Estimated reading time: 8 minutes
A tax review may uncover that the Canada Revenue Agency (CRA) owes you money missed on your income tax return.
Tax refunds are significant, especially when you weren’t expecting one.
Have you ever heard of the Family Tax Recovery team that helps Canadians recover missed tax refund opportunities?
We hadn’t, but now that I’ve looked at this tax review business in-depth, I wanted to share it with my readers.
Family Tax Recovery Inc. is a private Canadian tax firm in Toronto, Ontario, specializing in producing CRA refunds for clients based on previously filed tax years.
You’ll often read during this post that the tax review is FREE if the tax recovery specialist doesn’t find anything.
You have nothing to lose and everything to gain if you get a refund.
Today, I will review how tax review services work, any costs involved, and how businesses and organizations can benefit from this tax recovery.
Table of contents
- Why Do I Need A Tax Review?
- What Is The Tax Recovery For Canadians?
- How Would You Spend Uncovered Tax Benefits?
- Privacy Matters During A Tax Review
- How Does A Tax Review And Recovery Work?
- Costs Involved With A Tax Review
- Three Steps To Get The Tax Review Process Started
- How Long Does A Tax Review Take?
- Tax Review For Businesses And Groups
- About Family Tax Recovery Canada
- Final Thoughts
- Subscribe To Canadian Budget Binder
Why Do I Need A Tax Review?
Like many Canadians, I complete our yearly tax refund to find out if we owe the government money or if they owe us money.
I’ve lived in Canada since 2007 and learned how to maximize our tax return to pay the least tax or receive a refund.
With the Family Tax Recovery team, they will go back ten years to review tax records to try and find missed income tax refund opportunities.
The cool part is that over 60% of Canadians, or three out of five people who work with the team, get a refund.
What Is The Tax Recovery For Canadians?
Tax specialists at the Family Tax Recovery team want to find a tax refund for you with a success rate of three out of every five people.
From 2019-2021 the Globe and Mail awarded the Family Tax Recovery for Canadians as their top growing company in Canada.
In the Canadian Business magazine, they were named number 32 out of 50 Top Start-Ups in 2019.
The difference between an accountant and a tax specialist is that the accountant knows the tax code.
However, tax specialists know the tax code and deal with complex, in-depth Canadian income tax return reviews.
Their website compares their services to a general practitioner versus a doctor specializing in a specific area of expertise.
The tax specialists never have to contact your accountant unless you want them to review any tax adjustments.
Think of it as money you wouldn’t have had otherwise, which is always a pleasant surprise.
How Would You Spend Uncovered Tax Benefits?
What would you do if I told you you could get an unexpected tax refund ranging from hundreds to thousands of dollars?
- Pay Off Debt
- Take A Vacation
- Help Pay For Education
- Retirement Savings or Investing
- Use Towards Buying A House Down Payment
- Treat Yourself
Our Refund Tax Engine instantly performs all the tedious calculations for each refund opportunity and uncovers unused grants, credits, positive law changes, and accounting errors resulting in YOU being owed a refund from the CRAFamily Tax Recovery Canada
At the bottom of the Family Tax Recovery website, you will find video reviews from Canadians who received a refund.
Just like you may be skeptical, they were too.
These Canadians want to assure you that it is a legitimate company and that they did get a tax refund.
Privacy Matters During A Tax Review
All the tax specialists at the Family Tax Recovery Team have CRA rep IDs and are governed by strict confidentiality rules.
Tax specialists cannot share or sell your personal information to anyone.
The Family Tax Recovery team completely backs your privacy, and the only person who will see your information is the assigned tax specialist.
How Does A Tax Review And Recovery Work?
A tax review and recovery are similar but different, whereas the review goes back ten years into your income tax returns.
Tax recovery is when tax specialists find something missed in your tax return.
If the specialist recovers any money, they will send your tax return with the adjustment to Revenue Canada (CRA).
You don’t have to provide the tax recovery specialists with copies of your past income tax returns either.
They can get the information needed online, provided by the CRA, to complete the tax review.
How much money can you expect to recover?
Family Tax Recovery specialists can typically uncover a client’s hundreds to thousands of dollars.
You can ask your accountant to complete a tax review; however, be prepared to pay them to do the work whether you get a refund or not.
The Family Tax Recovery team is willing to take a chance that they won’t charge you if they don’t recover the money.
After reviewing your tax returns, you pay nothing out of pocket if no money is owed to you by the CRA.
There’s not much to lose with a program such as this.
Costs Involved With A Tax Review
Nobody likes to work for free as businesses, big or small, have bills and employees to pay.
As a small business owner, I know how much it costs to run this blog and the time invested.
Would you work for free? Probably not.
I respect the Family Tax Recovery Team for being upfront and only charging a fee if money IS recovered.
Our Refund Review is free. We only charge you after you receive your unclaimed benefits from previously filed tax returns.
33% on the first $25,000 refunded to you and a sliding scale down to 10% for larger refundsFamily Tax Recovery Canada
If money is recovered, you only pay 33% of the refund on the first $25,000 you get back from Revenue Canada.
For example, if the tax specialist recovers $1000, the client pays 33% of 1000 = $330.
The client gets $670 they would have never known about unless they conducted a tax review., which
Another example is if the tax specialist recovers $100, the client pays 33% of 100 = $33.
For larger refunds, they use a sliding scale down to 10%. For example, if they found $50,000 and applied a 10% return fee, you would pay $5000.
You can ask these questions before starting or applying for the benefits review.
It sounds to me that each situation is different, and until they see the recovery amount is when they can let you know how much you owe them.
Three Steps To Get The Tax Review Process Started
On the website for the Family Tax Recovery services website, there are three steps for you to fill out.
- Fill out the Benefits Review Form
- Validate your Social Insurance Number
- Sign Authorization Form Online
What will happen is that you authorize them to retrieve up to the last ten years of your tax returns.
Make sure that you read all of the information presented to you before agreeing to begin the tax recovery process.
How Long Does A Tax Review Take?
Typically, a tax recovery review takes about one to two weeks; if the client qualifies for a return, the CRA takes four to eight weeks.
Although, like all Canadians, we are at the mercy of the Canada Revenue Agency, and times can vary.
I can wait that long if I’m getting money back that I didn’t even know was waiting to be recovered.
Tax Review For Businesses And Groups
What instantly caught my attention was a tax review does not take away the role of an accountant, financial advisor, or other professionals.
Before I started investigating the Family Tax Refund, I had no idea it existed.
Secondly, the Family Tax Recovery only gets paid if you get paid.
Remember that if you owe the CRA a debt from a past income tax return, the money would first cover that debt.
The Family Tax Recovery for any of the following groups below will be an asset to your company.
Services provided by the Family Tax Recovery do not take away from your business either.
Many agencies aren’t aware of the benefits of a tax review and how it can improve morale.
For example, if you share with your employees the possibility of receiving money back from a tax review, they will be interested.
A tax review consultant assigned to each individual doesn’t earn a nickel unless you get a refund.
- Financial Advisors
- Financial Service Providers
- Government Employees
Imagine the thrill your employees would get if the Family Tax Recovery uncovered a tax refund.
About Family Tax Recovery Canada
I wanted to share with you how Sam Samole founded the Family Tax Recovery business and how the program has helped many Canadians get a refund.
The CRA owed me $20,000. I got my money back – and you can, too. I had used the same high-performing accountant for 30 years.
He went after every grant, every benefit, and every credit available at that time.
But when I had my 10-year tax review done, we found that if I changed just one thing in the past, it made a $20,000 difference!
That’s when I decided to start my own company, Family Tax Recovery Inc, to help other people get back the money that the CRA owes them.
The CRA is sitting on billions of dollars of taxpayer money. We uncover it and get the refunds back where they belong.Sam Samole – YouTube Video
I plan to go through the process to see if they can recover money since I process our returns without an accountant.
If they recover money for us, that’s fantastic, and if they don’t, we go on with our lives and run future returns through the system.
Although not every business is perfect, there have been complaints to the Better Business Bureau, all of which were addressed by the Family Tax Recovery team.
Since they have access to your CRA account, you can revoke this anytime by logging into your CRA dashboard.
You may opt-out of any future contacts from us at any time.
You can do the following at any time by contacting us via the email address or phone number given on our website:
See what data we have about you if any.
Change/correct any data we have about you.
Have us delete any data we have about you.
Express any concern you have about our use of your data.
(866) 936-0924 or via email at email@example.comFamily Tax Recovery
Please review their terms and conditions before signing up to begin the tax recovery process.
The opinion expressed here is mine based on what I’ve read and researched about the company.
Discussion: What do you think about a benefits recovery such as this? If you receive a refund after signing up, please comment below and tell me about your experience.
Thanks for stopping by to read today’s blog post.