Tax Recovery

Every business owner wants assurance that their financial processes are being handled as competently as possible. While it isn’t something you think about every day, overpaid or unrecovered taxes may be inadvertently increasing your organization’s costs, which can directly affect your bottom line. 

At MRSB we believe that complying with Canadian tax regulations should be part of a process that enables fast refunds while effectively managing compliance costs and reporting requirements. Our knowledgeable team can help you improve your tax compliance system while helping to reduce your risk of future overpayment.

Indirect Tax Recovery Review

We understand that the demands of each business are different. That’s why we tailor your review specifically to your organization depending on its size, industry and geography. Our comprehensive review process follows a five step strategy:

  1. Client Interview: We will hold a brief but targeted discussion with you to gain an understanding of your operations - beyond the numbers –and insight into your historic and future projects and goals that could be relevant to our analysis.
  2. In-depth Review: This significant portion of the process involves extracting and analyzing accounting data from your system. We will identify, quantify and verify any potential tax recoveries or future efficiencies.
  3. Report Findings: The review findings are communicated to you along with a draft report that covers several components: recoverable taxes found, relevant legislation or tax policy that support the recoveries or efficiencies identified, and a recommended method for recovering those amounts. Our team then implements the appropriate changes to your compliance process.
  4. Final Report: Once the draft report has been approved by you, a final report is prepared and issued to your management team. This document will also serve as an internal reference and as a supporting document for the recovery review.
  5. Recovery: If applicable, the relevant refund claims are prepared. We will also hold a training session with your staff to cover issues that were identified during your review, ensuring the same challenges do not arise again. We also handle all post-filing queries from tax authorities, should any arise.

 

The MRSB Tax Recovery service is led by tax specialist Martin Goguen. Martin is a chartered accountant and a seasoned tax recovery specialist. After practicing in Ottawa, Montreal and Moncton, Martin moved to Prince Edward Island in the summer of 2013, joining MRSB Group to lead their emerging Tax Recovery service.