Carol Dai

Canadian Accounting and Tax Services

Carol offers a range of accounting and taxation services tailored to the needs of individuals and businesses in Canada. She takes a proactive approach when working with clients to ensure that she understands and satisfies your goals and identifies potential opportunities to reduce your tax burdens. She commonly assists with:

• Annual individual tax filing
• Maximum qualified deduction
• Credit transfer among family members
• Self-employed business income and rental income planning and reporting
• Disposition of real estate properties
• Utilization of capital gains exemption
• Foreign assets and foreign affiliate reporting
• Voluntary disclosure
• Non-resident taxation

Services for Chinese Individuals in Canada

With more than 10 years of experience and thousands real cases in the new immigrant tax planning and wealth management field, Carol offers wide range of services to Chinese individuals in Canada in mandarin and English such as:

• How to report foreign income
• How to report T1135 Foreign assets verification statement
• How to report T1134 information return relating to foreign affiliates
• How to determine your residency status
• How to withdraw money from foreign affiliates without trigger tax payment
• How to transfer unreported assets to Canada
• How to prepare for CRS (Common reporting standard)
• How to allocate your assets in Canada to achieve highest after-tax return
• How to set up a trust to realize income splitting and control the assets

Accounting Services for Small Businesses

Carol offers a range of accounting services to small businesses in Canada as well such as:

• Full-cycle bookkeeping and bank reconciliation
• Year-end adjusting
• Financial reporting (monthly, quarterly and annually)
• Special purpose reporting
• Inventory management
• Internal control analysis
• Monthly payroll deductions
• WSIB Reporting
• Calculation and filing of T4, T4A, T4 summary and T4A summary
• Paying out bonuses or dividends
• Corporation tax and HST instalments
• Timely payroll remittances
• Advise on the use of holding company for tax savings
• Timely filing corporation tax and HST return
• Capital dividend election
• Income splitting among family members
• T3, T4 and T5 planning
• Tax free rollover of assets into a corporation
• Non-profit corporation tax filing

Carol also assists many of her clients with managing the current status of receivables and payables, which invoices should be paid to take advantage of discount terms, and which customers must be reminded that their accounts are overdue to ensure that cash flows are maintained.