6 worked Year-End Closing Services 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 year-end closing services work, not a specific client's file.
Case Study 1 · Records and systems rebuilt
24 Months Reconciled And $11,500 Of Input Tax Recovered — Quarterly-Close Practice, Winnipeg
Client: A professional practice that closes its books quarterly · Where: Winnipeg, Manitoba · Engagement: 5 weeks, fixed fee
Months reconciled24
Input tax recovered$11,500
Close time10 days
The situation — A professional practice that closes its books quarterly, Winnipeg, Manitoba
A professional practice that closes its books quarterly in Winnipeg, Manitoba was carrying inter-company balances between two related corporations that had never been reconciled. Nothing reconciled, and every filing started with 24 months of cleanup.
What we did for A professional practice that closes its books quarterly, Winnipeg, Manitoba
We rebuilt from source rather than correcting on top of the existing file. We built a fixed-asset continuity schedule from the purchase invoices and set the capital cost allowance claim class by class rather than claiming the maximum by default, then set the routine that keeps it clean.
The result — A professional practice that closes its books quarterly, Winnipeg, Manitoba
24 months reconciled to the bank. The close now takes 10 days, and $11,500 of previously unclaimable input tax was recovered in the process.
Case Study 2 · Sale and succession
$725,000 Sheltered By The Lifetime Capital Gains Exemption — Family Wholesale Distributor, Victoria
Client: A family-owned wholesale distributor · Where: Victoria, British Columbia · Engagement: 10 weeks, fixed fee
Gain sheltered$725,000
ClosingOn schedule
Share qualificationMet
The situation — A family-owned wholesale distributor, Victoria, British Columbia
A family-owned wholesale distributor in Victoria, British Columbia had an offer on the table and 29 months to close. The shares did not qualify for the capital gains exemption, and a single shareholder holding every share, with no room to multiply the exemption was part of the reason.
What we did for A family-owned wholesale distributor, Victoria, British Columbia
We purified the corporation so the shares met the qualifying tests, then 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 well ahead of the closing date.
The result — A family-owned wholesale distributor, Victoria, British Columbia
The sale closed on schedule with $725,000 sheltered by the lifetime capital gains exemption across the shareholders.
Case Study 3 · Cash and remittance control
$82,000 Of Working Capital Freed From The Tax Cycle — Independent Pharmacy, Edmonton
Client: An independent pharmacy · Where: Edmonton, Alberta · Engagement: 10 weeks, fixed fee
Working capital freed$82,000
On-time remittancesEvery period since
Forecast horizon13 weeks
The situation — An independent pharmacy, Edmonton, Alberta
An independent pharmacy in Edmonton, Alberta was profitable on paper and short of cash every month. Capital assets written off in full in the year of purchase, with no fixed-asset schedule behind the deduction explained most of the gap.
What we did for An independent pharmacy, Edmonton, Alberta
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 and built a thirteen-week cash view so tax payments stopped competing with payroll for the same dollars.
The result — An independent pharmacy, Edmonton, Alberta
$82,000 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 4 · Backlog brought current
7 Years Filed, $110,000 Removed From The Assessed Balance — Fitness Studio Group, Kitchener
Client: A boutique fitness studio group · Where: Kitchener, Ontario · Engagement: 11 weeks, fixed fee
Years filed7
Assessed balance removed$110,000
CollectionsStopped
The situation — A boutique fitness studio group, Kitchener, Ontario
A boutique fitness studio group in Kitchener, Ontario had not filed for 7 years. The CRA had issued arbitrary assessments, and the business was carrying a bank that refused to renew an operating line without compliant statements on top of a growing interest balance.
What we did for A boutique fitness studio group, Kitchener, Ontario
We started with the oldest year and worked forward so each year's closing balances fed the next. We reconciled the general ledger to the GIFI schedules filed for each open year and corrected the two years where they disagreed, filing the years in sequence rather than all at once.
The result — A boutique fitness studio group, Kitchener, Ontario
Every year is now filed and assessed on actual figures. The notional assessments were vacated and $110,000 of the estimated balance came off, with a payment arrangement covering the rest.
Case Study 5 · Planning that cut the bill
Remuneration Review Saved $16,000 Across Corporate And Personal Returns — Related-Company Pair, Vancouver
Client: A corporation sharing administration with a related company · Where: Vancouver, British Columbia · Engagement: 9 weeks, fixed fee
Combined saving$16,000
ScopeCorporate + personal
Future yearsNo rework needed
The situation — A corporation sharing administration with a related company, Vancouver, British Columbia
Nothing was wrong at a corporation sharing administration with a related company in Vancouver, British Columbia — the filings were on time and accurate. What they were not was planned. Work in progress carried at billing value one year and at cost the next, so neither year was comparable had never been reviewed.
What we did for A corporation sharing administration with a related company, Vancouver, British Columbia
We valued work in progress on one consistent basis and documented the method, so the comparative year could be relied on, and ran the numbers across both the corporate and personal returns so the saving was real rather than deferred into someone else's hands.
The result — A corporation sharing administration with a related company, Vancouver, British Columbia
$16,000 came off the combined corporate and personal tax bill, and the structure holds for future years without further work.
Case Study 6 · Structure rebuilt
Corporate Structure Rebuilt For $31,000 Of Annual Savings — Off-Calendar Year-End Supplier, Brampton
Client: A supplier with an off-calendar fiscal year-end · Where: Brampton, Ontario · Engagement: 5 weeks, fixed fee
Saving per year$31,000
DocumentationComplete
Transfer basisRollover
The situation — A supplier with an off-calendar fiscal year-end, Brampton, Ontario
The structure at a supplier with an off-calendar fiscal year-end in Brampton, Ontario had been set up years earlier for a business that no longer existed, and two sets of numbers — one in the accounting file, one the owner actually ran the business on had become expensive.
What we did for A supplier with an off-calendar fiscal year-end, Brampton, Ontario
We reconciled the inter-company accounts, papered the arrangement with a written agreement, and aligned both corporations’ year-ends. The reorganisation used the rollover provisions rather than a taxable transfer, so no tax fell due on the restructuring itself.
The result — A supplier with an off-calendar fiscal year-end, Brampton, Ontario
$31,000 of annual saving, achieved on a tax-deferred basis. The minute book, elections and valuations are all in the file.
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.
