While you might think that the world of financial statements, audits and tax isn’t exciting, you haven’t been working with our team! In this article, we’ll share a few Toronto success stories – each an example of how Stern Cohen delivers value and preserves our clients’ money.
For any taxpayer, ensuring they pay their fair share (and no more) is paramount. To that end, we’re ever vigilant on our clients’ behalf. In one example reported in the Toronto Star, Stern Cohen Partner Lorne Lebow discovered his client was eligible for a $12,000 rebate on the HST the client paid for home care services for his mother. It was an obscure exemption but Stern Cohen was recognized for bringing it to light and securing a significant refund for our client.
In another case, Stern Cohen Managing Partner Michael McCleave recognized that a technical change introduced by the Canada Revenue Agency* for a limited time and without much hoopla could enable some substantial refunds. Michael took the time to determine if any of Stern Cohen’s clients qualified. Some did. The result: refunds for between $93,000 and $158,000. Vigilance pays.
As advisory specialists for owner-managed businesses, Stern Cohen has supported generations of family and privately-held businesses operating in Canada and internationally. Business owner transition can be devastating if the necessary planning is not carried out 3 to 5 years in advance of retirement (anything less than 18 months can be problematic).
In one example, a client with a thriving business found himself without a succession plan since his children had embarked upon different careers. As a Stern Cohen client, the business owner had ready access to a team of advisors who proactively designed and implemented a succession plan well in advance of his retirement. The plan included a valuation relating to goodwill and real estate, estate planning, a family trust, a profit sharing plan for the new owner and a pension for the retiring owner.
When all was said and done, the original business owner received full value of his business with a pension. The new business owner (also a Stern Cohen client) is now a wealthy person with an established business.
What will be YOUR Stern Cohen success story? Contact us to find out.
*A change in the definition of the Alternative Minimum Tax (AMT) add-backs.