Family Tax Recovery Review 2024: Find More Tax Credits

Do you feel like your taxes are too high? Are you unsatisfied with the tax refund you received from the CRA?

If so, then Family Tax Recovery could be the solution to your worries. This company helps Canadian taxpayers find tax credits and deductions that may have been overlooked by their accountant or tax-filing software, which can help put more money in your pocket.

Interested in learning more?

Keep on reading for my complete Family Tax Recovery review.

Our Verdict
Family Tax Recovery Review

Family Tax Recovery

Tax Refund Specialist

Helps you review previous tax returns to find tax credits and benefits that you may be eligible for.

  • Free assessment of previous tax returns
  • Assess up to 10 years worth of previous tax returns
  • You don’t pay for the service upfront
  • May be cheaper than working with an accountant
  • Available to Canadians in every province
  • In-person consultation available
  • Corporate tax recovery services available
  • Fees are high if your tax credit recovery is successful
  • You have to submit personal information online

What Is Family Tax Recovery?

Family Tax Recovery was founded in 2015 by entrepreneur Stan Samole. By 2019, Sample had grown his company from a small three-person operation to a mid-sized company with over 35 employees. Later that year, Family Tax Recovery was ranked among the fastest-growing Canadian companies.

Based out of Toronto, Family Tax Recovery helps individuals and small businesses recover tax credits and deductions that they may have been eligible for on previous tax returns.

Filing taxes with the CRA can often be complicated, and many Canadian families miss out on thousands of dollars that they could be claiming.

Family Tax Recovery reviews your previous tax returns, as far back as ten years, and closely analyzes them to pinpoint areas where you could save. Then, they help you retroactively apply for these credits. Once the CRA sends your payment, Family Tax Recovery takes its cut and gives the rest to you.

Given the current economic situation, most of us could use a few extra dollars in our pockets!

Can Family Tax Recovery Help Me File My Tax Returns?

Can Family Tax Recovery Help Me File My Tax Returns?

Although Family Tax Recovery can help to review your previous tax returns, the company is not an accounting service and therefore cannot file your tax returns for you.

In fact, their landing page specifically states that “We are not looking to compete with your accountant. Actually, accounting isn’t what we do.”

This means that you’ll need to continue filing your taxes through the CRA’s online platform or an accountant or by using a free tax-filing program like GenuTax.

Once your tax returns have been successfully processed and accepted by the CRA, you can then forward them to Family Tax Recovery so that the company’s specialists can review them for any retroactive benefits.

If you think about the company’s business model, this ultimately makes the most sense. If the company were to use their in-depth knowledge of tax codes to help you file your taxes, then it wouldn’t be able to make money on the backend by helping you fix mistakes on your return.

Family Tax Recovery vs. Tax-Filing Software

On the surface, Family Tax Recovery’s software looks a lot like other tax-filing programs, such as GenuTax or Wealthsimple Tax. However, Family Tax Recovery provides a completely different service.

Once you download the software, you’ll be asked to fill out a questionnaire and answer specifics, such as:

  • Your taxpayer identification information
  • Your income
  • Your family situation (married vs. single, children or no children, etc.)
  • Your living situation

Then, your information will be sent to Family Tax Recovery’s specialists for further analysis.

Tax-filing software, on the other hand, uses your information to automatically fill out provincial and federal CRA tax forms. These completed tax forms are then sent directly to the CRA.

How Much Does Family Tax Recovery Charge?

How Much Does Family Tax Recovery Charge?

One of the main appeals of Family Tax Recovery is that the software is free to use upfront.

This was one of the key selling points that helped founder Stan Samole grow the company so quickly. In his words, many taxpayers are in desperate need of refunds and credits but simply, “Can’t afford to pay in advance to have their taxes reviewed.”

That being said, Family Tax Recovery’s services are NOT 100% free.

Ultimately, it is a business (and a profitable one, at that).

Family Tax Recovery charges a 33% fee on any amount under $25,000 that the service helps you recover. Any amount over $25,000 is subject to a reduced 10% fee.

For example:

Let’s say that Family Tax Recovery successfully reviews your returns and identifies up to $30,000 worth of tax credits, benefits, and refunds that you’re eligible for.

Once the CRA issued your refund payment, Family Tax Recovery would charge 33% on $25,000 ($8,250) and then 10% on the remaining $5,000 ($500). Your total cost for using the service would be $8,750, and the remaining $21,250 would be forwarded to you.

Admittedly, these fees aren’t cheap and may be a deal-breaker for some readers.

However, you also have to take into account that this is money that you probably would have never received in the first place. You also don’t have to put in any real work yourself, as Family Tax Recovery is responsible for the tedious review process.

The good news is that you won’t be charged a single dollar if Family Tax Recovery fails to identify tax credits that you’re eligible for.

Simply put – if the service doesn’t put money back in your pocket, you don’t pay for it, and you’ve only wasted a few minutes of your time filling out some simple online forms.

What Is The Average Family Tax Recovery Refund?

The amount you can expect to receive back depends on a lot of different factors, so it’s hard to say for sure.

For example, if you have an incredibly proficient accountant, then they may have already helped you claim all of the credits you’re eligible for. However, even the best accountants can make mistakes or overlook small details that can cost you money.

However, Family Tax Recovery states that the company’s clients receive an average of $3,000 worth of credits back.

Assuming that you receive the average refund of $3,000 from the CRA, you would give Family Tax Recovery its $990 cut and take the remaining $2,010 for yourself.

Depending on your family situation, though, you could very well end up receiving a lot more. At the end of the day, it’s hard to know until you apply.

Can You Receive A Tax Refund If You Owe The CRA?

Can You Receive A Tax Refund If You Owe The CRA?

If you owe the CRA back taxes or have been notified about a tax clawback, then you’re probably wondering whether or not this service is for you or not.

The good news is that you may still receive a refund, even if you owe the CRA.

However, your refund will be applied to your CRA debt. You’ll be entitled to any amount of money that’s left over after paying the CRA back and giving Family Tax Recovery its cut.

The CRA typically charges compounding interest on any unpaid debts, so it’s important to get your tax debt paid down as quickly as possible to avoid unnecessary interest fees.

With this in mind, I’d argue that Family Tax Recovery is just as worthwhile for those who owe the CRA as it is for taxpayers who are all caught up on their tax obligations.

Does Family Tax Recovery Offer In-Person Consultation?

Understandably, some taxpayers prefer to handle sensitive tax information with an in-person meeting. Or, perhaps, you may not be the most tech-savvy or may not trust sharing your personal data online.

Whatever the case may be, Family Tax Recovery does have a few brick-and-mortar offices in the Toronto area, where it’s based out of.

However, the company encourages its customers to use the online service as it’s a lot quicker and can be accessed by anybody in the country, even those living in remote areas.

Who Is Family Tax Recovery Best For?

The average single, childless, working-age taxpayer in Canada likely isn’t eligible for that many tax credits or benefits. However, the CRA and provincial governments offer a number of tax credits and benefits to families with children.

With this in mind, I would say that Family Tax Recovery is best for families, especially those with multiple children.

It can also be a great choice for small to mid-sized corporations, as it helps small businesses identify business tax credits that they may be eligible for.

The Verdict – Is Family Tax Recovery Worth It?

Family Tax Recovery Review

Although Family Tax Recovery does charge a rather high fee for its services (on the backend), it’s free to use upfront and can help you receive money back that you’d never be able to get on your own.

Family Tax Recovery also offers its services to small corporation businesses as well, which could help you save on your small business taxes.

Overall, I think that Family Tax Recovery is a great service and is worth the fees. At the end of the day, you have nothing to lose other than a few minutes of time since you won’t be charged anything if the company can’t identify credits and refunds that you’re eligible for.

One of the best ways to stay on top of your taxes and your budget is to manage your money and spending digitally. Keep on reading to see my list of the best personal finance apps in Canada!

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Read about how he quit his 6-figure salary career to travel the world here.

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