6 Insurance Brokers & Agencies tax and accounting engagements in full — what the client came to us with, what we did, and what it was worth. Each one is specific to insurance brokers & agencies work, not a general example.
Case Study 1 · Records and systems rebuilt
Books Rebuilt From Source, $5,300 In Unclaimed Input Tax Found — Benefits Consultancy, London
A benefits consultancy in London, Ontario could not answer basic questions about its own numbers, because sector deductions claimed on a general-business basis rather than the insurance brokers & agencies rules sat between the bank statements and the ledger.
What we did
We reassigned the asset classes on the CCA schedule and corrected the opening balances, then documented the process so the work does not depend on any one person remembering how it was done.
The result
Records rebuilt and reconciled, $5,300 recovered in input tax credits that the old file could not support, and a documented monthly process now in place.
Case Study 2 · Deadline rescue
Filed On Time From A Standing Start, $115,000 Penalty Avoided — Insurance Brokerage, Calgary
Client: An insurance brokerage · Where: Calgary, Alberta · Engagement: 8 weeks, fixed fee
Penalty avoided$115,000
Turnaround8 weeks
FiledOn time
The situation
An insurance brokerage in Calgary, Alberta came to us 8 weeks before its filing deadline with equipment and asset classes assigned by guesswork rather than the CCA schedule. A late filing would have triggered a penalty of roughly $115,000 before interest.
What we did
We worked backwards from the deadline. We reviewed every sector-specific deduction against the current rules and claimed the ones that had been missed, prioritising the items that actually gated the filing and deferring everything that did not.
The result
The return was filed on time and complete. The $115,000 penalty never arose, and the compliance calendar we set means the next deadline is scheduled rather than discovered.
Case Study 3 · Objection and relief
Desk-Review Assessment Of $64,000 Vacated — Investment Advisory Firm, Kitchener
An investment advisory firm in Kitchener, Ontario was carrying $64,000 of penalties and interest arising from seasonal revenue reported without matching the costs that produced it, much of it accumulated during a period the CRA itself had delayed.
What we did
We aligned the reporting calendar with the sector’s own seasonal cycle rather than a generic year-end and framed the relief application on the specific grounds the CRA guidelines recognise rather than on general hardship.
The result
The assessment was vacated. $64,000 came off the account, and the documentation now on file makes the same position straightforward to defend next time.
Client: A private lending business · Where: Ottawa, Ontario · Engagement: 10 weeks, fixed fee
Annual saving$58,000
ReorganisationTax-neutral
StructureMatches operations
The situation
A private lending business in Ottawa, Ontario was carrying a previous accountant with no experience of this sector, and every option for fixing it ran through a reorganisation that had to be done without triggering tax.
What we did
Working with the client's lawyer, we rebuilt the chart of accounts around how a insurance brokers & agencies business actually earns and spends and prepared the elections, resolutions and valuations the structure needed to stand up.
The result
The structure now matches the business. Annual saving of $58,000, and the reorganisation itself was tax-neutral.
Case Study 5 · Backlog brought current
Collections Halted And $133,000 Cut From A 5-Year Backlog — Wealth Management Practice, Moncton
Client: A wealth management practice · Where: Moncton, New Brunswick · Engagement: 9 weeks, fixed fee
Balance reduced by$133,000
Backlog cleared5 years
CollectionsHalted
The situation
By the time a wealth management practice in Moncton, New Brunswick called, 5 years were outstanding and the CRA had assessed on estimates. Underneath it sat a chart of accounts that told the owner nothing about insurance brokers & agencies margin.
What we did
We reconstructed the records year by year and documented the positions to the standard the CRA applies to this sector specifically. Each filing replaced an arbitrary assessment with a real one.
The result
The account is current. Filing on real numbers rather than CRA estimates reduced the balance by $133,000, and a relief application addressed part of the accumulated interest.
Case Study 6 · Sale and succession
Share Sale Restructured, $245,000 Less Tax On Closing — Financial Planning Practice, Halifax
Client: A financial planning practice · Where: Halifax, Nova Scotia · Engagement: 10 weeks, fixed fee
Tax saved on closing$245,000
PriceAs agreed
Post-closing adjustmentsNone
The situation
A financial planning practice in Halifax, Nova Scotia was preparing to sell. Due diligence surfaced a shareholder loan balance that would have been picked up as income on closing, which would have reduced the price or killed the deal outright.
What we did
We cleaned up the historical file, reassigned the asset classes on the CCA schedule and corrected the opening balances, and prepared the due-diligence package the buyer's advisers actually asked for.
The result
The deal closed at the agreed price. $245,000 of tax was saved against the structure originally proposed, with no post-closing adjustment.
Reviewed for the 2025 tax year by Udit Gupta, Certified Tax Accountant. Figures describe representative engagements of this type; outcomes depend on your own facts. Client names and identifying details are omitted for confidentiality.
