6 Schedule 15 Beneficial Ownership 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 schedule 15 beneficial ownership reporting work, not a general example.
Case Study 1 · CRA review defended
$35,000 Reassessment Reduced To Nil On Review — Spousal Trust Following a, Windsor
Client: A spousal trust following a death · Where: Windsor, Ontario · Engagement: 9 weeks, fixed fee
Reassessment reduced toNil
Tax protected$35,000
Prior filingsUndisturbed
The situation
A review notice arrived at a spousal trust following a death in Windsor, Ontario covering schedule 15 beneficial ownership reporting for two tax years. The auditor's working position was an adjustment of $35,000, driven by a graduated rate estate designation missed on the first return, defaulting the estate to top-rate taxation.
What we did
Rather than negotiate, we rebuilt the record. We filed the outstanding T3 returns with full beneficial-ownership schedules and secured relief on the late-filing penalty 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 $35,000 and leaving the prior filings undisturbed.
Case Study 2 · Records and systems rebuilt
Month-End Close Cut From 12 Weeks To 4 Days — Family with a Cottage, Ottawa
Client: A family with a cottage held in trust · Where: Ottawa, Ontario · Engagement: 3 weeks, fixed fee
Close time before12 weeks
Close time after4 days
Year-endReview, not rebuild
The situation
The accounting file at a family with a cottage held in trust in Ottawa, Ontario was built on a family trust approaching its 21-year deemed disposition with no plan. The year-end had taken 12 weeks each of the last three years.
What we did
We filed the separate rights-or-things return alongside the final T1, claiming a second set of personal credits 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 4 days instead of 12 weeks, and the year-end is a review rather than a reconstruction.
Case Study 3 · Backlog brought current
3 Years Filed, $57,000 Removed From The Assessed Balance — Corporation Planning an Intergenerational, Red Deer
Client: A corporation planning an intergenerational transfer · Where: Red Deer, Alberta · Engagement: 5 weeks, fixed fee
Years filed3
Assessed balance removed$57,000
CollectionsStopped
The situation
A corporation planning an intergenerational transfer in Red Deer, Alberta had not filed for 3 years. The CRA had issued arbitrary assessments, and the business was carrying a farm transfer completed without using the intergenerational rollover on top of a growing interest balance.
What we did
We started with the oldest year and worked forward so each year's closing balances fed the next. We made the graduated rate estate designation and re-filed, moving the estate off top-marginal-rate taxation for its first three years, filing the years in sequence rather than all at once.
The result
Every year is now filed and assessed on actual figures. The notional assessments were vacated and $57,000 of the estimated balance came off, with a payment arrangement covering the rest.
Case Study 4 · Scaling without breaking
Second-Province Expansion Handled, $144,000 Of Cash Released — Trustee Facing the Expanded, Mississauga
Client: A trustee facing the expanded reporting rules · Where: Mississauga, Ontario · Engagement: 5 weeks, fixed fee
Cash released$144,000
New registrationsComplete on day one
Compliance gapsNone
The situation
Revenue at a trustee facing the expanded reporting rules in Mississauga, Ontario was up sharply and cash was tighter than ever. Underneath it sat a trust that had never filed a T3 under the expanded reporting rules.
What we did
We implemented an estate freeze with a supported valuation, capping the current generation’s exposure and moving future growth to the successors. Every new obligation — registration, remittance frequency, provincial filing — was set up before it was triggered, not after.
The result
$144,000 of cash was released from the working capital cycle, and the expansion completed with every registration and filing obligation covered from day one.
Case Study 5 · Deadline rescue
Filed On Time From A Standing Start, $108,000 Penalty Avoided — Executor Administering an Estate, Regina
Client: An executor administering an estate · Where: Regina, Saskatchewan · Engagement: 5 weeks, fixed fee
Penalty avoided$108,000
Turnaround5 weeks
FiledOn time
The situation
An executor administering an estate in Regina, Saskatchewan came to us 5 weeks before its filing deadline with a final return filed without the rights-or-things election, leaving a second set of credits unused. A late filing would have triggered a penalty of roughly $108,000 before interest.
What we did
We worked backwards from the deadline. We filed the outstanding T3 returns with full beneficial-ownership schedules and secured relief on the late-filing penalty, 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 $108,000 penalty never arose, and the compliance calendar we set means the next deadline is scheduled rather than discovered.
Case Study 6 · Sale and succession
$270,000 Sheltered By The Lifetime Capital Gains Exemption — Family Trust with Three, Calgary
Client: A family trust with three beneficiaries · Where: Calgary, Alberta · Engagement: 4 weeks, fixed fee
Gain sheltered$270,000
ClosingOn schedule
Share qualificationMet
The situation
A family trust with three beneficiaries in Calgary, Alberta had an offer on the table and 27 months to close. The shares did not qualify for the capital gains exemption, and a minute book with no resolutions behind a decade of dividends was part of the reason.
What we did
We purified the corporation so the shares met the qualifying tests, then filed the separate rights-or-things return alongside the final T1, claiming a second set of personal credits well ahead of the closing date.
The result
The sale closed on schedule with $270,000 sheltered by the lifetime capital gains exemption across the shareholders.
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.
