled insight into the nuances of our federal tax system and have the tools and resources to ensure you’re put in the best financial position.

If you need to submit an objection to your corporate or personal income tax assessment, our specialists will provide the insight you need to confidently fill out all relevant CRA tax forms and ensure you’ve included the necessary details to yield your desired results.

Contact our team today to learn more about our tax return and assessment solutions.

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.

We spoke to a few CPAs before hiring Sam of Faris CPA. Immediately Sam was able to pin point the problem and provided a solution to my problems with the CRA tax audit. We had a very pressing deadline to make a submission to the CRA and missing the deadline will involve significant amount of penalties that we will have to pay. Not only that Sam worked none stop to meet the deadline, he was able to save us thousands of dollars. We are also now in full compliant with the taxes and in a good standing. If you are looking for a tax consultant or you are having a CRA tax audit, don’t waste your time and money. Hire Sam Faris and you will not be disappointed.

Many thanks to Sam and well deserved 10 stars.
Response from the owner:Anish Thank you for your positive feedback. When it comes to CRA issues, meeting deadlines is extremely important and at the same time providing a top quality package is as important. This will avoid escalation with the CRA and as you realized, will save money to our clients. As in all cases, we took your case seriously and we aggressively worked on it to meet the deadline at the same time we did not compromise our work quality. I am glad that you are satisfied with the results. Posting the Google review is rewarding to our hard work too. Please feel free to contact us in the future if you have any questions. Sam Faris
Sam has performed an amazing work while dealing with the CRA audit. His knowledge and expertise were second to none especially when he presented his numbers to both; CRA auditor and his team leader. CRA accepted his numbers and admitted that their assumptions were inaccurate. The team leader complemented his work as well. I can’t thank Sam enough for saving me from unfair assessments by the CRA.
Response from the owner:Mrinal Thank you for the positive feedback. CRA tax audits are one of our expertise. We have been helping clients for more than a decade now and our knowledge and skills to challenge CRA are based on our experience in dealing with countless simple and complicated cases over the years. We are confident with our approach to fight CRA and on that basis we get good results to our clients. I am glad that we met your expectations. Please keep us in mind if you need our help in the future. Thanks Sam Faris
Faris CPA filed my multiples years of unfilled tax returns for both my corporate and my personal. He saved me taxes and was able to waive the penalties for me. Great job team and I will recommend Faris CPA to everyone who has CRA problems.
Response from the owner:Ahmad Your five stars Google review and your positive feedback is much appreciated. All the cases that we take are time sensitive and we take them extremely seriously to avoid complications with the CRA. Meeting deadlines is essential in any case we work on. This is why we were able to save you penalties and interest as we filed all returns before CRA makes a contact with you. We will remain at your disposal anytime you need our services in the future. Sam Faris
CRA performed net worth audit to my company and my personal taxes for three years. I hired another professional at the beginning and paid him 25k. This professional did not deliver what he promised and was unable to reduce taxes as per the CRA proposal letter. I was referred to Sam by a tax lawyer who highly recommended him for any CRA audit. I consulted Sam and I googled him as well. I was impressed with his knowledge, confidence and excellent reputation and decided to hire him. Sam results at the end were way less from CRA proposal. He backed up all his numbers in a way that CRA had to accept his approach and his final numbers. I was very happy with the final tax bill after the audit was completed. I have so much respect to Sam and his work ethics. I was also happy with his fee and I think his fee is reasonable too. Thank you Sam for all your help. You saved mine and my family lives.
Response from the owner:Thank you for the positive five stars review and your kind words. Net worth audit is the most complicated audit that CRA performs where CRA has doubts that taxpayers under reported the income. This kind of audit is one of our specialties. Over the years, we have developed a unique and sophisticated strategy to defend our clients from the CRA excessive numbers. In many cases, CRA auditors acknowledged and complemented our work and our approach. We will remain at your disposal if you need our services in the future. Sam Faris
Dealing with CRA is stressful. Sam took care of me from day one and accommodated my unique needs without hesitation. 5 stars for being professional and a good human.
Response from the owner:Thank you Don for the five stars Google review. We are glad that we met your expectations and your case is closed now. Happy to answer any questions in the future and we will address all queries CRA may have regarding our work. Sam Faris
Sam was very responsive and prompt. Exceptional customer service as well!
Response from the owner:Dan Thank you for your positive 5 stars review and the kind words. We strive to provide best customer service as we are aware that all cases that we take on are time sensitive and require a higher quality of work in order to be successful with the CRA. Your cooperation and prompt reply to our questions was important in getting everything in order and submitting the package on timely basis. We will remain at your disposal anytime you need our services in the future. Sam Faris
Best service. Very impressive and happy with all work Sam has done for me.
Response from the owner:My pleasure Angel and thanks for the 5 stars Google review and your kind words. We are glad that you are happy with our services and the results we got you. Please feel free to contact us in the future for any questions that you may have regarding your file. Best Sam Faris
Great experience with Sam!
Response from the owner:Hello Dasha Thank you for the five stars review and your kind words. It was a pleasure working with you and I am glad that we met your expectations. Please feel free to reach out to us if you need to in the future. Many thanks Sam Faris
I was so impressed with Sam's professionalism and how quickly he reacted to my inquiries. His knowledge was evident, and he handled everything expertly. I highly recommend his services.
Response from the owner:Mohamed Thank you for the 5 stars Google review and your kind words. Our goal is always to make the process efficient and the workflow as smooth as possible. We are glad that we met your expectations and we will remain at your disposal at anyone in the future. Sam Faris