We solve serious CRA tax problems

Tax Minimization Planning

Good corporate tax planning

Tax avoidance is legal. Taxpayers in Canada have the right to plan their affairs in any legal way so as to reduce the amount of tax they pay. It is tax evasion that is illegal.

Minimizing your tax obligations is a key part of wealth planning. Your Investment advisor at Faris CPA can help minimize the taxes you pay by recommending investments that postpone when you have to pay or investments in assets that attract low tax rates, income splitting opportunities, suggesting changes in the characterization of income earned, or even alternatives to how your business is organized.

Although tax laws are complex and constantly changing, there are always opportunities for you to increase your tax refund and minimize your tax liability. We can help implement a tax strategy that will leave more money in your pocket.

MINIMIZE YOUR TAX LIABILITY

In taxation, form matters. For example, in Canada, a person who receives $10,000 may have to pay tax on all, a portion, half, or none of the amount. The difference between these different tax treatments of the same amount of money received by the same person is the legal form, or nature, of the receipt. Other factors, such as the type of payor or the relationship between the person paying and the person receiving, also come into play. Given this difference in tax liability, doesn’t it make sense to try to arrange your affairs to pay the least amount of tax possible? This lowering of tax payable is called tax planning.

There are four pillars of tax planning. The first is called income deferral – where you delay the recognition of taxable receipts to later tax years (an example is using a holding company). The second is called expense acceleration – where you arrange to have deductible expenses recognized as soon as possible. The third is called character alteration – where you change the legal nature or classification of an amount from one that is subject to higher taxes to one that is subject to lower or no tax. A fourth is called income splitting or division – where you spread income amongst members of your family and over tax years. The exact details of how this is done and which, or which combination of, methods are used depends on a person’s unique circumstances. There is no one-size-fits-all solution.

A caution. It’s important to differentiate between tax planning that results in legal tax avoidance, and what is illegal tax evasion (for example Here). Many Canadians have fallen for fraudsters’ claims of good tax outcomes only to find out that they were illegally evading tax (for a more detailed analysis, see Here). Tax planning is often complex and success depends on meticulous execution. If an outcome seems too good to be true, it may not be real. Always seek the help of an expert and, where appropriate, a second opinion.

In many cases and for most people, transactions can be done in one or a multitude of ways and by taking different paths that lead to the same destination. Often, the difference between paths taken is the amount of total amount of tax payable. The experienced tax planners at Faris CPA can show you the best tax route for you.

Are you unsure of your tax obligations as an Uber driver in Toronto? “Read more

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Testimonial

Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”

E.M., Ottawa
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.

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
You will notice Sam is very quick with his responses. He knows his stuff and gives solid advice. Highly efficient, would recommend.
Response from the owner:Dear Jay Thank you for the 5 stars positive review. Working with you was pleasant too. Many thanks for your business and please do feel free to contact me if you have any questions. 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
Sam Faris is number one tax advisor and consultant. I contacted a few professionals but he was the only one who was able to help me with my dispute with the CRA. Many thanks to him.
Response from the owner:Said Thank you for the kind words and the 5 stars Google review. CRA issues may get very complicated. I am glad that everything worked out perfectly with you. Feel free to reach out to us any time you require our services. Sam Faris