Thomas Laracy started helping fellow Massey Ferguson employees with their income taxes in the late 1950s having no idea it would lead to the opening of Laracy Tax Limited.

Thomas Laracy Sr. was born in Conception harbour, Nfld in 1917. He headed to Europe to fight under the British flag during the Second World War, and while there, met and married Vera Spiers of Scotland. After their first child, Thomas Laracy Jr. was born they moved to Nfld, Canada in 1947. Their stay there was brief, and soon moved to Brantford, ON in 1948 where their last three children, Bruce, Victoria, and Kevin where born.

Mr. Laracy spent 30 years at Massey Ferguson as a welder. In 1957 he was diagnosed with bowel cancer and underwent the first colostomy operation in Brantfords history. He fully recovered and was invited to attend doctors' meetings so that all could view the medical marvel he had become.

Upon his return to Massey he was placed in the time clerk's office as he was good with numbers. Employees began asking him for tax advice and he was soon running a tax office out of his Herbert Street home. By 1962, the business grew so rapidly that he moved to his first office under the name Laracy Tax Limited. The business grew to about 400 clients by the mid-1980s at which time Mr. Laracy asked his son Bruce to come and run the business.

Thomas Laracy Sr. had a love for the business that kept him involved until he was almost 80. Thomas Laracy Sr. was dedicated to community in many ways. He was a longtime member of the Knights of Columbus, a founding member of St. Pius X Roman Catholic Church and a board member of the Schizophrenia Society of Ontario. He also served on the board of St. Pius and St. Basil's Credit Union.

Bruce Laracy

Bruce Laracy became the 2nd generation at Laracy Tax in 1982. He had graduated from University of Windsor, and his banking and teaching experience was a perfect fit to bring Laracy Tax to the next level.

There were two goals that Bruce had when he embarked on undertaking the family business: to give the business more exposure and to increase the clientele.

In his pursuit to give Laracy Tax more exposure, Bruce decided to move the business to a main street, and bought the building on Charing Cross Street.

He then brainstormed at marketing in order to increase the clients, starting a stationery store, which also offered copies for 10 cents, helping to bring in many customers. He would mention the tax business to all these customers and discuss tax saving tips with them. This marketing, along with flyers and newspaper advertising gradually built the business up from a few hundred to a few thousand clients.

He went the extra mile to keep the customer happy, and continued the philosophy of a great service at a reasonable price!!

When 'cashback' came along, Bruce was initially a little reluctant to get into the instant tax refund field but that's what the competition was doing, so he got into this at an opportune time for expansion to Hamilton and Toronto. At that time tax companies were offering refunds in 1 to 2 days. Bruce started thinking, "Why can't we do it in the same day, only a few hours later?".

He was the 1st one to offer this and opened a tiny office on Parliament Street in Toronto, not knowing how many clients this new venture would bring in. The word spread fast among the locals wanting their refund fast, and his tiny office was overwhelmed. Within a few days they were lined up around the corner, and to his amazement, he got 1200 clients in the first season. The competition was not amused, and they scrambled to match this new service. One major company even went as far as sending him a letter from their Kentucky office to cease and desist from using the word 'Cashback' which they had trademarked. Rather than fight it, Bruce just changed the word to 'Fastcash' and then followed suit in Hamilton at the corner of King and Wentworth, where he attracted 1,000 clients in the first season.

The business had grown in 10 years from 380 clients to over 10,000 with 10 branches in 5 cities.

In later years, Bruce downsized, selling off the Toronto and Hamilton offices, deciding to maintain the two offices in Brantford. Bruce is now semi-retired and enjoys Spanish, golf and travel, Texas holdem poker and his new passion of film work.

Michael Laracy

Michael Laracy, Bruce's nephew, has been the new owner of the Laracy Tax business, since 2009. He manages the same efficient business and has taken it back to it's roots, emphasizing the philosophy of a great business at a good price. His grandfather, Tom Laracy would have been proud that the business has gone to a 3rd generation!