6 worked Balance Sheet Preparation 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 balance sheet preparation work, not a specific client's file.
Case Study 1 · Scaling without breaking
Scaled To 73 Staff With $14,500 Of Working Capital Freed — Quarterly-Close Practice, Regina
Client: A professional practice that closes its books quarterly · Where: Regina, Saskatchewan · Engagement: 10 weeks, fixed fee
Headcount reached73
Working capital freed$14,500
Missed deadlinesZero
The situation — A professional practice that closes its books quarterly, Regina, Saskatchewan
A professional practice that closes its books quarterly in Regina, Saskatchewan was growing fast, with headcount reaching 73 in eighteen months. The back office had not kept up. Inter-company balances between two related corporations that had never been reconciled was the first thing to break.
What we did for A professional practice that closes its books quarterly, Regina, Saskatchewan
We built a fixed-asset continuity schedule from the purchase invoices. We set the capital cost allowance claim class by class rather than claiming the maximum by default. We built the compliance calendar for the size the business was becoming rather than the size it had been.
The result — A professional practice that closes its books quarterly, Regina, Saskatchewan
The business reached 73 staff with no missed remittance and no late filing. $14,500 of working capital was freed in the process.
Client: A specialty food importer · Where: Edmonton, Alberta · Engagement: 3 weeks, fixed fee
Proposed tax cleared$91,000
Review duration3 weeks
OutcomeNo change
The situation — A specialty food importer, Edmonton, Alberta
A specialty food importer in Edmonton, Alberta was selected for review. Year-end statements that arrived four months late and never tied to the bank had shown up in the CRA's automated matching. The proposed adjustment on balance sheet preparation came to $91,000.
What we did for A specialty food importer, Edmonton, Alberta
We set a monthly close calendar with a fixed cut-off, so the year-end became a review of work already done rather than a twelve-month rebuild. Every figure in the response traced to a source record the auditor could verify without asking a second question.
The result — A specialty food importer, Edmonton, Alberta
The review closed with no change. $91,000 of proposed tax came off the table, and the documentation now in place makes the next review a short one.
Case Study 3 · Missed incentive claimed
$111,000 Credit Claim Filed And Accepted Without Adjustment — Off-Calendar Year-End Supplier, Windsor
Client: A supplier with an off-calendar fiscal year-end · Where: Windsor, Ontario · Engagement: 6 weeks, fixed fee
Claim value$111,000
AcceptedWithout adjustment
RepeatableAnnually
The situation — A supplier with an off-calendar fiscal year-end, Windsor, Ontario
A supplier with an off-calendar fiscal year-end in Windsor, Ontario assumed the credits did not apply to a business its size. Two sets of numbers — one in the accounting file, one the owner actually ran the business on meant they had applied all along.
What we did for A supplier with an off-calendar fiscal year-end, Windsor, Ontario
We identified the qualifying activity and built the documentation to support it. Then we rebuilt the trial balance from source documents, reconciled every bank and credit-card account, and issued a CSRS 4200 compilation with a proper basis-of-accounting note.
The result — A supplier with an off-calendar fiscal year-end, Windsor, Ontario
$111,000 recovered. Because the eligibility analysis is on file, the same claim can be repeated each year with a fraction of the effort.
Case Study 4 · Sale and succession
$465,000 Sheltered By The Lifetime Capital Gains Exemption — Regional Courier Operator, Surrey
Client: A regional courier operator · Where: Surrey, British Columbia · Engagement: 4 weeks, fixed fee
Gain sheltered$465,000
ClosingOn schedule
Share qualificationMet
The situation — A regional courier operator, Surrey, British Columbia
A regional courier operator in Surrey, British Columbia had an offer on the table and 17 months to close. The shares did not qualify for the capital gains exemption. A minute book with no resolutions behind a decade of dividends was part of the reason.
What we did for A regional courier operator, Surrey, British Columbia
We purified the corporation so the shares met the qualifying tests. We reconciled the general ledger to the GIFI schedules filed for each open year and corrected the two years where they disagreed. All of it was done well ahead of the closing date.
The result — A regional courier operator, Surrey, British Columbia
The sale closed on schedule with $465,000 sheltered by the lifetime capital gains exemption across the shareholders.
Case Study 5 · Backlog brought current
Collections Halted And $70,000 Cut From A 4-Year Backlog — Design Agency, Guelph
The situation — A 14-person design agency, Guelph, Ontario
By the time a 14-person design agency in Guelph, Ontario called, 4 years were outstanding. The CRA had assessed on estimates. Underneath it sat work in progress carried at billing value one year and at cost the next, so neither year was comparable.
What we did for A 14-person design agency, Guelph, Ontario
We reconstructed the records year by year. We valued work in progress on one consistent basis and documented the method, so the comparative year could be relied on. Each filing replaced an arbitrary assessment with a real one.
The result — A 14-person design agency, Guelph, Ontario
The account is current. Filing on real numbers rather than CRA estimates reduced the balance by $70,000, and a relief application addressed part of the accumulated interest.
Client: A boutique fitness studio group · Where: Burnaby, British Columbia · Engagement: 3 weeks, fixed fee
Annual saving$74,000
ReorganisationTax-neutral
StructureMatches operations
The situation — A boutique fitness studio group, Burnaby, British Columbia
The structure at a boutique fitness studio group in Burnaby, British Columbia needed fixing. The file was carrying two sets of numbers — one in the accounting file, one the owner actually ran the business on. Every option for fixing it ran through a reorganisation that had to be done without triggering tax.
What we did for A boutique fitness studio group, Burnaby, British Columbia
We worked with the client's lawyer. Together, we reconciled the inter-company accounts, papered the arrangement with a written agreement, and aligned both corporations’ year-ends. We also prepared the elections, resolutions and valuations the structure needed to stand up.
The result — A boutique fitness studio group, Burnaby, British Columbia
The structure now matches the business. Annual saving of $74,000, and the reorganisation itself was tax-neutral.
Reviewed by Udit Gupta, Founder and Tax Accountant for the 2025 tax year. 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.
