Canadian Lawyer

42 J A N U A R Y 2 0 1 7 w w w . C A N A D I A N L a w y e r m a g . c o m T ax boutiques may be small, but they are mighty. Existing in a competitive market, facing off with large law firms and accounting firms over a share of that market, tax boutiques are constantly assessing how they fit in the grand scheme of things. Michael Colborne, a partner at Thorsteinssons LLP, says a tax boutique is "a little bit different in the sense you fulfil a role not picked up at large transactional firms and one that is distin- guishable in some facets from the advisory services provided by advisory firms." There's an important difference between how a tax boutique practises and how a tax group at a big firm would practise, says Byron Beswick, partner at Felesky Flynn LLP in Calgary. "We have direct relationships with our clients and have to maintain those continuously," he notes. Both Colborne and Beswick predict the focus of their prac- tices over the next couple of years will be managing the develop- ment and the direction of international tax policy. "The fact that we in Canada are being impacted so signifi- cantly by OECD initiatives, by European initiatives, by U.S. ini- tiatives — all of these international developments have a direct impact on what we do," Beswick says. It's challenging from a tax boutique perspective because they have to deal with different rules without the benefit of neces- sarily having close relationships with firms in those countries, Beswick says, adding "we don't have that in-house network to always manage those things." Colborne says there is a continuing perception by the Cana- dian government there are "significant issues with Canadians improperly keeping assets offshore or not reporting income earned offshore," but in a way, that's good news for business. "As lawyers for taxpayers who get the call from the CRA or another tax authority, the next call is to guys like us who sit down, examine the situation and sort it out," Colborne says. One challenge Beswick identifies is growing the practice with new talent. It can be tricky to find young lawyers who want to practise in this very complicated area for their career. "That has to do with the demographics generally in the nature of what we do," Beswick says. "While we are successful at that, I think that's a challenge all of us are facing and think very deeply about on an ongoing basis." For Colborne, the issue is not as pressing. He says over the last few years, the firm has "stumbled into a group of extremely ambitious, smart, hardworking and talented young folks." "It's injected it with a bit of youth and vigour," he says. "With smaller-sized law firms, that matters a lot. It's more magnified in a smaller place." Being based in Alberta, Beswick says his firm is impacted by quantity prices and the current downturn in the resource indus- try, but he sees it as the normal ups and downs of the practice. "One nice thing about a boutique is we're more flexible in managing changes in the market and in the economy," he says. "We can move very quickly to change our services or change the types of clients we target. That's an important advantage." Tax boutiques Felesky Flynn LLP is a recognized leader in Canadian and international tax matters. For over 38 years our dedicated focus to tax law has allowed the Firm to provide our clients with exceptional quality service backed by a team comprised of professionals with reputa- tions built on expertise and integrity. CALGARY 5000 Suncor Energy Centre 150 - 6 Avenue SW Calgary, AB T2P 3Y7 Tel: (403) 260-3300 Fax: (403) 263-9649 E-mail: felesky@felesky.com EDMONTON 1980 Manulife Place 10180 - 101 Street Edmonton, AB T5J 3S4 Tel: (780) 428-8310 Fax: (780) 421-8820 E-mail: edmonton@felesky.com SASKATOON Suite 100 728 Spadina Crescent East Saskatoon, SK S7K 3H2 Tel: (306) 952-0894 Fax: (306) 952-2439 E-mail: saskatoon@felesky.com ntitled-4 1 2016-12-12 9:01 AM brought to you by Vancouver Island's premier tax and estate planning boutique Dwyer Law Tax photo credit: Blair Dwyer Dwyer Tax Law 900 - 1175 Douglas Street, Victoria T 250 360.2110 F 250 360.0440 www.dwyertaxlaw.com We make your financial journey smooth and effortless another beautiful Victoria moment... Untitled-5 1 2016-12-12 9:07 AM

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