6 worked Multi-Currency Bookkeeping 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 bookkeeping work, not a specific client's file.
Case Study 1 · CRA review defended
$69,000 Reassessment Reduced To Nil On Review — Specialty Coffee Roaster, Barrie
The situation — A specialty coffee roaster, Barrie, Ontario
A review notice arrived at a specialty coffee roaster in Barrie, Ontario covering multi-currency bookkeeping for two tax years. The auditor's working position was an adjustment of $69,000, driven by a bookkeeping file where owner draws, payroll and supplier payments all landed in the same account.
What we did for A specialty coffee roaster, Barrie, Ontario
Rather than negotiate, we rebuilt the record. We separated the owner’s personal spending out of the corporate accounts and cleared the resulting shareholder loan properly and submitted a point-by-point response that answered each proposed adjustment with the document behind it.
The result — A specialty coffee roaster, Barrie, Ontario
The auditor accepted the documented position and closed the review without adjustment, protecting $69,000 and leaving the prior filings undisturbed.
Case Study 2 · Cash and remittance control
$150,000 Of Working Capital Freed From The Tax Cycle — Home-Renovation Contractor, Saskatoon
The situation — A home-renovation contractor, Saskatoon, Saskatchewan
A home-renovation contractor in Saskatoon, Saskatchewan was profitable on paper and short of cash every month. Input tax credits claimed on receipts that had already been claimed once explained most of the gap.
What we did for A home-renovation contractor, Saskatoon, Saskatchewan
We rebuilt sales from the processor settlement reports so gross sales, fees and refunds each landed in an account of their own and built a thirteen-week cash view so tax payments stopped competing with payroll for the same dollars.
The result — A home-renovation contractor, Saskatoon, Saskatchewan
$150,000 was released back into working capital. Remittances have been on time every period since, and the forecast shows the tax outflow before it lands.
Case Study 3 · Objection and relief
Desk-Review Assessment Of $44,000 Vacated — Seasonal Food-Truck Operator, Toronto
Client: A food-truck operator running two seasonal units · Where: Toronto, Ontario · Engagement: 9 weeks, fixed fee
Assessment vacated$44,000
Supporting recordsNow on file
AccountCleared
The situation — A food-truck operator running two seasonal units, Toronto, Ontario
A food-truck operator running two seasonal units in Toronto, Ontario was carrying $44,000 of penalties and interest arising from eighteen months of unreconciled transactions and a shoebox of receipts, much of it accumulated during a period the CRA itself had delayed.
What we did for A food-truck operator running two seasonal units, Toronto, Ontario
We converted the foreign-currency purchases at transaction-date rates and recorded the exchange difference at settlement instead of burying it in cost of sales and framed the relief application on the specific grounds the CRA guidelines recognise rather than on general hardship.
The result — A food-truck operator running two seasonal units, Toronto, Ontario
The assessment was vacated. $44,000 came off the account, and the documentation now on file makes the same position straightforward to defend next time.
Case Study 4 · Sale and succession
Intergenerational Transfer Completed With $605,000 Deferred — Dental Hygiene Clinic, Regina
The situation — A dental hygiene clinic, Regina, Saskatchewan
A generational transfer at a dental hygiene clinic in Regina, Saskatchewan had been discussed for years without a plan. A shareholder loan balance that would have been picked up as income on closing meant the transfer as contemplated would have been fully taxable.
What we did for A dental hygiene clinic, Regina, Saskatchewan
We rebuilt the ledger from bank and card statements, matched every receipt to a transaction, and removed duplicated input tax credits before they became a review, sequencing the steps so each one was complete and documented before the next depended on it.
The result — A dental hygiene clinic, Regina, Saskatchewan
$605,000 of tax was deferred through the transfer, and the successor generation took over a corporation whose records stood up to review.
Case Study 5 · Scaling without breaking
Growth Handled Without A Missed Filing, $92,000 Freed — Courier Subcontractor, Edmonton
Client: A courier subcontractor paid by the drop · Where: Edmonton, Alberta · Engagement: 7 weeks, fixed fee
Cash freed$92,000
Compliance failuresNone
ReportingMonthly
The situation — A courier subcontractor paid by the drop, Edmonton, Alberta
A courier subcontractor paid by the drop in Edmonton, Alberta was opening in a second province — different filing obligations, a different payroll regime, and meals and entertainment coded at full cost with the input tax credit claimed on the whole amount already in the file.
What we did for A courier subcontractor paid by the drop, Edmonton, Alberta
We reconciled receivables and payables to source documents and wrote off the balances that were genuinely uncollectible, with support 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 — A courier subcontractor paid by the drop, Edmonton, Alberta
Growth was absorbed without a compliance failure. $92,000 of cash was released, and the monthly reporting now flags a problem while it is still small.
Case Study 6 · Records and systems rebuilt
29 Months Reconciled And $14,000 Of Input Tax Recovered — Multi-Processor Online Seller, Windsor
Client: An online seller reconciling three payment processors · Where: Windsor, Ontario · Engagement: 5 weeks, fixed fee
Months reconciled29
Input tax recovered$14,000
Close time9 days
The situation — An online seller reconciling three payment processors, Windsor, Ontario
An online seller reconciling three payment processors in Windsor, Ontario was carrying sales recorded from bank deposits, so processor fees, chargebacks and refunds appeared nowhere in the ledger. Nothing reconciled, and every filing started with 29 months of cleanup.
What we did for An online seller reconciling three payment processors, Windsor, Ontario
We rebuilt from source rather than correcting on top of the existing file. We recoded the meals and entertainment accounts to the statutory limit and reversed the over-claimed input tax credits before the next return went in, then set the routine that keeps it clean.
The result — An online seller reconciling three payment processors, Windsor, Ontario
29 months reconciled to the bank. The close now takes 9 days, and $14,000 of previously unclaimable input tax was recovered in the process.
Reviewed for the 2025 tax year by Udit Gupta, Founder and Tax Accountant. 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.
