An international entrepreneur with substantial holdings in Canada was using different accounting firms for each of his businesses. As such, each accounting firm was making recommendations based on their own segment of his holdings, with no tax planning taking place for the group as a whole.
Zeifmans developed a strategy that would produce synergy between the businesses through group tax planning, resulting in significant savings.
Review. Zeifmans reviewed the client’s overall international and Canadian tax situation. Examining the filings of each of the firms involved, we assessed the efficacy of their strategies.
Repair. After reviewing the strategies employed by all the accounting firms, we repaired our client’s personal tax status across a number of jurisdictions. We ensured that tax filings on a go-forward basis are coordinated and structured to minimize his overall tax burden.
Align. Rather than continue a piecemeal strategy, Zeifmans assumed accounting and tax responsibilities for all entities that could be transferred without difficulty or impact on the business. This enabled us to begin an overall tax planning strategy for all the businesses as a group.
As a result of our streamlining strategy, the client immediately found well over $1 million in tax savings on a pending transaction. His businesses continue to benefit from the complete line of sight, utilizing all available savings opportunities.