A tax refund is a payment made to a taxpayer for any overpayments made to the federal, provincial or state governments. While most taxpayers regard a refund as a gift or a lucky break, it typically reflects what amounts to an interest-free debt from the taxpayer to the government. It’s common to avoid overpaying taxes in order to keep more money in your pocket each pay check—and avoid a refund when you file your tax return.
Getting a substantial tax refund can be thrilling. Still, taxpayers are better off not overpaying their taxes in the first place because the money could be better spent elsewhere. The majority of refunds are provided within a few weeks of the amended tax return being filed. However, it is possible that a refund will take longer in specific cases.
Simple math errors on your return, identity theft, and tax fraud can all affect your refund. It could also refer to an extremely high processing volume. The tax recovery process will now be delayed. For a tax return, one must go through a certain amount of discomfort.
Family Tax Recovery stepped in to make things simple. Its Benefits Specialists will go over the previous 10-year tax returns with their advanced tools and special training to find all applicable benefits, grants, favourable tax law changes, errors, and unclaimed credits that pertain. The Canadian government’s (the Canadian Revenue Agency, the “CRA”) perks are available to Canadian taxpayers, but they are frequently missed. The reason for this is that determining whether or not you qualify usually takes too much time and money. This is why the Family Tax Recovery team has developed a Refund Tax Engine.
The Refund Tax Engine was created to immediately do all of the time-consuming calculations for each refund opportunity, uncovering underutilised grants, credits, positive legislative changes, and accounting errors that result in YOU being entitled to a CRA refund.
CEO, Stan Samole
Samole’s personal taxes were audited by an accountant in 2015. He received $20K+ within weeks. He was taken aback, but after meeting with the accountant, he realised he had a fantastic opportunity.
The Canadian government (the CRA) permits taxpayers to amend their personal tax returns for a period of ten years. Few individuals are aware of this, including accountants. Manually doing 10-year tax evaluations is time-consuming and expensive, and with no guarantee of a refund, only the very rich would have their taxes reviewed for refund purposes. At the age of 65, Stan Samole began Family Tax Recovery. He is obviously a serial entrepreneur. This is his fifth business venture. In mid-2015, he was fortunate to have Rob Sheinbein join him as a business partner. Rob is the company’s chief technical architect and marketing expert. Finally, he has two sons who work at Family Tax Recovery, which makes things a lot easier for him. Stan worked long days and nights throughout his professional career, travelled a lot, and so on. There is no inventory, no facilities, no equipment, and most employee duties are automated in this business. Without the years of technology used to speed up operations, a company would not thrive.
Samole believes that assisting desperate people in returning their refunds and congratulating them by offering returns is a wonderful feeling.
“We have a hundred testimonials and offers of thanks all over our office walls. In my office, I keep a letter of thanks from a woman who, because of the refund we found for her, was able to escape an abusive relationship and get a fresh start.
Imagine having the job of calling people to congratulate them. It doesn’t matter if it’s a hundred dollars or ten thousand dollars, the reaction is like they just won the lottery. ” -says Stan Samole.
Company sights
Family Tax Recovery has discovered refunds for nearly half of its clients since it began functioning seven years ago. The company has uncovered more than $60 million in refunds so far. Over the last three years, revenue has increased by 1,069%. The firm has won numerous awards over the years which include:
- Three times (2019, 2020, 2021) on the list of Globe & Mail’s fastest growing company
- In 2019, Canadian Business list of Canada’s fastest start-ups
- In 2021, Welp Magazine list of Top Accounting Firms
The company provides its services on a contingency basis, which means it only gets paid if you get a return. This model gives many low-income taxpayers a chance to receive refunds, which gives great satisfaction.
Other jurisdictions are also being investigated. For example, the United States, which has a vast market, allows tax adjustments for three years.
Family Tax Recovery is the only firm in Canada that does 10-year personal tax audits for refund purposes. Ex-employees and ex-licensees are the only other tiny rivals. Nonetheless, it expects the industry to expand. Based on the research so far, it can confidently estimate that the CRA holds $30 billion in unclaimed funds. The company concentrates solely on the issue of locating refunds for taxpayers. Through third-party partners, it also provides other financial services.
Website: www.familytaxrecovery.ca
