David Jamestee – Chartered Accountant
What motivated you to become a Chartered Accountant?
My passion for numbers and finding solutions began with my skill in math and accounting in high school, where I quickly realized the correlation between the two. I was fortunate to have participated in a co-op program during high school, which allowed me to work at an accounting firm. This experience confirmed that numbers were second nature to me. I have always enjoyed looking at business and personal affairs from a tax angle. I also like helping people get more out of their hard work by realizing the benefits of efficient tax management strategies.
Why do your clients choose to work with you, versus one of your competitors?
My clients are well looked after. I think ahead and see things that others with a different skill set might miss. My clients appreciate my personal approach to providing them with peace of mind.
They also see the value of logical thinking to maximize their wealth in the short and the long term. I don’t ‘dumb it down’ but I do speak in plain English. I work hard to earn and maintain their trust and stand with them through the happy and stressful times.
What are some of your best practices that benefit your clients?
Each person is different. I appreciate this and tailor my services to meet their needs. I offer a solutions-based approach since no two individuals fit the same mold.
No one likes to pay tax but if you are not paying tax, you are not making money and you won’t be in business for very long. The principle that I emphasize is that it’s not what you make that counts, it’s what you keep.
Your business really isn’t much of a business if you can’t pay yourself fairly for the time and effort you expend. A business owner’s compensation need not always come in the form of salary. This is why personal and family business issues need special attention, especially where cars and home offices are involved. I get asked frequently about whether it’s better having a car in the company or in the individual’s name. The answer varies with each individual’s circumstances but it’s important to recognize that each option creates different results. By knowing what questions to ask, I can provide advice that makes the most sense.
Another question that comes up often involves paying spouses and children to minimize tax. There are lots of pitfalls in this area. I help clients understand the opportunity and make sure the documentation exists to support the decisions made.
How do some business owners hamper their success?
A business owner’s time is his or her most valuable resource. Working “on” your business instead of “in” your business is critical to success in the long term. There’s a reason why a lot of small businesses don’t survive. Trying to “save” money by doing your own accounting or taxes is just one example of a bad use of an owner’s time. It’s far better to take that time to grow your business and do things that will make you money. A professional accountant will do the work in a fraction of the time the business owner would need to take to do the same thing. The mistakes made by business owners end up costing more than just time and can result in lost opportunities and even worse –paying too much tax. .
Should tax time make business owners fearful?
The tax laws are the same for everyone – no one has an advantage over anyone else.
But they can be intimidating to the ‘small guy’ who does not understand the philosophy and purpose behind them.
It may not always seem the case but the government wants people to prosper – but within the law. In addition to providing advice and saving taxes I act as a liaison for clients with Revenue Canada because I know how to best communicate with them and avoid unnecessary flags being raised.
What do you enjoy most about being a partner and chartered accountant at TvH Group?
I like the fact that I am a professional who is part of a team that can offer a one-stop solution for many people with different needs.
For example, Sonia can construct legal agreements, provide annual minutes for corporations as well as other essential items that need to be done accurately and in a timely fashion.
Saving taxes is only one part of the equation. Accumulating wealth is also important. Jim helps to create the blueprint to build business owners’ nest eggs.
Jon’s expertise as a mortgage broker helps clients structure their borrowings in a way that’s not only friendly to their pocket book but is also in harmony with the goals they’ve carefully set with their lawyer, accountant and financial advisor.
By being under the same roof we are all on the same page and because the partners work so closely together, clients don’t have to tell their story several times.
We bring clients the best in class professionals to meet their needs whether they involve financial advisory, legal or real estate matters.
Contact Us Now
To find out more about our services, please contact us. We offer an initial no-obligation, no-cost meeting to introduce ourselves and explore your particular needs.