6 Wealth Management Firms 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 wealth management firms work, not a general example.
Case Study 1 · CRA review defended
$135,000 Reassessment Reduced To Nil On Review — Leasing Company, Kitchener
Client: A leasing company · Where: Kitchener, Ontario · Engagement: 5 weeks, fixed fee
Reassessment reduced toNil
Tax protected$135,000
Prior filingsUndisturbed
The situation
A review notice arrived at a leasing company in Kitchener, Ontario covering wealth management firms accounting and tax for two tax years. The auditor's working position was an adjustment of $135,000, driven by equipment and asset classes assigned by guesswork rather than the CCA schedule.
What we did
Rather than negotiate, we rebuilt the record. We documented the positions to the standard the CRA applies to this sector specifically and submitted a point-by-point response that answered each proposed adjustment with the document behind it.
The result
The auditor accepted the documented position and closed the review without adjustment, protecting $135,000 and leaving the prior filings undisturbed.
Client: A financial planning practice · Where: Lethbridge, Alberta · Engagement: 4 weeks, fixed fee
Annual saving$70,000
ReorganisationTax-neutral
StructureMatches operations
The situation
A financial planning practice in Lethbridge, Alberta was carrying sector deductions claimed on a general-business basis rather than the wealth management firms rules, 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 reassigned the asset classes on the CCA schedule and corrected the opening balances and prepared the elections, resolutions and valuations the structure needed to stand up.
The result
The structure now matches the business. Annual saving of $70,000, and the reorganisation itself was tax-neutral.
Case Study 3 · Cash and remittance control
Instalments Rebased, $160,000 Of Cash Returned To The Business — Wealth Management Practice, Hamilton
Client: A wealth management practice · Where: Hamilton, Ontario · Engagement: 7 weeks, fixed fee
Cash returned$160,000
Instalment basisCurrent year
ReviewedQuarterly
The situation
A wealth management practice in Hamilton, Ontario was paying instalments calculated on a prior year that no longer reflected the business. Seasonal revenue reported without matching the costs that produced it was tying up $160,000 of cash.
What we did
We rebased the instalments on the current-year estimate rather than the prior-year default, and reviewed every sector-specific deduction against the current rules and claimed the ones that had been missed.
The result
$160,000 of cash stayed in the business, the penalty cycle ended, and the instalment position is reviewed each quarter against actual results.
Case Study 4 · Missed incentive claimed
$101,000 In Credits Claimed That Prior Filings Had Missed — Private Lending Business, Red Deer
Client: A private lending business · Where: Red Deer, Alberta · Engagement: 8 weeks, fixed fee
Credits claimed$101,000
Years adjusted4
Review outcomeNo adjustment
The situation
A private lending business in Red Deer, Alberta had been filing for 4 years without ever claiming the incentives its activity qualified for. Behind that sat sector incentives that had never been tested against wealth management firms activity.
What we did
We tested each activity against the eligibility criteria rather than the description on the invoice, then aligned the reporting calendar with the sector’s own seasonal cycle rather than a generic year-end.
The result
$101,000 in credits claimed, with the open prior years adjusted as well. The claim passed review without adjustment.
Case Study 5 · Objection and relief
$103,000 Of Penalties And Interest Cancelled On Relief — Investment Advisory Firm, Toronto
An assessment of $103,000 landed at an investment advisory firm in Toronto, Ontario following a desk review. The auditor had not seen the records behind a previous accountant with no experience of this sector.
What we did
We rebuilt the chart of accounts around how a wealth management firms business actually earns and spends, then set out the legislative basis for the position alongside the documents supporting it.
The result
$103,000 of penalties and interest was cancelled under the taxpayer relief provisions, and the underlying assessment was adjusted to match the filed position.
Case Study 6 · Planning that cut the bill
$70,000 Saved By Correcting What Prior Filings Had Missed — Insurance Brokerage, Surrey
Client: An insurance brokerage · Where: Surrey, British Columbia · Engagement: 10 weeks, fixed fee
Saving identified$70,000
RecurringYes
Positions documentedAll
The situation
An insurance brokerage in Surrey, British Columbia asked for a second opinion on wealth management firms accounting and tax after three years of rising tax. The review found industry-specific reporting obligations nobody had flagged.
What we did
We built the comparison first — current structure against two alternatives — and then documented the positions to the standard the CRA applies to this sector specifically.
The result
First-year saving of $70,000, with the same benefit recurring. Every position taken is documented and supported in the file.
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.
