CRA Tax Help in Toronto
Every taxpayer’s financial situation is unique, but whether you’re filing taxes as a personal or professional entity, the process can feel overwhelming if you don’t have the appropriate tools and resources at your disposal.
At Faris CPA, we are a CPA firm in Toronto that provides Canadians with the income tax help they deserve.
Learn how our tax help centre provides trusted tax and accounting services to individuals and organizations in Toronto and across the GTA.
Find Your Tax Help Centre
Tax Help Experts in Toronto
Faris CPA is proud to be a leading accounting firm in Toronto with over 15 years of industry experience. We work with individuals and businesses across Canada to streamline their financial process and ensure their tax filings are submitted according to CRA guidelines.
When it comes to filing your taxes or disputing a CRA assessment, we offer the tools and resources necessary to ensure your financial standing is secure. We assist clients across a wide range of industries, including retail, construction, and non-profit organizations through our esteemed accounting, financial, taxation and business advisory services.
Filing Your Taxes
How to Get Started
The process of filing yearly taxes is often unique to each Canadian.
When filing taxes, whether independently or with the assistance of a professional tax specialist, having all your personal information available is essential. The CRA requires taxpayers to report the entirety of their income, any relevant deductions, and the details of any dependents if necessary.
It’s important for Canadians to understand what they can and cannot claim on their taxes to avoid a tax audit by the CRA. With a CRA tax help specialist by your side, you can feel confident knowing your taxes are being filed according to federal guidelines.
Adjusting Your Tax Return
It’s not uncommon to find errors in your CRA tax forms even after they’ve been filed. The good news is the CRA affords taxpayers the opportunity to adjust tax returns filed up to 10 years ago. This process is relatively simple as forms can be obtained directly from the CRA’s website.
Common Myths to Avoid
When it comes to filing your taxes, there are common myths that taxpayers are exposed to and must be wary of when engaging in their own financial business, including:
Higher Tax Bracket Means Losing More to Taxes
The reality is that tax brackets are marginal which means that substantially higher rates apply to each dollar above the cut-off.
All Investment Incomes are Taxes Equally
If you have various investment incomes, it’s important to differentiate between them as they may not all be taxed equally. A tax specialist can assist you in determining which are contributing to your income and the most effective ways to reduce your taxes and improve your financial portfolio.
The Rich Have Secret Ways to Avoid Higher Taxes
The secret is that there is no secret — financial systems were designed for those in higher tax brackets and offer more loopholes and easy ways to pay higher sums in taxes.
Find a Tax Specialist in Canada
Faris CPA is a leading tax help centre in Toronto with over a decade of accounting experience and expertise. We offer a more efficient way to file and submit your taxes and will guide you through the entire process from start to finish, ensuring you have the insight and tools needed to maximize your return and minimize your payments.
Schedule an assesment now
Chartered Professional Accountant (CPA) in Canada, U.S. and U.K.
Hire an Experienced CPA for CRA Tax Help
Faris CPA is proud to be a leading accounting firm in Toronto with over 15 years of experience. We offer professional assistance to our clients to effortlessly streamline their taxes and file their returns.
We understand the complexities and nuances involved during tax season. Our specialists provide the tools, resources, and insight our clients need to submit the right claims and maximize their refund potential.
Whether you’re self-employed or a part of a large corporation, we can help make filing taxes easy and efficient. Trust Faris CPA to provide the highest-level accounting, taxation, and business advisory services.
FAQS
When to file taxes in Canada
In Canada, income taxes are required to be submitted by April 30 with details pertaining to your income from the previous calendar year. The CRA may accept late submissions on a case-by-case basis, though there may be a penalty.
What are the types of taxes I need to file?
There are four types of income taxes Canadians should be aware of when it comes time to file:
- Personal
- Business
- Corporation
- Trust
Each tax type relates to a specific area of income and includes a range of deduction and claim options. A Faris CPA’s tax help centre, we can assist you in understanding where you should focus your attention and the types of documents and details you’ll need to effectively file your income tax.
Why is it important to file taxes?
Your taxes are an important part of your contribution to Canada’s economy and filing yearly taxes allows the CRA to determine if you’re eligible for any returns or if you’re required to pay back a specified amount to the government.
When taxes are not filed properly, there are significant penalties attached, including financial late filing penalties, not receiving certain benefits such as Old Age Security, and, in severe cases, can lead to prosecution.
With the assistance of an accounting and taxation expert at Faris CPA, you can avoid all the above and secure your financial standing.
How to prepare to file your taxes
The first step to filing your taxes is gathering all your income-related documents, investments, donations, RRSP contributions, and details of any dependents. Once you have all the necessary documentation, a Canadian income tax specialist can help you organize your information and determine what is submittable to the CRA.
At Faris CPA, we help individuals and businesses in Toronto and across the GTA streamline their tax filings and ensure they’re maximizing their return potential. We’ll guide you through the process and assist in determining which investments can contribute to your deductions and how you can minimize your chances of owing money to the federal government.
How can I get assistance with my tax return?
If you’re overwhelmed with the process of filing taxes, a licensed tax specialist can help.
At Faris CPA, we provide trusted accounting and taxation services in Toronto and across the GTA. With over 15 years of experience, we understand the nuances involved in submitting personal and professional taxes and what the CRA expects from taxpayers.
We’ll work closely with you to determine the appropriate claims and deductions to submit, ensuring we’re maximizing your refund potential and minimizing the chance of owing any money to the federal government.
Get in touch with our team today to learn about our specialized services.
Cost of tax assistance in Toronto
The cost of working with a CRA tax help specialist will vary for each Canadian, depending on the scope of the services required.
At Faris CPA, we believe in offering affordable tax help to clients in Toronto and will work closely with each client to ensure they’re receiving the appropriate services at fair prices.
Where can I find tax help near me?
If you’re looking for a better way to complete and file your taxes, trust the accounting specialists at Faris CPA. Our licensed accountants offer premier accounting services in Toronto and across the GTA.
We work with clients across a wide range of industries, ranging from importing and distribution to local and national non-profit organizations.
Contact us today to get started.
