6 worked Multi-Currency Accounting 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 multi-currency accounting work, not a specific client's file.
Case Study 1 · Records and systems rebuilt
17 Months Reconciled And $13,500 Of Input Tax Recovered — Off-Calendar Year-End Supplier, Calgary
Client: A supplier with an off-calendar fiscal year-end · Where: Calgary, Alberta · Engagement: 4 weeks, fixed fee
Months reconciled17
Input tax recovered$13,500
Close time10 days
The situation — A supplier with an off-calendar fiscal year-end, Calgary, Alberta
Nothing reconciled at a supplier with an off-calendar fiscal year-end in Calgary, Alberta. Every filing started with 17 months of cleanup. The file was carrying a year-end moved informally, leaving twelve months of trading reported as though nothing had changed.
What we did for A supplier with an off-calendar fiscal year-end, Calgary, Alberta
We rebuilt from source rather than correcting on top of the existing file. We moved accruals, prepaids and depreciation into a documented month-end checklist, so they stopped being year-end discoveries. Then we set the routine that keeps it clean.
The result — A supplier with an off-calendar fiscal year-end, Calgary, Alberta
17 months reconciled to the bank. The close now takes 10 days, and $13,500 of previously unclaimable input tax was recovered in the process.
Case Study 2 · Deadline rescue
Filed On Time From A Standing Start, $22,000 Penalty Avoided — Fitness Studio Group, London
Client: A boutique fitness studio group · Where: London, Ontario · Engagement: 8 weeks, fixed fee
Penalty avoided$22,000
Turnaround8 weeks
FiledOn time
The situation — A boutique fitness studio group, London, Ontario
A boutique fitness studio group in London, Ontario came to us 8 weeks before its filing deadline. The file came with inter-company balances between two related corporations that had never been reconciled. A late filing would have triggered a penalty of roughly $22,000 before interest.
What we did for A boutique fitness studio group, London, Ontario
We worked backwards from the deadline. We reconciled the general ledger to the GIFI schedules filed for each open year and corrected the two years where they disagreed. We prioritised the items that actually gated the filing and deferred everything that did not.
The result — A boutique fitness studio group, London, Ontario
The return was filed on time and complete. The $22,000 penalty never arose, and the compliance calendar we set means the next deadline is scheduled rather than discovered.
Case Study 3 · Objection and relief
Notice Of Objection Allowed In Full, $101,000 Reversed — Family Wholesale Distributor, Kelowna
Client: A family-owned wholesale distributor · Where: Kelowna, British Columbia · Engagement: 7 weeks, fixed fee
Amount reversed$101,000
ObjectionAllowed in full
Account balanceNil
The situation — A family-owned wholesale distributor, Kelowna, British Columbia
A family-owned wholesale distributor in Kelowna, British Columbia had been reassessed for $101,000. 7 days were left on the objection deadline. The reassessment rested on a bank that refused to renew an operating line without compliant statements.
What we did for A family-owned wholesale distributor, Kelowna, British Columbia
We filed the objection inside the deadline with a complete submission rather than a placeholder. Alongside it, we valued work in progress on one consistent basis and documented the method, so the comparative year could be relied on.
The result — A family-owned wholesale distributor, Kelowna, British Columbia
The appeals officer allowed the objection in full. $101,000 was reversed and the account returned to a nil balance.
Case Study 4 · Structure rebuilt
Holding Structure Added, $62,000 Saved Annually — Machine-Shop Owner-Operator, Hamilton
The situation — A machine-shop owner-operator, Hamilton, Ontario
The structure at a machine-shop owner-operator in Hamilton, Ontario needed fixing. The file was carrying work in progress carried at billing value one year and at cost the next, so neither year was comparable. Every option for fixing it ran through a reorganisation that had to be done without triggering tax.
What we did for A machine-shop owner-operator, Hamilton, Ontario
We worked with the client's lawyer. Together, 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 also prepared the elections, resolutions and valuations the structure needed to stand up.
The result — A machine-shop owner-operator, Hamilton, Ontario
The structure now matches the business. Annual saving of $62,000, and the reorganisation itself was tax-neutral.
Case Study 5 · Backlog brought current
7 Years Filed, $123,000 Removed From The Assessed Balance — Landscaping Company, Victoria
Client: A growing landscaping company · Where: Victoria, British Columbia · Engagement: 5 weeks, fixed fee
Years filed7
Assessed balance removed$123,000
CollectionsStopped
The situation — A growing landscaping company, Victoria, British Columbia
A growing landscaping company in Victoria, British Columbia had not filed for 7 years. The CRA had issued arbitrary assessments. The business was carrying a shareholder loan account that had drifted for three years with no supporting entries. That came on top of a growing interest balance.
What we did for A growing landscaping company, Victoria, British Columbia
We started with the oldest year and worked forward so each year's closing balances fed the next. We reconciled the inter-company accounts, papered the arrangement with a written agreement, and aligned both corporations’ year-ends. We filed the years in sequence rather than all at once.
The result — A growing landscaping company, Victoria, British Columbia
Every year is now filed and assessed on actual figures. The notional assessments were vacated and $123,000 of the estimated balance came off, with a payment arrangement covering the rest.
Case Study 6 · Sale and succession
$880,000 Sheltered By The Lifetime Capital Gains Exemption — First Year-End Corporation, Mississauga
Client: An owner-managed corporation preparing its first year-end · Where: Mississauga, Ontario · Engagement: 8 weeks, fixed fee
Gain sheltered$880,000
ClosingOn schedule
Share qualificationMet
The situation — An owner-managed corporation preparing its first year-end, Mississauga, Ontario
An owner-managed corporation preparing its first year-end in Mississauga, Ontario had an offer on the table and 14 months to close. The shares did not qualify for the capital gains exemption. No valuation on file to support the price the parties had agreed was part of the reason.
What we did for An owner-managed corporation preparing its first year-end, Mississauga, Ontario
We purified the corporation so the shares met the qualifying tests. 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. All of it was done well ahead of the closing date.
The result — An owner-managed corporation preparing its first year-end, Mississauga, Ontario
The sale closed on schedule with $880,000 sheltered by the lifetime capital gains exemption across the shareholders.
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.
