Meet the Tax Experts
March 2011
March and April represent our two busiest and most challenging months of the year and one that as accountants we all look forward to. This is the time of year when we immerse ourselves in Tax everyday with the objective of ensuring that our clients pay the least amount of tax possible while ensuring proper compliance with Canada’s tax laws. For a small firm we have a boutique specialty when it comes to tax and Carol and Jennifer represent a valued and integral part of the team that produces outstanding tax work.
Gary Connolly, Partner
For Carol DeMone and Jennifer DiFruscio it all began with an early interest in numbers and math. So, a career in accounting and tax was a natural choice. Carol became a Chartered Accountant in 1988 while Jennifer became a Certified General Accountant in 1998. Both women have completed the Canadian Institute of Chartered Accountants In-depth Tax Course, which is the most comprehensive tax training program in Canada. In addition, Jennifer is a Certified Financial Planner.
Today, both women enjoy the challenge and satisfaction of providing a wide range of proactive tax services for clients. Jennifer began working at Connolly & McNamara in 2000 following several years of public accounting in the Kingston area and is currently Manager – Tax. Carol joined the firm in 2006 following many years in the accounting and tax departments of CA firms in Toronto and Ottawa and is presently Senior Manager – Tax. Together with Gary and Rob, they are involved with the development of comprehensive personal financial plans, tax planning and compliance for corporate reorganizations, estates, trusts, small businesses and individuals.
Research is a significant part of their work and the firm regularly invests in their professional development. Connolly & McNamara also subscribes to comprehensive tax research software that provides access to the latest tax rulings and interpretations. Jennifer emphasized, “The application of tax laws changes constantly based on rulings and understanding the opportunities this presents can make an important difference for clients. An example of this is how tax treatment for public stock options that are virtually worthless has changed. Another is staying current with the federal Scientific Research and Experimental Development program for hi-tech clients”
Jennifer and Carol have been involved in some cases where persistence, research and having a sense of fairness have made a difference. Carol spoke of one couple in a retirement home where the firm persisted with tax filings until significant medical expenses were correctly allowed for both husband and wife. There are many other cases where the firm has saved clients significant amounts of money and made a difference in a family’s future by providing tax planning advice. See our success story page for some of these stories.
Their message to clients: the best approach to tax planning is to be informed and proactive. A plan that looks at your unique situation can lessen your tax burden and improve your financial future.
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