Case Study: Unlocking a $10K+ Tax Refund via Loss Carryback
Client Profile:
- Industry: HVAC services
- Location: Ontario, Canada
- Annual Net Income: Under $500K
What Prompted Us to Review
Their profitability turned negative after heavy growth investments, yet no loss-carryback election had been made
What We Found
Non-capital losses from the loss year were not applied against taxable income in the two prior profitable years, meaning they left a refund on the table
Recovery & Impact
- Refund Secured: $10,000+
- Working-Capital Boost: Immediate cash inflow stabilized operations
- Client Confidence: Reinforced the importance of proactive tax planning
Key Takeaway
Small businesses should routinely check their loss-carryback elections to reclaim taxes paid in past profit years
Ready to recoup your missed tax refunds?
Contact us today for a complimentary assessment.
CASE STUDY: Recovering $40K+ in Overpaid HST for an eCommerce Consumer Goods Company
Read about how an E-Commerce company was able to recover over $40K in HST payments.
