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Accountant in Burnaby using Laptop

P&L CPA
Burnaby Accountant

P&L CPA is a community-based accounting practice located in Burnaby, BC. The practice focuses on helping small and medium-sized businesses with their Canadian corporate income tax, compilation, and bookkeeping needs. The practice also provides tax services for sole proprietors. It is owned and operated by Paul Lee, CPA, CA, CFP, BBA.

P&L CPA believes in:

  • Providing superior customer service by being prompt and attentive

  • Maintaining strong ethics and professionalism

  • Charging a fair price for a mutually beneficial relationship

Pricing:

  • Monthly bookkeeping services are based on $100 per hour. On average, monthly bookkeeping services cost $620 per month.

  • Year-end corporate tax services are based on $200 per hour. On average, a corporate income tax return (T2) costs $1,800. 

  • Compilation services are based on $200 per hour. On average, a set of compiled financial information reporting under historical cost basis with some additional accounting policies costs $800. If you have more sophisticated stakeholders who require reporting under ASPE, the compilation may cost $2,000 to $4,000. 

  • Personal tax services are based on $200 per hour. On average, a sole proprietor tax return costs $400 to $800, depending on complexity.

Meetings:

  • A 15-minute complimentary call is available for introduction and discovery.

  • After the initial complimentary call, video and phone consultations are based on $200 per hour. In-person consultations are currently unavailable.

  • We do not provide free or paid consultations on how to prepare your own tax returns.

SERVICES

Accountant doing Business Tax in Burnaby

CORPORATE TAX

Send your trial balance and get your year-end corporate tax balance calculated for you. Leverage tax planning services to save money and reduce anxiety. See how a CPA can help with your small business tax needs.

Accountant in Burnaby asking for financials

COMPILATION

Combine corporate tax services with a compilation report and a set of financials for your creditors and stakeholders. See how a former Controller with deep understanding of accounting standards and financial reporting can help.

Bookkeeper in Burnaby

BOOKKEEPING

Helping businesses set up their books, reconcile their bank accounts, process payroll, file GST, and stay focused on their mission. See how a QuickBooks Online Certified ProAdvisor and a Xero-Certified Advisor can help with bookkeeping services.

Personal Tax Burnaby

PERSONAL TAX*

Helping business owners maximize their refunds and lower their tax bill. Combine corporate and personal tax services for an integrated tax planning approach.

* Only accepting T1 clients who are private corporation shareholders, and sole proprietors.

Accountant in Burnaby Paul Lee

PAUL LEE, CPA, CA, CFP, BBA

Paul Lee is a Chartered Accountant and Certified Financial Planner with over 14 years of experience in public practice and industry. He has a passion for helping people achieve their financial goals. With his VP Finance, Director of Finance, Controller, and Investment Advisor background, he brings a unique set of skills to help people achieve both their business and personal financial goals. He articled at BDO Canada LLP.  He founded P&L CPA in April 2020 and has been working as an accountant in Burnaby since that time.
 

GOOGLE MAPS TESTIMONIALS

"Paul has been a game-changer for us! As a small organization using dated and inefficient systems, we needed expert help at a reasonable price and Paul has gone above and beyond our expectations. He's not only accurate and detail-oriented but also incredibly helpful in tailoring our processes to fit our needs. If you are looking for a reliable accountant who truly cares about your business, we can't recommend him enough!"

Society Promoting Environmental Conservation

It has been really great working with Paul, so happy we have found him for our Accounting needs! We're a small business with lots of questions and Paul has been a great resource for our corporate year-end and finance processes. He's knowledgeable, reliable, and great to talk to. We especially appreciate the quick turnaround times to get things done. Would highly recommend Paul for your corporate tax and accounting support.

Sharon Brown-John

"I had my 2021 tax return prepared by Paul. I had a few different issues with my taxes including rental properties and capital gains but he made it very easy. Communication was great and service was quick. I would recommend Paul Lee for his excellent accounting services."

Maria P.

FAQ

Disclaimer: This FAQ section is for general purposes only. Concepts have been over simplified. Readers should consult with a CPA to disclose your specific facts and circumstances prior to implementing any of the items discussed.

Q:I've been hired as an Independent Contractor to provide services for a business. Should I incorporate?

A: Generally speaking, if you have only 1 client, you should not incorporate. There's a concept called Personal Service Business (PSB) which the general public is unaware of. Essentially, if you work like an employee (e.g. 40 hours per week, schedule is set by the client, your laptop is provided by the client, you have no financial risk, etc.) the government wants to tax you like an employee. A corporation that operates a PSB will be disallowed most deductions except the salaries and wages paid to the sole shareholder-employee. The Corporation's adjusted taxable income will be taxed at roughly 45% in B.C., then you'll be taxed again when you pay yourself personally, resulting in double taxation. To avoid double taxation, it's crucial that you attain multiple clients to show to the government that your corporation operates a true business. Alternatively, you can pay out all revenue as a salary to yourself. 

Q: What are the tax advantages of incorporating?

A: The biggest tax advantage of incorporating a small business is tax deferral. Most Canadian Controlled Private Corporations (CCPCs) get taxed only 11% in B.C. for up to $500,000 of taxable active income. Since the personal tax rate is much higher for individuals who earn $500,000, you can leave the excess profits in the corporation and time when and how much you pay yourself. The corporation essentially acts like an RRSP, holding tax deferred funds. This could save you a lot of tax in the long run.

Q: What are the tax disadvantages of incorporating?

A: For many small business owners just starting out, their businesses typically incur losses for the first year or two. They'll typically have another job to cover their living expenses and support their new business. In such a scenario, it's usually recommended that you operate as a sole proprietor since you can deduct the business losses against your employment income. If you incorporate, you cannot deduct the corporation's net losses against your personal income.  

Q: What can I deduct as business expenses?

A: Generally speaking, you can deduct any reasonable expense incurred to earn that business revenue. You cannot deduct personal expenses. If you incur expenses that mix both personal and business, for example, home office expenses and motor vehicle expenses, you must allocate the portion only related to business. In addition, to claim home office expenses, your home must be your principal office (i.e. you don't have another office) or you must regularly meet clients at your home. 

Q: Do I need to register for GST?

A: Generally speaking, if your business generates less than $30,000 of revenue from taxable supplies in the last 4 quarters or in the current quarter, you're considered a tax exempt small supplier. Therefore, you do not need to register for GST. If your business generates more than $30,000 of revenue from taxable supplies in the last 4 consecutive quarters or in the current quarter, you're liable for GST.

CONTACT

See how P&L CPA's accounting expertise and bookkeeping services can save you time, money, and frustration with managing your finances.

P&L CPA is a remote office. Clients may drop off documents with the receptionist at the Regus address below. If you would like to book a phone or video call, please email info@placcountant.ca.

2025 Willingdon Ave 900 Burnaby, BC V5C 0J3

info@placcountant.ca

(778) 222-2631

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