Donald Wolsey, CPA, CA, CFP

“We create tailored strategies and develop appropriate corporate structures to minimize income taxes and meet your individual needs and objectives.”

Don provides accounting and income tax advice to incorporated physicians and has over 20 years of experience in public accounting. He has a great ability to talk in an easy-to-understand way about taxes and how to create wealth. Don takes the time needed for his clients to understand the state of their finances and why their corporate structure is the way it is.

Highly experienced in working with physicians

To date, Don has incorporated over 100 doctors. Some common issues Don’s clients face are:

• whether they should incorporate their medical practice
• whether they are saving enough for retirement
• family changes such as the birth of a child, a child entering university, divorce or marriage

Tax savings as an incorporated physician

To help determine whether you should incorporate your medical practice, Don prepares an estimate of the income taxes you would have to pay if you were incorporated versus unincorporated to show you what your tax savings could be.

As well, Don will discuss various non-tax matters with you that factor into the decision to incorporate. For example, incorporating will result in higher administrative costs and increased complexity in running your practice. Should you decide to incorporate, Don will handle most of the communication with your lawyer to make the process as easy and efficient as possible.

Advice for the big picture

To ensure you are saving enough for retirement, Don examines your stage of life and income level, and looks at how you are spending your money. He addresses changing life circumstances by reviewing your corporate structure to see if anything needs to be changed to facilitate tax benefits, and then he develops a plan for how to best achieve that. And while Don can’t give specific advice for what to invest in, he will help educate you about the tax implications of investing in real estate, stock, bonds and mutual funds.

 A family man

In his spare time, Don enjoys spending quality time with his family, running and travelling to various destinations.

David Hall, CPA, CA

“New doctors have a lot on their plate, but worrying about taxes doesn’t have to be one of them. We help physicians reduce income tax and build wealth, while paying off student debts.”

Laying the foundation for a financially secure future

David works primarily with new doctors that have just completed their residencies to help set up their corporate structure in the most efficient way. This allows doctors to reduce their income taxes and build wealth, while paying off student debts. David provides accounting and income tax advice in a clear and understandable fashion and has over 20 years of experience in public accounting.

Working with new physicians

Some common issues David’s clients face are:

• repaying student debt while trying to accumulate wealth
• budgeting for income taxes
• knowing what records to keep and how to best manage them

Custom solutions for your unique situation

First and foremost, David will help you structure your practice appropriately to put you in the best position for achieving your financial goals. He will take the time to discuss all of the available options, including remaining unincorporated, incorporating and setting up a holding company or family trust.  If incorporated, David will help develop an appropriate compensation strategy and show you how to pay yourself by way of a salary and/or dividends.

To help you repay student debt and begin to accumulate wealth, David will work with your financial advisor and show you the tax implications of debt repayment and accumulating wealth inside of your corporation.

He will also provide you with pertinent information such as when income taxes are due, how much will need to be paid and how to budget for those payments. David will also identify how much money you will have for personal spending, savings and debt repayment.

Simplifying record keeping

David will help setup a record keeping process that gives Flaim Wolsey Hall the information we need to do your accounting and income taxes, while allowing you to minimize the time you spend working on records.

A focus on family

Originally from Gander, Newfoundland, David and his wife have two young sons. In his spare time, David enjoys spending time with his family, motorcycling, golf and taekwon-do.