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
Contact Our Tax Professionals!

Expert tax guidance, Chartered Professional Accountant

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.

Schedule an assesment now

ACCA-Logo
AICPA-Logo
Chartered professional accountant logo

Chartered Professional Accountant (CPA) in Canada, U.S. and U.K.

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.

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
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.
Faris CPA absolutely fantastic tax consultant firm. Sam and his team help me with an extremely difficult tax audit by CRA. They have done an amazing job. You guys are amazing and well deserve five star.
Response from the owner:Dear Eliyas Thank you for the positive Google review and the kind words. We heave dealt with many CRA audit cases. We have delivered the best services to our clients as we are confident with our work and its quality. Please feel free to reach out us if you require our services in the future. Sam Faris