Knowledgeable and responsive to your needs
At Flaim Wolsey Hall, our team is highly knowledgeable about the accounting matters faced by incorporated medical doctors. Because of our experience in working with doctors, we know exactly what tax credits and deductions to focus on to ensure you maximize your tax savings.
Our staff members are committed to helping you in any way they can, from responding to your calls promptly to flagging areas in your tax return that could be taken better advantage of.
Flaim Wolsey Hall is managed by three partners whose focus is on building your wealth, reducing your income taxes and helping you understand the state of your finances. Our partners are:
John Flaim, CPA, CA, CFP
“We work hard to help physicians reduce their income tax and meet their overall financial goals.”
John’s expertise is in dealing with the taxation issues of high net-worth physicians. He has 20 years of experience in public accounting and possesses an intrinsic desire to help you succeed, which he does through education, coaching and clear communication. John’s goal is to act as a one-stop solution, being responsible for all aspects of your accounting and income tax needs.
Providing peace of mind
John’s clients are busy and don’t have the time they would like to devote to their accounting, tax and financial matters. John provides them with comfort and reassurance by ensuring these needs are taken care of.
He does this by asking the right questions about what is happening in his clients’ lives and what their goals are so he can develop practical solutions for them. As well, he serves as a sounding board to help them with their non-accounting matters.
Keeping you informed and empowered
John ensures your financial affairs are structured efficiently for income taxes, both now and in the future. He does this by communicating with you in clear terms and by:
- reviewing your business structure
- exploring possible corporate and personal income tax planning opportunities
- examining your personal and business financial statements for asset protection and cost-saving opportunities
- reviewing your estate plan for potential legacy benefits
An active volunteer
In his spare time, John spends time with family and friends, watches his two kids play sports and travels. As well, John volunteers with several organizations, including the 4Cs Foundation, and coaches various sports teams.
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.