6 GIFI Financial Statement Reporting 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 gifi financial statement reporting work, not a general example.
Case Study 1 · Scaling without breaking
Growth Handled Without A Missed Filing, $118,000 Freed — CCPC with Two Shareholders, Windsor
Client: A CCPC with two shareholders · Where: Windsor, Ontario · Engagement: 10 weeks, fixed fee
Cash freed$118,000
Compliance failuresNone
ReportingMonthly
The situation
A CCPC with two shareholders in Windsor, Ontario was opening in a second province — different filing obligations, a different payroll regime, and passive investment income that had crossed the $50,000 grind threshold unnoticed already in the file.
What we did
We mapped the association rules across the group, allocated the business limit deliberately on Schedule 23, and corrected the prior year by adjustment request and put monthly reporting in place so the owner could see the cash effect of growth while there was still time to act on it.
The result
Growth was absorbed without a compliance failure. $118,000 of cash was released, and the monthly reporting now flags a problem while it is still small.
Case Study 2 · Records and systems rebuilt
Month-End Close Cut From 12 Weeks To 5 Days — Technology CCPC Approaching Its, Ottawa
Client: A technology CCPC approaching its first profitable year · Where: Ottawa, Ontario · Engagement: 6 weeks, fixed fee
Close time before12 weeks
Close time after5 days
Year-endReview, not rebuild
The situation
The accounting file at a technology CCPC approaching its first profitable year in Ottawa, Ontario was built on a balance-due date the owner believed was the same as the filing date. The year-end had taken 12 weeks each of the last three years.
What we did
We moved passive holdings into a separate structure so the operating company’s small business limit stopped grinding down and moved the reconciliations into the monthly cycle, so the year-end stopped being a rebuild.
The result
The file reconciles. Month-end closes in 5 days instead of 12 weeks, and the year-end is a review rather than a reconstruction.
Case Study 3 · Structure rebuilt
Reorganisation Completed Tax-Deferred, $43,000 Saved Each Year — Franchise Operator with Three, Red Deer
Client: A franchise operator with three locations · Where: Red Deer, Alberta · Engagement: 4 weeks, fixed fee
Annual saving$43,000
Tax on reorganisationDeferred
Elections filedOn time
The situation
A franchise operator with three locations in Red Deer, Alberta had outgrown the structure it started with. Two corporations under common control filing as if each had its own $500,000 limit was the immediate problem; the longer-term one was that the structure blocked the next step.
What we did
We mapped the current structure, modelled the target, and rebuilt the instalment schedule off the current year rather than the prior year, ending the interest accrual — with the tax-deferred elections filed on time and the supporting valuations documented.
The result
The reorganisation completed without triggering tax, and the new structure saves approximately $43,000 a year while removing the exposure the old one carried.
Case Study 4 · Missed incentive claimed
$70,000 Credit Claim Filed And Accepted Without Adjustment — Holding Company and Its, Mississauga
Client: A holding company and its operating subsidiary · Where: Mississauga, Ontario · Engagement: 7 weeks, fixed fee
Claim value$70,000
AcceptedWithout adjustment
RepeatableAnnually
The situation
A holding company and its operating subsidiary in Mississauga, Ontario assumed the credits did not apply to a business its size. Two corporations under common control filing as if each had its own $500,000 limit meant they had applied all along.
What we did
We identified the qualifying activity, built the documentation to support it, and modelled salary against dividends across both the corporation and the shareholder’s personal return, then set the remuneration mix for the year.
The result
$70,000 recovered. Because the eligibility analysis is on file, the same claim can be repeated each year with a fraction of the effort.
Case Study 5 · Planning that cut the bill
$60,000 Cut From The Annual Tax Bill — Incorporated Trades Business, Regina
Client: An incorporated trades business · Where: Regina, Saskatchewan · Engagement: 7 weeks, fixed fee
First-year saving$60,000
RepeatsAnnually
Filing positionUnchanged in risk
The situation
An incorporated trades business in Regina, Saskatchewan was compliant but paying more than it needed to. The prior year had been filed correctly and still left a small business limit quietly shared across three associated corporations nobody had mapped on the table.
What we did
We modelled the current position against the alternatives before changing anything, then mapped the association rules across the group, allocated the business limit deliberately on Schedule 23, and corrected the prior year by adjustment request.
The result
The change saved $60,000 in the first year and repeats annually. Nothing about the filings became more aggressive; the position is simply the one the rules already allowed.
Case Study 6 · Deadline rescue
Filed On Time From A Standing Start, $106,000 Penalty Avoided — Incorporated Consultancy, Calgary
Client: An incorporated consultancy · Where: Calgary, Alberta · Engagement: 8 weeks, fixed fee
Penalty avoided$106,000
Turnaround8 weeks
FiledOn time
The situation
An incorporated consultancy in Calgary, Alberta came to us 8 weeks before its filing deadline with passive investment income that had crossed the $50,000 grind threshold unnoticed. A late filing would have triggered a penalty of roughly $106,000 before interest.
What we did
We worked backwards from the deadline. We moved passive holdings into a separate structure so the operating company’s small business limit stopped grinding down, 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 $106,000 penalty never arose, and the compliance calendar we set means the next deadline is scheduled rather than discovered.
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.
