Dennis Domazet is an experienced tax accountant and financial consultant based in Toronto. He works closely with small business owners, specifically restaurants, gyms, and law firms, to maximize tax benefits. Before opening his practice, Dennis was a senior partner at Deloitte. Dennis graduated from the University of Toronto with degrees in Commerce and Economics. He is a Certified Public Accountant (CPA) in Canada and a member of the Institute of Chartered Accountants of Ontario (ICAO).
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Q: Dennis, you’ve built a reliable accounting career with senior positions at Deloitte and now establishing your own practice. What inspired your idea to make this change, and how did your experience at Deloitte shape the way you work with small businesses?
Dennis Domazet: After being employed a partner at Deloitte for so many years, my desire was to have a more engaging and interactive approach to my clients, in particular, the small business owners who need more of such attention. At Deloitte, my role was rather focused on the understanding of the technicalities of complex financial structures, whereas I was more keen on trying to help business owners with their specific requirements. Opening my practice allowed me to be more flexible and driven to their requirements.
Q: You’ve worked with various industries over the years, including restaurants, gyms, and real estate businesses. How do you personalize your financial services to meet your clients’ needs?
Dennis Domazet: Every industry has its own financial problems. For instance, every restaurant business has to concentrate on cash flow control because of the high-cost structures and the volatility of income. As for gyms, I tend to look at how to manage memberships and ensure there’s regular income. Real estate investment has a lot of emphasis on partitioning structures and tax plans. It is crucial to understand the characteristics of each industry so that the relevant financial strategies evolved will pertain to the industry.
Q: What are some of the most common financial challenges your clients face, and how do you help them overcome these challenges?
Dennis Domazet: One major challenge is understanding and managing taxes efficiently. Many small business owners are too busy focusing on daily operations and fail to optimize their tax position. I help clients identify deductions, credits, and tax strategies to minimize liabilities. Another challenge is long-term planning—helping businesses prepare for growth and succession. My goal is to offer proactive advice so they can avoid costly mistakes down the line.
Q: You’re known for your high attention to detail. How does this bring value to your clients, particularly when it comes to tax planning and financial reporting?
Dennis Domazet: My attention to detail ensures that I catch everything—no opportunity for savings or compliance is overlooked. When it comes to tax planning, I don’t just focus on numbers but also cash flow, capital structure, and future growth. When it comes to financial reporting, this translates into accurate and comprehensive reports that help clients make informed decisions.
Q: What would you say are the key qualities that make a successful tax accountant and financial consultant?
Dennis Domazet: Beyond technical skills, a successful tax accountant needs to be a good communicator and problem solver. You have to be able to explain complex issues in simple language and understand what the customer really needs. It is equally important to be proactive too – encouraging clients to avoid unsought problems in the future saves them a lot of trouble and unnecessary costs.
Q: Looking ahead, what changes do you anticipate in the taxation and financial consulting sector, and how are you positioning your practice to meet these changes?
Dennis Domazet: There is a progressive shift toward automated accounting and data intelligence, which are capable of performing multiple tasks and offering customers immediate information. However, I think there remains a need for people, particularly for small businesses that require a more hands-on approach. My practice looks more towards the use of technology while delivering personalized services to my clients.
