Client Success Stories

Resolving Eileen’s Multiple Tax Issues Caused By Prior Accountant

Eileen is a realtor with a Personal Real Estate Corporation (PREC).
She came to our firm after waiting for a very long time to obtain a reply from her former accountant.

When we went over the last year’s records prepared by her former accountant, we discovered a number of issues that were related to poor planning and communication from her former accountant.

One issue was the lack of planning in the area of GST, particularly the Quick Method, which would have resulted in over $1,000 in tax savings if there was better planning in advance.

Another issue was the lack of communication regarding income tax and GST instalment requirements, which resulted in significant late instalment interest penalties that could have been avoided.

A third issue was that a transaction was a legitimate business expense was recorded incorrectly as a personal withdrawal.

Lastly, there was a lack of dividend tax planning from the corporation to the personal income taxes that resulted in missed tax savings of over several thousand dollars.

After coming over to our firm, we helped Eileen maximize her tax savings by electing the GST Quick Method and ensuring all eligible business expenses are being claimed. We also educate Eileen to be more aware of certain tax requirements as well as real estate taxes.

Optimizing Tax Strategies for Peter's Medical Corporation

Peter is a family physician who moved from another province.
Our firm was able to offer a better price for the bookkeeping and tax filing services while providing a high quality service level for Peter’s medical corporation.

We provided tax advice in various issues such as moving costs, home office expenses and dividend versus salary distribution.

Particularly, we analyzed Peter’s personal cash needs and recommended the amount of dividend/salary mix to optimize the taxes.

Also, corporation has a balance in the Capital Dividend Account (CDA) and Peter wanted to withdraw the amount tax-free.We helped calculate the CDA balance and filed the required tax forms to ensure the dividends would not be subject to any CRA penalties. 

Increasing Yumi’s Tax Savings Through Incorporation

Yumi is an interior designer with a successful business called YU+ME Design. She has been using our firm’s services for over 5 years.

As Yumi’s business and sales grew, we proactively monitored the tax situation and discussed the various tax issues with Yumi. Particularly, it became evident that Yumi would benefit from incorporation after the business has grown substantially. We discussed the pros and cons of a corporation with Yumi to help her make an informed decision.

We also facilitated her transition from self-employment (or sole proprietorship) to corporation to ensure everything goes smoothly. This includes making sure the GST account is setup, providing instructions on opening a separate bank account, and accounting correctly the various business transactions such as sales, expenses and various project costs.

Yumi is now incorporated and we are able to take care of the company’s bookkeeping, accounting, financial statements and the various required tax filings.
Yumi is then able to focus on building her business and create beautiful interior design for her clients. 

Enhancing Carrie’s clinic operations and business sale

Carrie is a Registered Massage Therapist who owned and operated an expanding health clinic under a company.

She first came to us because of delays from her previous accountant as well as some mix up with the GST account when she transitioned from self-employment to incorporation.

We were able to perform her company’s work on a timely basis and was quick to respond to her questions. We also identified and resolved some the accounting errors originated from her previous accountant.

Recently, Carrie decided to sell her practice. We provided tax advisory during the sales process to ensure she was aware of the various tax implications. Particularly, we discussed the sale of assets versus the sale of shares and their pros and cons. We also assisted with the calculations to help her determine the fair market value of her business.

At the end, Carrie successfully sold her company shares to the new owners and took advantage of the lifetime capital gains exemption that meant she didn’t have to pay any taxes on the sales proceeds.

TESTIMONIALS

What Our Clients Say

Read about why our clients love our work.
QM W
QM W
2023-12-09
Nelson has been my accountant for 2 years since I moved back to Vancouver. He has proven to be very accessible and quick to respond. He has been efficient in filing taxes and year-ends. He offers a variety of professional and tailored advices which I appreciate very much. I would recommend him to others!
Pauline Bak
Pauline Bak
2023-11-05
I have had a great experience so far with Nelson as an accountant for my business. The communication is great, he explains everything well for a new business owner and is always available for questions. Very organized and clear, he's been much helpful, great service overall!
Lisa L
Lisa L
2023-10-24
When I decided to make Vancouver my home, I knew finding a reliable local accountant was crucial. After a frustrating experience with another accountant who left me in the dark for weeks, I felt overwhelmed as the tax deadline approached. Thankfully, I discovered Nelson Huang, and I can't express how grateful I am for his exceptional service. Nelson was not only quick to respond when I reached out but also took the time to answer my questions. He was also able to prepare my taxes efficiently and on time. What sets Nelson apart is his dedication to his clients. He doesn't just handle my taxes; he goes the extra mile by offering invaluable tips and advice to help me navigate the intricacies of being self-employed. I can confidently say that Nelson Huang is not just an accountant but a trusted partner in your financial journey. If you're looking for an accountant who is professional, knowledgeable, and genuinely supportive, look no further. Nelson is the accountant you can rely on with peace of mind.
Louie Wong
Louie Wong
2021-05-10
Thank you Nelson for taking care of my both my personal and corporate taxes. I would highly recommend him because he takes care of it on time, informs me of any new tax changes and how to maximize my tax savings.
Sab L
Sab L
2021-05-10
Got my taxes done for the first time by Nelson. He was very professional and patient with my questions. He was very informative and knowledgeable. Thanks again Nelson!
Casey Ng
Casey Ng
2021-04-24
Have been using Nelson accounting services to file for my personal income tax including overseas assets for the past 4-5 years. He is very professional and yet friendly. His charges is more than reasonable which is a lot less than other firms. His service is fast and I have nothing to complaints but keep referring him to my friends.
Taban Yazdani
Taban Yazdani
2020-12-10
I have been referring clients to Nelson for personal and corporate tax returns for a couple of years now and I've always received positive feedback. He's very knowledgeable and easy to work with.
Tooth Booth Dental
Tooth Booth Dental
2020-02-26
Nelson pays attention to details and is always approachable. We are very happy with Nelson's service and professionalism. He is awesome to work with! Thank you for helping us with all the accounting inquiries!
Ramon Masana
Ramon Masana
2020-01-20
Nelson is my new accountant for my business and I am extremely satisfied with the corporate tax filing service I received. Nelson was very knowledgable, organized and efficient, and I strongly recommend him to any business owner who needs accounting help.
Ken Feng
Ken Feng
2020-01-17
Nelson has helped me with my corporation taxes and individual taxes. He is informative and has prompt replies, even when he is out of town. Accountable guy for his services, recommend him for his services.