6 worked Financial Services & Insurance case studies — the position a client typically comes to us with, what we do, and what it is worth. Each is an illustrative example built on the rules that apply to financial services & insurance work, not a specific client's file.
Case Study 1 · Structure rebuilt
Reorganisation Completed Tax-Deferred, $46,000 Saved Each Year — Financial Planning Practice, Toronto
Client: A financial planning practice · Where: Toronto, Ontario · Engagement: 11 weeks, fixed fee
Annual saving$46,000
Tax on reorganisationDeferred
Elections filedOn time
The situation — A financial planning practice, Toronto, Ontario
A financial planning practice in Toronto, Ontario had outgrown the structure it started with. A previous accountant with no experience of this sector was the immediate problem; the longer-term one was that the structure blocked the next step.
What we did for A financial planning practice, Toronto, Ontario
We mapped the current structure, modelled the target, and reassigned the asset classes on the CCA schedule and corrected the opening balances — with the tax-deferred elections filed on time and the supporting valuations documented.
The result — A financial planning practice, Toronto, Ontario
The reorganisation completed without triggering tax, and the new structure saves approximately $46,000 a year while removing the exposure the old one carried.
Case Study 2 · Scaling without breaking
Scaled To 61 Staff With $57,000 Of Working Capital Freed — Wealth Management Practice, Winnipeg
Client: A wealth management practice · Where: Winnipeg, Manitoba · Engagement: 7 weeks, fixed fee
Headcount reached61
Working capital freed$57,000
Missed deadlinesZero
The situation — A wealth management practice, Winnipeg, Manitoba
A wealth management practice in Winnipeg, Manitoba was growing fast — headcount to 61 in eighteen months — and the back office had not kept up. A chart of accounts that told the owner nothing about financial services & insurance margin was the first thing to break.
What we did for A wealth management practice, Winnipeg, Manitoba
We documented the positions to the standard the CRA applies to this sector specifically, and built the compliance calendar for the size the business was becoming rather than the size it had been.
The result — A wealth management practice, Winnipeg, Manitoba
The business reached 61 staff with no missed remittance and no late filing. $57,000 of working capital was freed in the process.
Case Study 3 · Objection and relief
$84,000 Of Penalties And Interest Cancelled On Relief — Private Lending Business, Burnaby
Client: A private lending business · Where: Burnaby, British Columbia · Engagement: 5 weeks, fixed fee
Penalties and interest cancelled$84,000
Relief groundsAccepted
AssessmentAdjusted to filed position
The situation — A private lending business, Burnaby, British Columbia
An assessment of $84,000 landed at a private lending business in Burnaby, British Columbia following a desk review. The auditor had not seen the records behind industry-specific reporting obligations nobody had flagged.
What we did for A private lending business, Burnaby, British Columbia
We rebuilt the chart of accounts around how a financial services & insurance business actually earns and spends, then set out the legislative basis for the position alongside the documents supporting it.
The result — A private lending business, Burnaby, British Columbia
$84,000 of penalties and interest was cancelled under the taxpayer relief provisions, and the underlying assessment was adjusted to match the filed position.
Case Study 4 · CRA review defended
$26,000 Reassessment Reduced To Nil On Review — Investment Advisory Firm, Windsor
The situation — An investment advisory firm, Windsor, Ontario
A review notice arrived at an investment advisory firm in Windsor, Ontario covering financial services & insurance accounting and tax for two tax years. The auditor's working position was an adjustment of $26,000, driven by seasonal revenue reported without matching the costs that produced it.
What we did for An investment advisory firm, Windsor, Ontario
Rather than negotiate, we rebuilt the record. We aligned the reporting calendar with the sector’s own seasonal cycle rather than a generic year-end and submitted a point-by-point response that answered each proposed adjustment with the document behind it.
The result — An investment advisory firm, Windsor, Ontario
The auditor accepted the documented position and closed the review without adjustment, protecting $26,000 and leaving the prior filings undisturbed.
Case Study 5 · Deadline rescue
5-Week Turnaround Beat The Deadline And Saved $33,500 — Insurance Brokerage, Calgary
Client: An insurance brokerage · Where: Calgary, Alberta · Engagement: 5 weeks, fixed fee
Late-filing penalty avoided$33,500
Filed with6 days to spare
Next yearPapers ready
The situation — An insurance brokerage, Calgary, Alberta
With the deadline for financial services & insurance accounting and tax weeks away, an insurance brokerage in Calgary, Alberta was carrying sector deductions claimed on a general-business basis rather than the financial services & insurance rules. The exposure if the date slipped was around $33,500.
What we did for An insurance brokerage, Calgary, Alberta
We reviewed every sector-specific deduction against the current rules and claimed the ones that had been missed. The filing went in complete rather than provisional, so there was no amended return to follow.
The result — An insurance brokerage, Calgary, Alberta
Filed with 6 days to spare. $33,500 in late-filing penalties avoided, and the working papers are ready for the following year.
Case Study 6 · Missed incentive claimed
Incentive Review Recovered $127,000 Across 3 Open Years — Benefits Consultancy, Hamilton
The situation — A benefits consultancy, Hamilton, Ontario
An incentive review at a benefits consultancy in Hamilton, Ontario started from a simple question: what has never been claimed? The answer ran to 3 years, driven by provincial credits left unclaimed alongside every federal filing.
What we did for A benefits consultancy, Hamilton, Ontario
We reassigned the asset classes on the CCA schedule and corrected the opening balances, documenting eligibility to the standard a reviewer would apply rather than the standard a claim form requires.
The result — A benefits consultancy, Hamilton, Ontario
The credits produced $127,000 across the open years, and the tracking now in place means the following year's claim is documented as the work happens rather than reconstructed afterwards.
Reviewed for the 2025 tax year by Udit Gupta, Founder and Tax Accountant. These case studies are illustrative worked examples composed from the CRA rules that apply to this type of work, not specific client files; figures are representative and outcomes depend on your own facts.
