Sam Faris has successfully used his finely-honed tax and accounting skills to assist clients with tax disputes, accounting advice, and preparing financial statements.
But ideally, he wants to help you avoid the problems before they become problems.
Since 2003, Sam has assisted scores of individuals and corporations with accounting services, helping clients throughout Canada. As a Chartered Professional Accountant, he’s been a trusted advisor providing professional services to a wide range of industries.
In a recent case he touts, a client received approximately $900,000 in refunds from the CRA, after a successful fight with CRA – a refund that the previous accountant had missed. In another case, the client had approximately $250,000 of what CRA claimed was unreported income, which Sam reduced to zero.
“Normally what people don’t understand is they think that if they don’t get audited it means their accountant did a good job,” he says.
“But when they do get audited, they discover the accountant made mistakes, and they realize the accountant did not do a good job, and they’re in the hole.”
That’s where Sam comes in.
“There are times when people have bad accountants who have made errors, lack knowledge, and after being audited the clients realize they need me to come and fix things, and help them throughout the audit with CRA.”
Among the various corporate tax services he provides are preparing corporate tax returns, appeals to audit assessments, and negotiating with the Canada Revenue Agency on behalf of clients.
“There are times I handle the accounting cycle from A to Z for certain corporate clients,” he said.
Personal tax accountant services include optimizing various personal tax credit claims and deductions, negotiating with the Canada Revenue Agency on the client’s behalf, and representing them in government audits.
Sam and his team can help you correct your tax affairs and he fully understands the CRA Voluntary Disclosure program – one of his specialties.
The Voluntary Disclosure Program is where the client comes forward on their own to fix any omissions in a tax filing. By doing so, the CRA will waive interest and penalties and not prosecute provided that the taxpayer approaches the CRA before they start an audit.
Examples of this include unreported or under reported income, unreported capital gains, errors made on a previous tax return, unreported foreign income taxable in Canada, unreported offshore assets, and claimed ineligible expenses.
Voluntary disclosure would have been helpful in one case Sam acted on, where a client was forced to report his foreign income going back to the 1990s.“This client was going to his accountant each year, laying down twenty bucks for a quick filing, and he thought he was good and done. But he was audited, and they discovered his offshore portfolio.”
Baffled, the client thought his offshore business didn’t have anything to do with Canada. “But the tax auditor told him he had to disclose this,” as the client was a Canadian resident since the 1990s.
“If you’ve misrepresented or submitted false information, the audit can go back to past years. This taxpayer could have been charged with criminal tax evasion, a charge that has jail time.”
Things have become a bit stickier in 2016, for those with foreign accounts. Recently, Sam explained, CRA has signed agreements with banks in Switzerland and Europe that stipulate that Canadians must disclose their accounts, or the banks will not continue to serve the clients.
“Canadians have to provide evidence to the offshore banks that they disclosed the portfolio,” Sam explained. “People are now rushing to do voluntary disclosures, because otherwise it could mean interest and significant penalties and possible charges.”
Sam also has experience in preparing corporate financial statements; for example, a third party user such as a bank or potential investor requires audited or reviewed financial statements done by a Licensed Public Accountant to verify the numbers are fairly stated.
“People don’t understand, for instance, that taking funds out of the corporate account have tax consequences. You can’t take funds out tax free,” he says.
“Furthermore they’ll have to pay interest since the company is a lender.” If these funds are not paid by the taxpayer within a certain period of time, the funds have to be included on the taxpayer’s personal tax return, he asserts. If left out of the filing, it is considered unreported income, where significant penalties and interest will be applied.
Lastly, for those looking to have their tax issues settled,Sam has a key piece of advice:
“People think that when they have a tax problem they always need a tax lawyer to resolve it, which is wrong. They will end up paying too much money in legal fees.”
Extra costs, of course, are the very things that everyone wants to avoid, and Sam has been helping countless clients do that for nearly fifteen years.
Sam Faris
President,
CPA, CGA, LPA, CPA (C.O.),
FACCA (U.K.)
C: 416-625-1445
T: 647-340-5771
F: 647-340-5772
Toll Free: 1 844-340-5771
sfaris@fariscpa.com
6 Lansing Square,
Suite 223, North York
www.fariscpa.com
Among the various corporate tax services he provides are preparing corporate tax returns, appeals to audit assessments, and negotiating with the Canada Revenue Agency on behalf of clients.
“There are times I handle the accounting cycle from A to Z for certain corporate clients,” he said.
Personal tax accountant services include optimizing various personal tax credit claims and deductions, negotiating with the Canada Revenue Agency on the client’s behalf, and representing them in government audits.
Sam and his team can help you correct your tax affairs and he fully understands the CRA Voluntary Disclosure program – one of his specialties.
The Voluntary Disclosure Program is where the client comes forward on their own to fix any omissions in a tax filing. By doing so, the CRA will waive interest and penalties and not prosecute provided that the taxpayer approaches the CRA before they start an audit.
Examples of this include unreported or under reported income, unreported capital gains, errors made on a previous tax return, unreported foreign income taxable in Canada, unreported offshore assets, and claimed ineligible expenses.
Voluntary disclosure would have been helpful in one case Sam acted on, where a client was forced to report his foreign income going back to the 1990s.“This client was going to his accountant each year, laying down twenty bucks for a quick filing, and he thought he was good and done. But he was audited, and they discovered his offshore portfolio.”
Baffled, the client thought his offshore business didn’t have anything to do with Canada. “But the tax auditor told him he had to disclose this,” as the client was a Canadian resident since the 1990s.
“If you’ve misrepresented or submitted false information, the audit can go back to past years. This taxpayer could have been charged with criminal tax evasion, a charge that has jail time.”
Things have become a bit stickier in 2016, for those with foreign accounts. Recently, Sam explained, CRA has signed agreements with banks in Switzerland and Europe that stipulate that Canadians must disclose their accounts, or the banks will not continue to serve the clients.
“Canadians have to provide evidence to the offshore banks that they disclosed the portfolio,” Sam explained. “People are now rushing to do voluntary disclosures, because otherwise it could mean interest and significant penalties and possible charges.”
Sam also has experience in preparing corporate financial statements; for example, a third party user such as a bank or potential investor requires audited or reviewed financial statements done by a Licensed Public Accountant to verify the numbers are fairly stated.
“People don’t understand, for instance, that taking funds out of the corporate account have tax consequences. You can’t take funds out tax free,” he says.
“Furthermore they’ll have to pay interest since the company is a lender.” If these funds are not paid by the taxpayer within a certain period of time, the funds have to be included on the taxpayer’s personal tax return, he asserts. If left out of the filing, it is considered unreported income, where significant penalties and interest will be applied.
Lastly, for those looking to have their tax issues settled,Sam has a key piece of advice:
“People think that when they have a tax problem they always need a tax lawyer to resolve it, which is wrong. They will end up paying too much money in legal fees.”
Extra costs, of course, are the very things that everyone wants to avoid, and Sam has been helping countless clients do that for nearly fifteen years.
Sam Faris
President,
CPA, CGA, LPA, CPA (C.O.),
FACCA (U.K.)
C: 416-625-1445
T: 647-340-5771
F: 647-340-5772
Toll Free: 1 844-340-5771
sfaris@fariscpa.com
6 Lansing Square,
Suite 223, North York
www.fariscpa.com
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