The Tax Chick Podcast: Recent Episodes
Amanda Doucette
Tax is complex, but it does not always have to be so complicated and shrouded in mystery. Host Amanda Doucette is a self-proclaimed foodie, spin class and Pilates enthusiast, and a tax lawyer. She fell into the practice of tax law despite having a life-long hatred of spreadsheets, math and numbers in general. Join Amanda and her guests as they unpack some serious Canadian tax topics and attempt to demystify the world of tax.
The number 1 question I get asked in DMs is... "If I want to learn about tax, where do I start?" The answer to that question differs depending on what your goals are for this exciting new tax journey. Are you a professional who is looking to specialize in tax? Or are you a professional or a business owner who is looking to learn some foundational information about tax? In this episode, I break down some of my favorite sources for tax education!
Also... if you are in Saskatoon (or going to be in Saskatoon on September 21st), I am a keynote speaker at an awesome event happening on Thursday, September 21, 2023 from 11:15 a.m. to 1:00 p.m. at the TCU Place main stage! While you will be enjoying a healthy lunch, I will be speaking on death and taxes, and the fabulous chef, entrepreneur and restaurant owner Christie Peters, will be dropping some knowledge! To join in for this fabulous event, check out this link: TCU Tickets for Masters Event!
ADDITIONAL RESOURCES:
- CBA Tax Law for Lawyers
- Saskatoon CTF YP Group
- STEP SK 2023-2024 Programming
- Video Tax News
- CPA In-Depth Tax Course
- York University Professional LLM Program
- Canadian Tax Focus
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
- My new website is now live!!! www.thetaxchick.ca
- Email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: https://www.instagram.com/tax.chick/
- Be a "Tax Chick VIP": http://eepurl.com/hNbXcb
Happy birthday to my podcast,
Happy birthday to my podcast,
Happy birthday, happy birthday,
Happy birthday to my podcast!!!!
Today marks the 3rd anniversary of my podcast - yay! Over 22,000 downloads, 4 seasons, and listeners in over 50 countries - I am so proud of what this podcast has become!
I thought this might be an appropriate time to talk about the origin story of the podcast... it starts at a vegan wellness retreat, and really came to life while working from home at the height of the pandemic. Check out this episode for all the details... including how the podcast was almost called something very different :)
If you are new to the podcast and not sure where to start, check out the "guide" that I have created on my website: www.thetaxchick.ca. I break down the episodes by topic, and have created a curated list just for my listeners!
Thank you to everyone who has supported the podcast - your support means so much!
"Who cares if I owe a lot of money to CRA? I can just go bankrupt!"
I have heard this statement quite a few times in my career... but unfortunately, there are a lot of misconceptions about bankruptcy, and in particular the interception of bankruptcy and tax debt. Now that CRA has ramped up their collections action again, I thought it might be an appropriate time to bring on an expert to help chat about these topics. My special guest, Michelle Scheller, is a licensed insolvency trustee with MNP Ltd., and I have referred a number of clients to her team in the past to help with particularly "sticky" CRA collections issues. Michelle and I chat about the following:
- What is a licensed insolvency trustee? (4:40)
- What does it mean to "go bankrupt" or "be insolvent"? (5:05)
- What is a proposal versus a bankruptcy? (10:05)
- What are the special rules that apply when you have a "tax driven" bankruptcy? (16:35)
- What are the first steps you should take if you think you need help? (21:30)
ADDITIONAL RESOURCES:
- Website: www.MNPdebt.ca
- Facebook: https://www.facebook.com/MNPDebt
- Instagram: https://www.instagram.com/mnpdebt/?hl=en
- Twitter: https://twitter.com/mnpdebt
- Spotify: https://open.spotify.com/show/76ImfFsv1VxIilxDy5zomU?si=c32ecb7aac4e46ee
- YouTube: https://youtube.com/@MnpdebtCanada
CONNECT WITH MICHELLE:
- LinkedIn: https://www.linkedin.com/in/michelle-scheller/?originalSubdomain=ca
- Phone: 306-310-DEBT
- Email: Michelle.Scheller@mnp.ca
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
- My new website is now live!!! www.thetaxchick.ca
- Email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: https://www.instagram.com/tax.chick/
- Be a "Tax Chick VIP": http://eepurl.com/hNbXcb
The CEO of Shopify (Tobias Lutke) tweeted last week that the company intends to fight a request from the Canada Revenue Agency (CRA) to turn over six years of records of more than 121,000 Canadian stores using the firm’s platform. If you use Shopify in your business, this tweet should have made you sit up a little straighter in your chair...
What is a "requirement" and can Shopify be required to turn over this information? Check out this episode for more details!
RESOURCES DISCUSSED ON THIS EPISODE:
- Requirements to Provide Information: https://www.canada.ca/en/revenue-agency/services/tax/technical-information/compliance-manuals-policies/acquiring-information-taxpayers-registrants-third-parties.html
- Jamie Golumbek, "How the taxman uses the 'unnamed persons' rule to uncover potential tax cheats (Financial Post) https://financialpost.com/personal-finance/taxes/how-the-taxman-uses-the-unnamed-persons-rule-to-uncover-potential-tax-cheats
- National Post Article on France/Australia requests: https://nationalpost.com/news/canada/france-australia-join-canada-in-seeking-information-from-cra-on-shopify-clients-as-part-of-tax-audits
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
- My new website is now live!!! www.thetaxchick.ca
- Email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: https://www.instagram.com/tax.chick/
- Be a "Tax Chick VIP": http://eepurl.com/hNbXcb
So excited to release this two-part series on estate planning - this episode (as well as Episode 10) was recorded LIVE in Banff, Alberta at the CPA Small Practitioner's Forum! My special guest and I are talking all about what estate planning means to us - and how completing your "estate plan" is about more than just the three-legged stool (the will, the power of attorney, and the health care directive). Estate planning is a lifelong process - your plan will evolve over time!
In the second part of this series, please join us for a discussion on... (1) Shareholders' Agreements (2:30), (2) Corporate-owned life insurance (8:00), and (3) Hot topics (16:30). What are the "hot topics"? Well, we chat about how estate planning is about more than just the immediate client that is in front of you - it is also relevant to know about family dynamics! In addition, we chat about the importance of documenting intention when providing a gift in lifetime - and the sticky issues that can arise when a child is added onto a bank account or legal title to property. Towards the end of the episode, we share a portion of the rapid fire question and answer period of our presentation - thank you to participants for your engagement!
For a more fulsome discussion of the topic of joint ownership, check out Season 2, Episode 10 with special guest, Christine van Cauwenberghe.
And, if you are curious to learn more about insurance, check out Season 2, Episode 9 "Insurance 101" with special guests Tracy Duff and Jerry Gedir.
A huge shout-out to the organizers of the Forum, and to the lovely folks at Proshow Audiovisual and Tall Girl Conference Planning who helped to make this possible!
RESOURCES DISCUSSED ON THE EPISODE
- CPA Small Practitioners' Forum: https://cpaspf.ca/
- Shareholders' Agreements - Obligations, Remedies, Liquidity: https://www.resourcesandsolutions.ca/our-thoughts-2
- Charitable Giving - Many ways to Give: https://www.resourcesandsolutions.ca/our-thoughts-3-4
- Perhaps Life Insurance – A Financial Tool: https://www.resourcesandsolutions.ca/our-thoughts-3
MORE FROM JOS:
- Website: https://www.resourcesandsolutions.ca/
- LinkedIn: https://www.linkedin.com/in/jos-herman-cpa-cfp-tep-145a132b/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
So excited to release this two-part series on estate planning - this episode was recorded LIVE in Banff, Alberta at the CPA Small Practitioner's Forum! My special guest and I are talking all about what estate planning means to us - and how completing your "estate plan" is about more than just the three-legged stool (the will, the power of attorney, and the health care directive). Estate planning is a lifelong process - your plan will evolve over time!
In the first part of this series, please join us for a discussion on... (1) What is estate planning? (9:20); and (2) Estate Freezes (13:05); and (3) Trusts (20:35). And of course, you will also find out Jos' favorite podcast and her favorite emoji (hint: it involves a hoodie... a.k.a. "bunnyhug" in Saskatchewanian).
This episode is not just for advisors... if you are a business owner and have ever heard about "estate freezes" or "trusts", this episode is for you too! We chat about how these tools are used, and some key things to keep in mind when utilizing them as part of your estate plan. We also chat about what "probate" is, what information can be found on a public court file, and the impact of having entrepreneurial beneficiaries.
A huge shout-out to the organizers of the Forum, and to the lovely folks at Proshow Audiovisual and Tall Girl Conference Planning who helped to make this possible!
RESOURCES DISCUSSED ON THE EPISODE
- "All there is" with Anderson Cooper: https://www.cnn.com/audio/podcasts/all-there-is-with-anderson-cooper
- CPA Small Practitioners' Forum: https://cpaspf.ca/
- Shareholders' Agreements - Obligations, Remedies, Liquidity: https://www.resourcesandsolutions.ca/our-thoughts-2
- Charitable Giving - Many ways to Give: https://www.resourcesandsolutions.ca/our-thoughts-3-4
- Perhaps Life Insurance – A Financial Tool: https://www.resourcesandsolutions.ca/our-thoughts-3
MORE FROM JOS:
- Website: https://www.resourcesandsolutions.ca/
- LinkedIn: https://www.linkedin.com/in/jos-herman-cpa-cfp-tep-145a132b/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
Have you ever felt overwhelmed at the thought of learning about tax? I completely understand - there is so much information that it is hard to know where to start! When I get this question, I usually direct people to Video Tax News. What is Video Tax News? Well, it is a family business owned by Caitlin Butler, Joe Devaney and their sister Sheena - they cut through the overwhelming avalanche of tax developments to provide practical tax information to 1,000s of Canadian accountants, lawyers, and tax professionals across Canada.
On today's episode, I am joined by Caitlin and Joe to discuss how their family business got started (8:51), what it is like running a business with your siblings (13:01), and we round off the episode with a "top 5" list of tax issues to watch out for in the coming months (23:55). Caitlin and Joe share stories of their childhood, including tax-related family vacations... and the tips and tricks they have learned over the years to maximize the benefits of working with family.
RESOURCES DISCUSSED ON THE EPISODE
- “Life in the Tax Lane" Podcast: https://www.videotax.com/life-in-the-tax-lane-podcast
- "Modern Love Podcast": https://www.nytimes.com/column/modern-love-podcast
- Video Tax News: www.videotax.com
MORE FROM CAITLIN AND JOE
- LinkedIn (Caitlin): https://www.linkedin.com/in/caitlin-butler-cpa-ca-96998b93/
- LinkedIn (Joe): https://www.linkedin.com/in/joseph-devaney-cpa-ca-7501a537/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
Lately, I have been receiving A LOT of requests to have a few episodes on cross-border issues. I am kicking things off by bringing on my special guest, and fellow tax chick, Lori Keightley to break down the basics on Canada/US taxation. We discuss:
- Are you a US Citizen? (11:40)
- Why does it matter? What are your tax filing obligations? (18:00)
- What are the tax implications of renouncing US citizenship? (25:30)
- What happens if you own property in the US? (30:20)
- What about if you are working in the US, but living in Canada (or vice versa)? (41:12)
Did you know that the taxation system in Canada is very different from the US? This can have some interesting implications for those persons who have ties to both countries. Check out our conversation for some practical tips on how to navigate cross-border issues!
And if you still want to learn more, check out Season 2 of The Tax Chick Podcast - in episode 2, I chat with Steven Flynn about taxation of snowbirds, and in a bonus episode, I chat with Jamie Szal about tax implications for Canadians selling their services/wares to the US.
RESOURCES DISCUSSED ON THE EPISODE
- “You're Wrong About” Podcast: https://yourewrongabout.com/
MORE FROM LORI:
- LinkedIn: https://www.linkedin.com/in/lori-keightley-91551134/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
Have you ever heard of the concept of "holistic" wealth planning? My guest today, Sarah Kolla-Empey, is a wealth advisor (and fellow Tax Chick) who believes this is the best way to approach your financial plan. Each of us deserves to have a financial advisor in our corner who will educate us and support us throughout the journey of life. After all, financial planning is about more than just funding retirement or controlling cash flow - it is also about building the life you want for yourself right now! In this episode of the podcast, we tackle: (1) Why working with a wealth advisor is more than just buying RRSPs or TFSAs (6:48); (2) what is a "holistic" wealth plan (14:15); and (3) Ways to maximize your relationship with your advisor (24:50).
And if you haven't checked out my episode with financial advisor, Janea Dieno (see Season 1!) it is a great companion episode - we break down what you need to know about how a financial advisor gets paid, and we also discuss taxation of RRSPs, TFSAs and segregated funds.
RESOURCES DISCUSSED ON THE EPISODE:
- “Dynasty” Podcast - A series on the Royal Family by Vanity Fair: https://www.vanityfair.com/style/dynasty-podcast
MORE FROM SARAH:
- Website: https://mallardwealth.ca/
- LinkedIn: https://www.linkedin.com/in/sarah-kolla-empey1
- Sign up for her newsletter, “The Holistic Advisor”: https://lp.constantcontactpages.com/su/D19SCoB/TheHolisticAdvisor
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
Have you ever received a phone call or a letter from Canada Revenue Agency and panicked about what to do next? Worried whether it was a legitimate call, or a scam? Felt overwhelmed in how to decide what documents to provide? Well, this episode is for you!
I am excited to welcome fellow tax chick, Sophie Virji, back to the podcast for this episode! Sophie and I chatted about the tax litigation process in Season 1 of the podcast (see Episode 5: “Tax Litigation 101”). We re-group in this episode to tackle some of the “practical” aspects of CRA correspondence. Specifically, we touch on three main themes: (1) Contact by CRA - phone versus letter versus email and the difference between requirements for information and an audit request (7:20), (2) Giving information back to CRA - electronic submissions, how to assemble your audit team, how to keep track of what information you provide, and a discussion on “privilege” (17:16), and (3) Resolving disputes - there are different ways than an audit can “end” - we chat about settlement, versus the appeal process (37:25).
This episode has some great “tips” regardless of whether you are an individual taxpayer, or you own a business!
RESOURCES DISCUSSED ON THE EPISODE
- Canada Revenue Agency, Business Enquiries Line - 1-800-959-5525
- Canada Revenue Agency, Personal Enquiries Line - 1-800-959-8281
- Notice of Objection (template form): https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t400a.html
MORE FROM SOPHIE:
- Website: https://www.bennettjones.com/VirjiSophie
- Facebook: https://www.facebook.com/sophie.virji/
- LinkedIn: https://www.linkedin.com/in/sophievirji/
- Instagram: @sophievirji
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
Quickbooks. Credits and Debits. Profit and Loss statements. Receipts. Cash Flow.
Did any of those words make the hair on the back of your neck stand up? In today's episode of the podcast, we are going to tackle these words head on - take back the power!
Bookkeeping and document organization come up so often with my clients. It seems like this is the universal stressor for most business owners. So, it felt appropriate to have another episode on the topic! Don't fear - this is not a technical episode. Instead, I am chatting with my fabulous guest about all of other things that you can use your bookkeeping for... it is not just to be prepared for the dreaded audit! My guest, Jami Monte, describes herself as "not your parent's accountant"... she is fun, she is high energy and she believes that everyone can learn about their numbers!
We are tackling the following topics: (1) the "big eyeball moment" when someone truly sees their numbers for the first time (9:20); (2) how bookkeeping is the foundation for being ready for an audit (19:29); and (3) the client experience - how keeping your bookkeeping in order can actually improve the experience for the end user (29:51).... and we finish off with some fun "hot topics" where we chat about automation and the pros and cons of outsourcing your books versus doing it yourself (35:22).
P.S. Jami also has an amazing program called "Bookkeeping Bootcamp" - check out her website for more details! (https://www.montecpa.com/).
P.S.S. My very first podcast episode EVER was with Tasha Baier - my bookkeeper! I have often spoken about how I find numbers and spreadsheets stressful. However, after meeting Tasha, I no longer want to bury my head in the sand when I have to put my documents together. Tasha and I had a great chat about what it means to be a "bookkeeper" and the different ways you can utilize a bookkeeper in your business.
RESOURCES DISCUSSED ON THE EPISODE:
- Coffee Break Italian: https://coffeebreaklanguages.com/coffeebreakitalian/
MORE FROM JAMI:
- Website: https://www.montecpa.com/
- Facebook: https://www.facebook.com/montecpa
- LinkedIn: https://www.linkedin.com/in/jamimonte/
- Instagram: https://www.instagram.com/montecpa/
- What the HST Am I doing?! (free Canadian sales tax guide) - https://montecpa.ck.page/a0c25cc24f
- Bookkeeping Bootcamp Info: https://www.montecpa.com/bookkeeping-bootcamp
MORE FROM AMANDA:
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
We are on the verge of a huge transition of wealth in Canada - transition due to death, and also transition due to retirement, or third party sale. We often see business owners having meetings on an annual or quarterly basis to review the "numbers" - things like profits, expenses, projections... but have you ever considered having a meeting to discuss non-financial issues?
My special guest, Laily Pirbhai, provides some guidance today on how to create a "family blueprint" - a way to communicate with family and key stakeholders about values, dreams and goals for the future. We start by describing the "family meeting" - who participates, and reasons to call a meeting (11:10). We then move into a discussion of "core values" - how this impacts discussions of philanthropy and governance (27:06). Laily finishes off by giving her top five tips for a successful family meeting (36:48)!
Who should listen to this episode? Well, I think it is applicable to anyone - in particular, if you are the primary trusted advisor for a family, a business founder, or hold a key position within a family business! Although the focus of the episode is to encourage business owners to have these conversations, a family meeting is a great idea for any family (regardless of whether they own a business!) It is a great opportunity to discuss goals for the future, address concerns, and communicate wishes!
ADDITIONAL RESOURCES
- Family Enterprise Foundation 2021 report: “Ready, Willing and Interested - or not? Canadian Family Business Transition Intentions”. https://bit.ly/3qrJNa6
- Family Enterprise Foundation 2021 report: “Who Are The Guardians of Family Legacy?” https://bit.ly/37WX97T
- Conference Board of Canada 2019 report – “The Economic Impact of Family-Owned Enterprises in Canada”. https://bit.ly/3wya0r9
- Canadian Financial Executives Research Foundation 2013 research paper, “Private Company Succession Planning – Where Do You Stand?” http://bit.ly/3aWhtCq
- FamilyBusiness.org 2015 article “The Family Way: How Entrepreneurial Values Help Businesses Thrive Over Generations.” https://bit.ly/3uh2IFG
- Book “Complete Family Wealth” by James Hughes, Susan Massenzio, and Keith Whitaker. ISBN 9781119453215.
- Book “Family Meetings: Creating fun, meaningful conversations . . . beyond the money by Vic Preisser.” ISBN 9780692020241.
- Video “The Ultimate Legacy”, based on book by Jim Stovall. https://www.imdb.com/title/tt4738238/
- “Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth by Thomas W. Deans”
ISBN 9780980891010.
MORE FROM LAILY
- LinkedIn: https://www.linkedin.com/in/lailypirbhai/?originalSubdomain=ca
- Website: https://lailypirbhai.com
- Email: connect@lailypirbhai.com
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
One of the pieces of my tax practice that I do not often highlight on this platform is my work in "tax controversy" or "tax litigation". A huge part of my practice is helping taxpayers navigate through audits, and appeals to the Tax Court of Canada. Sometimes, the world of audits and appeals can seem a bit "mysterious". There is also a huge fear associated with receiving communication from Canada Revenue Agency. The best way to combat fear is with knowledge. So in today's episode, I am chatting with my guest about three key areas that typically attract a lot of audit activity - and what you can do to prevent an audit in these areas (or at least prepare yourself should one arise). First, we tackle "shareholder loan accounts" (8:04), then we move on to the dreaded "net worth audit" (17:38), finishing off with a lively discussion on "input tax credits" and what you need to know about your GST filings (27:17).
RESOURCES DISCUSSED IN THIS EPISODE
- Stories Podcast: https://podcasts.apple.com/us/podcast/stories-podcast-a-bedtime-show-for-kids-of-all-ages/id948976028
- GST/HST Registry Search: https://www.businessregistration-inscriptionentreprise.gc.ca/ebci/brom/registry/pub/reg_01_Ld.action
MORE FROM DEAN
- Website: https://www.blachfordtaxlaw.com/
- The Blachford Brief: https://www.blachfordtaxlaw.com/insights/8dt7yc9zh52rbeb
- LinkedIn: https://www.linkedin.com/in/dean-blachford-57042a44/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
- Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb
This episode is a continuation of the discussion on "philanthropy". Let's say you decide you want to explore the option of a charitable gift (or you are at least curious about your options). In today's episode, I chat with my special guest, Shane Biehn, about the conversations that you need to be having with your advisor around charitable giving. We talk about: (1) what it means to be "philanthropic" and how to start the conversation with your advisor (9:25); (2) Taxation of charitable donations (16:01) and different vehicles that you can use to give a charitable donation (hint: it is not just cash) (22:35); and (3) a new initiative in Canada called, "WillPower" (42:02).
Have you heard of "a gift of appreciated securities" or "donor advised funds"? Well, after listening to this episode you will not only understand what those phrases mean, but be able to have a chat with your family and/or your advisor about each of them!
RESOURCES DISCUSSED ON THE EPISODE:
- "The Mindset Mentor" Podcast: https://podcasts.apple.com/ca/podcast/the-mindset-mentor/id1033048640
- "Fantasy Footballers" Podcast: https://www.thefantasyfootballers.com/fantasy-football-podcast/
- WillPower: https://www.willpower.ca/
- Canadian Association of Charitable Gift Planners: https://www.cagp-acpdp.org/
- Infographic: https://cagp-acpdp.aweb.page/canadiangiftsinwills
MORE FROM SHANE:
- Website: https://cclprivatecapital.com/our-people/investment-professionals/shane-biehn
- LI:https://www.linkedin.com/in/shanebiehn
MORE FROM AMANDA
- Sign up for "Musings of a Tax Chick": http://eepurl.com/hNbXcb
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
Over the past few months, I noticed myself having the same conversation over and over with clients - they wanted to include a charitable donation as part of their estate planning, but had no idea how to choose a charity or where to start. I realized that people are generally a bit curious about what it means to be a "philanthropist". Sure, there are tax benefits to making a charitable donation, but there are many other reasons why a person might decide to donate to a charitable organization.
This episode is the first in a 2-part series on "philanthropy". In this episode, I chat with special guest, Lisa Sands (Chief Development Officer, RUH Foundation) about: (1) Top things to keep in mind when trying to decide on a charitable gift (10:45); (2) the process for charitable giving - what it can look like to donate in life or as part of your estate planning (22:40); and (3) the Women Leading Philanthropy group (31:01).
Stay tuned for the next episode, where I will dive into the tax benefits of philanthropic giving, and also discuss some of the planning opportunities available.
P.S. In this episode, I am debuting some new music created by my husband to kick off Season 3! He calls this beat, "Tropical Tax Chick"... can't you just taste the pina coladas?!?
RESOURCES DISCUSSED ON THE EPISODE
- "I Shake my Head with Lisa and Sam" Podcast: https://podcasts.apple.com/us/podcast/i-shake-my-head/id1232121527
- "With Less" Newsletter from Marty Finestone: https://legaladjacency.com/with-less/
- CRA Charities Directorate: https://apps.cra-arc.gc.ca/ebci/hacc/srch/pub/dsplyBscSrch?request_locale=en
- RUH Foundation: https://ruhf.org/
- Women Leading Philanthropy (RUH Foundation): https://ruhf.org/women-leading-philanthropy/
- YouTube Channel for RUH Foundation: https://www.youtube.com/channel/UCUu4nSywH8WtF7lQHZVgFTQ
MORE FROM LISA:
- Email: lisa.sands@ruhf.org
- Facebook: https://www.facebook.com/RoyalUniversityHospitalFoundation/
- Twitter: https://twitter.com/RUHFoundation
- IG: https://www.instagram.com/ruhfoundation/
- LinkedIn: https://www.linkedin.com/company/royal-university-hospital-foundation/
MORE FROM AMANDA
- Sign up for "Musings of a Tax Chick": http://eepurl.com/hNbXcb
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
Have you ever had to obtain a formal "valuation" for something? Sometimes financial institutions will want a valuation if you are trying to get a mortgage to purchase a property. Other times, you may need to get a formal valuation before you can sell something - like a collection of artwork, or even your business. Sometimes Canada Revenue Agency will disagree with your value, and put their own valuators on the case.
But when you hear the phrase, "You should get a formal valuation" do you know what that means? I know when I first became a lawyer, I had no idea what that meant! Over the years, I have learned more about the valuation process each time I have had to work with a valuator to help one of my clients. So, in this episode of The Tax Chick Podcast I am sharing a conversation that I had with, JT Dhoot of Omnis Valuations and Advisory Ltd. We discuss: (1) the different types of valuations (7:04); (2) the information you should gather if you are looking to get a valuation (14:50); and (3) reasons why you might need to get a valuation (25:27).
RESOURCES DISCUSSED ON THE EPISODE
- Gary Vee Podcast: https://www.garyvaynerchuk.com/podcast/
- Appraisal Institute of Canada: https://www.aicanada.ca/need-an-appraiser/find-an-appraiser/
- Chartered Business Valuators Institute: https://cbvinstitute.com/membership-lookup/
MORE FROM JT:
- LinkedIn (Personal): https://www.linkedin.com/in/jtdhoot/
- LinkedIn (Omnis Valuations and Advisory) :https://ca.linkedin.com/company/omnis-valuations-and-advisory-ltd
- Website: https://omnisvaluations.com/
- Twitter: https://twitter.com/OmnisValuations
- Facebook: https://www.facebook.com/omnisvaluations247/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
- Sign up for my Newsletter! http://eepurl.com/hNbXcb
Mehul and I met through social media almost a year ago - he is a financial planner and business owner that also believes in the power of collaboration, and promotes the importance of building your "team". He also happens to be a fellow podcaster, and so we decided it would fun to hook up our fancy microphones and record one of our chats!
We recognize that "estate planning" can seem very overwhelming. It is hard to know where to start, and often we just want to rip the bandaid off and get it done as quickly as possible. But we believe that estate planning is "cool", and can actually be an empowering and uplifting process - as long as you are open to the process and willing to ask the tough questions.
In this episode, we break down what you need to know about: (1) foundational estate planning documents (i.e., what is the difference between a Will, a Power of Attorney, and a health care directive, and what should you know about beneficiary designations on life insurance policies and investments) [14:30]; (2) how "fair" does not always mean "equal" in estate planning [31:31]; and (3) a discussion about what retirement planning should really entail, and how collaboration amongst your advisors can make all the difference in getting peace of mind during the planning process [34:17].
Mehul and I have the same goal when working with clients on the estate planning process - we want you to be able to sit down with your friends at the end of our meetings and be able to explain your "plan". You deserve to know what you own, and how those assets can be used for a comfortable retirement!
If you are struggling with how to "start" working on your estate planning, then this episode is for you!
RESOURCES DISCUSSED ON THE EPISODE:
- "All-in with Chamath, Jason, Sacks, & Friedberg" Podcast: https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393
MORE FROM MEHUL:
- LinkedIn: https://www.linkedin.com/in/mehulgandhicfp/
- Mind Your Biz Podcast Website: https://www.mindyourbizpod.com/
- Instagram: https://www.instagram.com/mindyourbizpod/
- Listen to the "Mind Your Biz Podcast" here: https://open.spotify.com/show/2MXapiWUSNcWUtYH76tYCI?si=3c0b6350982d43d9
MORE FROM AMANDA:
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
- Sign up for my newsletter: http://eepurl.com/hNbXcb
Tax professionals are a lot of fun. Really, we are! One of the common themes that runs through almost every conversation I have with another tax professional is how much we love what we do. We also have a great sense of humour and are curious about the world around us. This episode of The Tax Chick Podcast is my first ever cross-over episode – and I am excited to introduce you to my special guest, Leandra Lederman – who also happens to be one of two faces behind the amazing YouTube series, “Break into Tax”. She is running Season 2 of that series. Leandra and I chat all about why we love the practice of tax (3:53), what it is like to be a woman in tax (9:14), and we give a sneak peek of what you can expect from The Tax Chick Podcast, and “Break into Tax” as we head into next season (24:15). Check out the Break Into Tax video of this episode at https://youtu.be/KBPhmBr-7Bk.
RESOURCES DISCUSSED ON THE EPISODE:
- “Break into Tax”: www.BreakIntoTax.com
- American Bar Association (Tax Section): https://www.americanbar.org/groups/taxation/
- Canadian Tax Foundation (Young Practitioners’ Group): https://www.ctf.ca/CTFWEB/EN/Young_Practitioners/YoungPractitioners_Events.aspx
- Video Tax News: https://www.videotax.com/
- "Careers in Tax Law" book: https://www.americanbar.org/products/inv/book/130974286/
MORE FROM LEANDRA:
- Twitter: @Leandra2848 (https://twitter.com/Leandra2848)
- Website: https://law.indiana.edu/people/lederman/
- LinkedIn: https://www.linkedin.com/in/leandra-lederman/
- Instagram: @Leandra2848 (https://z-p42.www.instagram.com/leandra2848/)
- Facebook: https://www.facebook.com/LedermanLeandra
- Blogger for the Surly Subgroup (surlysubgroup.com) posts at: https://surlysubgroup.com/author/leandra2848/
MORE FROM AMANDA:
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette/
- Instagram: @tax.chick
Do you have a will? If yes, when was the last time you dusted it off? Do you know who is designated as a beneficiary on your insurance policies and/or your investments? Estate planning is not something to be taken lightly - getting some advice on the front end, can make all the difference for a smooth administration after your death.
Today, I am joined by special guest, Christine van Cauwenberghe, Vice-President of Tax and Estate Planning (IG Wealth Management). We break down what you need to know about three main topics: (1) the do's and don'ts of beneficiary designations (7:15), (2) things to watch for with joint ownership (24:01), and (3) how to deal with the "big" tax - the income tax liability on death - and why it is more important to worry about than probate fees (33:45). We also do a bit of "lawyer math" :) and highlight some key questions that you should be asking your advisors.
RESOURCES DISCUSSED ON THE EPISODE
- New York Times - "The Daily": https://www.nytimes.com/column/the-daily.
- Wealth Planning Strategies for Canadians (15th Edition): https://store.thomsonreuters.ca/en-ca/products/wealth-planning-strategies-for-canadians-2021-30908506
MORE FROM CHRISTINE:
- Website: https://www.igprivatewealth.com/en/about-us/christine-van-cauwenberghe
- LinkedIn: https://www.linkedin.com/in/christine-van-cauwenberghe-28829913/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amandasadoucette/
- Instagram: @tax.chick
How much do you really know about insurance? Do you know the difference between life insurance, disability insurance, and critical illness insurance? Do you think of insurance as a waste of money?
Are you an advisor that avoids talking to your client about insurance because you do not quite understand the options available or when insurance may be helpful?
Jerry and Tracy break down what you need to know about insurance products – including when insurance may be the “solution” to a problem. This episode is a must listen for new business owners who are wondering whether insurance is really all that important. (Hint: It is 😊). Join us as we discuss: (1) Life insurance – the difference between term insurance and permanent insurance products, and how a joint last to die policy may be useful in certain situations (9:40); (2) Disability Insurance – how it is taxed and what types are available (26:36); and (3) Critical Illness Insurance – why this is an often over-looked insurance product that can actually come in handy in your business (39:01).
RESOURCES DISCUSSED ON THE EPISODE:
· Greg McKeown “What’s Essential” Podcast - https://gregmckeown.com/podcast/
· Simon Sinek - https://simonsinek.com/
· Strategic Coach Podcasts - https://resources.strategiccoach.com/podcasts
MORE FROM JERRY:
· Website: https://continuity.ca/
· Email: jgedir@continuity.ca
· LinkedIn: https://www.linkedin.com/in/jerry-gedir-94b5a617/?originalSubdomain=ca
MORE FROM TRACY:
· Website:https://skyeplanning.com/
· Email:tracy@skyeplanning.com
· LinkedIn: https://www.linkedin.com/in/tracylduffcfptep/
· Twitter: @SkyeDuff
· Facebook:https://www.facebook.com/SkyePlanning/
MORE FROM AMANDA
· The Tax Chick Blog - https://taxchickca.wordpress.com;
· Connect with me by email: thetaxchickpodcast@gmail.com
· LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
· Instagram: @tax.chick
The issue of "when should I incorporate?" is one of the most common questions I get asked by business owners. So it seemed only fitting to devote the entire month of July... and two podcast episodes.... to the topic.
On this episode of The Tax Chick Podcast, I am catching up with my friend Phil. We completed the CPA In-Depth Tax Course together and Phil is always down to nerd out on tax topics.
Phil and I discuss: (1) What is the difference between a sole proprietorship and a corporation? (14:02) (2) How do you know when it is time to incorporate? (22:40) and (3) Once you have incorporated, what should you keep in mind? (34:45)
RESOURCES DISCUSSED ON THE EPISODE:
- The Dead Pilots Society Podcast: https://maximumfun.org/podcasts/dead-pilots-society/
MORE FROM PHIL:
- LI: https://www.linkedin.com/in/philip-g-0b83a216b/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
I decided to dedicate the month of July to a discussion about incorporation - starting with a conversation with my friend, Erin Romeo - founder and principal strategist at Pivot Turn Consulting.
Erin shares her personal story of her journey to incorporation - from her time as a litigation lawyer, to creating her own business. We talk about the tax advantages to incorporation (6:15) as well as the “tax-adjacent” issues you need to keep in mind (i.e., think cash flow!), and we also discuss what it takes to actually incorporate, and the importance of involving advisors early on (16:58). Finally, Erin shares with us what it means to have a dynamic decision-making model for your business (25:37).
RESOURCES DISCUSSED ON THE EPISODE
- Brene Brown - “Unlocking Us” Podcast: https://brenebrown.com/podcasts/
MORE FROM ERIN:
- Twitter: @RomeoErin
- IG: @pivotturnconsulting
- LI: https://www.linkedin.com/in/erin-romeo/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
It is 3 days before the tax filing deadline. You are scrambling around your house, gathering up boxes and random pieces of paper. You rush down to the office of the accountants who prepared your tax return last time and leave your documents at the front desk asking for anyone to just get your tax return done. You get an email from the firm providing a copy of your return and promptly delete it. It is probably correct - they know what they are doing, right? And besides, you do not understand those forms anyway!
Does this sound like you?
If yes, it's ok. We have all been there. On today's episode of the podcast, I am chatting with fellow tax chick, Lisa Niser. Lisa is a tax accountant from Chicago - and she is working to change the way that you think about your relationship with your accountant. What if things did not have to look like the scenario described above? What if your accountant did more than just file your tax returns? What if they were also a trusted business advisor for you? My friends - this is possible.
On today's episode, Lisa and I chat about the basic things you need to know about the tax system (6:50) and common questions that cause stress to new entrepreneurs (18:33). We also discuss a new project that Lisa has been working on - providing education and support to lawyers who are entering into partnership (33:34). This episode is applicable to all taxpayers - whether business owners or individuals - and regardless of whether you live in Canada or the US. Join us for a "fun" conversation about tax!
Check out Lisa's LinkedIn account for a great series of posts on how to read your tax return. On the Canadian side, I did a series of blog posts in March/April 2021 on how to read your Canadian tax return - I encourage you to check out these resources!
RESOURCES DISCUSSED ON THE EPISODE
- Lisa’s educational program for learning about taxes: www.takingontaxestogether.com
- Ben Fanning “CEO Sessions” podcast: https://www.benfanning.com/the-ceo-sessions/
- Solopreneur Tax Academy - Tax Course for Canadian Entrepreneurs: https://grow-cpa.mykajabi.com/solopreneur-tax-academy
MORE FROM LISA:
- LinkedIn: https://www.linkedin.com/in/lisaniser
- Website: www.lisaniser.com
- YouTube: https://www.youtube.com/channel/UCJiCmVNcRtAZpPNU_8JHnZw
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
"Nothing is certain except death and taxes."
There are many misconceptions about what happens to your assets when you die. There is also a lot of fear. The best way to conquer fear is to face it head on! So join me and my special guests, Shruthi and Vivek - a lawyer and an accountant, who happen to also be married - as we break down what you need to know about death and taxes. We discuss what tax has to be paid when you die (13:10), what documentation you need to gather if you are an executor of an estate (24:07), we break down what "probate" really is (25:03), and we talk about what you need to know if your estate will include assets from different countries (37:30).
If you have been appointed as an executor of an estate, and/or if you are starting to think about your own estate planning, check out this episode for some great foundational information!
RESOURCES DISCUSSED ON THE EPISODE
- IdeaCast Podcast (Harvard Business Review): https://hbr.org/2018/01/podcast-ideacast
- The Steam Room Podcast: https://podcasts.apple.com/us/podcast/the-steam-room/id1490924360
- Information on Probate in Saskatchewan: https://www.plea.org/death-estates/estate/letters-probate
- Information on Probate in Ontario: https://www.attorneygeneral.jus.gov.on.ca/english/estates/how_to_apply_for_probate.php
MORE FROM SHRUTHI AND VIVEK
- Shruthi: https://www.linkedin.com/in/shruthi-raman-16066b19/
- Vivek: https://www.linkedin.com/in/vivek-swaminathan-95a04118/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
Cash flow projections. Key Performance Indicators. Working Capital. Business Plans. Credit Scores.
If you are a business owner, you need to know and understand what these phrases mean for you and your business. But, let’s face it - most of us do not enjoy pouring over spreadsheets and looking at numbers. Do not fear - my friend Candace Hrycan is here to break it down for you! Candace has over a decade of experience in the commercial banking world - in this episode we discuss: (1) What new business owners need to know about business planning, teamwork, and financing; (2) What business owners in the growth phase of their business need to keep in mind in order to maximize their profits and cash flow (27:03); and (3) Credit Scores - how to check your own credit history and how to improve upon a “bad” credit history (45:30).
RESOURCES DISCUSSED ON THE EPISODE
- Nutrition Facts Podcast: https://nutritionfacts.org/audio/
- Respectful Parenting Podcast: https://podcasts.apple.com/us/podcast/respectful-parenting-janet-lansbury-unruffled/id1030050704
- BDC Resource Hub (including Business Plan Template): https://canadabusinesshub.com/resources/
- Square One (Saskatchewan Small Business Support): https://squareonesask.ca/
- Women Entrepreneurs of Saskatchewan: https://wesk.ca/
- SREDA SK BizGrid (Info on Grants!): https://squareonesask.ca/sk-biz-grid
- TransUnion Credit Score: https://www.transunion.ca/1
- Equifax Canada: https://www.consumer.equifax.ca/canada/equifax/b_en.html?CID=2_equifax%20canada_M_e&adID=81363922711560&DS3_KIDS=p50851842544&campaignid=71700000061556606&sakwid=43700050851842544&gclid=8032efdf6d401b26347d8fb3df98b652&gclsrc=3p.ds&msclkid=8032efdf6d401b26347d8fb3df98b652&utm_source=bing&utm_medium=cpc&utm_campaign=CA_EN_B_PRSP_BR_Paid_Core_EXM&utm_term=equifax%20canada&utm_content=Core_Brand
- BDC Knowledge Performance Indicators (Further information): https://www.bdc.ca/en/articles-tools/blog/achieve-continuous-improvement-with-performance-dash
MORE FROM CANDACE
- LinkedIn: https://www.linkedin.com/in/candacehrycan/?originalSubdomain=ca
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: www.linkedin.com/in/amandasadoucette
- Instagram: @tax.chick
Our society is increasingly relying upon online retail. The pandemic has only served to further heighten this reliance. But online sales can attract some complicated tax consequences. What if your store is based in Vancouver, but you sell to customers in Virginia? Does it make a difference if your distribution center is solely based in Canada? Join me, and fellow Tax Chick, Jamie Szal, as we break down what you need to know about state taxes.
RESOURCES DISCUSSED ON THE EPISODE
-
Networked Book is available at:
- US:http://bit.ly/NetworkedBooks
- CA: https://www.amazon.ca/dp/B08M7JBKBN
- Limitless Lawyer Podcast: https://limitless-lawyer.com/
- National Women’s Law Center - https://nwlc.org/
MORE FROM JAMIE
- Website: https://www.brannlaw.com/attorneys/jamie-e-t-szal/
- LinkedIn: https://www.linkedin.com/in/jamieszal/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
Are you a small business owner? Have you ever struggled with figuring out when/how to file PST and GST/HST returns? Curious of what to do if you are selling to another province? What about online sales?
In this episode of The Tax Chick Podcast I am chatting with my new friend, Jordan, who is the owner of Lift Accounting here in Saskatoon. Jordan regularly assists small business owners with their sales tax needs. We discuss: (1) What is GST/HST and how does it differ between provinces, including what you need to know if you are providing services out of province (7:30); (2) What is PST and how does it differ between provinces (23:15); and (3) Some filing tips for business owners (36:20). Join us as we chat about our love for YXE, and of course sales taxes!
UPDATE: After recording the episode, Jordan was made aware of a new BC PST Bulletin (#001) which sets out the new PST registration requirements for out-of-province businesses who sell to BC customers: https://www2.gov.bc.ca/assets/gov/taxes/sales-taxes/publications/pst-001-registering-to-collect-pst.pdf. It appears that the BC Ministry of Finance is requiring out-of-province businesses who have sold more than $10,000 over the past 12 months to BC customers to register for a PST account in BC effective April 1, 2021. (This new PST registration requirement for BC applies to out-of-province businesses who are not soliciting sales from BC customers but have sold more than $10,000 over the past 12 months.)
RESOURCES DISCUSSED ON THE EPISODE
- Oneiro Designs: https://www.oneirodesigns.com
- Square One Saskatchewan Small Business Support: https://squareonesask.ca/
- Women Entrepreneurs of Saskatchewan: https://wesk.ca/
- The GaryVee Podcast: https://www.garyvaynerchuk.com/podcast/
MORE FROM JORDAN:
- Facebook: https://www.facebook.com/liftaccounting/
- LinkedIn: https://www.linkedin.com/company/liftaccounting/
- Instagram: https://www.instagram.com/lift_accounting/
- Twitter: https://twitter.com/lift_accounting/
- Website: https://www.liftaccounting.ca/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
- Clubhouse: @taxchick
February in Saskatchewan is cold. Very cold. So cold that any sane person would start dreaming about beach houses, and palm trees. This is why it seems like half our population flies south with the birds to warmer climates. But this year posed some challenges to our typical migration pattern. As a result, many Canadians are looking at alternative ways to utilize their vacation property. But do they truly understand the tax consequences of this decision? Join me and my guest, Steven Flynn, as we break down the general rules for a Canadian owning US property (10:00), and the additional considerations to keep in mind if you are deciding to rent out or sell your property this year (20:40). In addition, Steven touches on the death/estate tax implications of owning US property when you die (25:00). Finally, he tells a funny story about what lengths Canadians go to during the COVID-19 pandemic to complete the sale of their US properties (35:40). As an added bonus, although Steven currently lives in Vancouver, he was born and raised in Regina, Saskatchewan, and graduated from the University of Saskatchewan - so he gets it. The cold I mean. And cross-border tax.
RESOURCES DISCUSSED ON THE EPISODE
- Freakanomics Radio Podcast - https://freakonomics.com/about/where-to-listen-to-the-podcast/
- The Daily - New York Times - https://www.nytimes.com/column/the-daily
- Bloomberg - Talking Tax Podcast - https://pro.bloombergtax.com/talking-tax-podcast/
- Alec Baldwin - Here’s the Thing Podcast - https://www.wnycstudios.org/podcasts/heresthething
MORE FROM STEVEN
- Website (and Blog): https://www.andersentax.ca/professionals/steven-flynn-cpa-ca-cpa-washington/
- LinkedIn: https://www.linkedin.com/in/steven-flynn-cpa-ca-cpa-wash-4143374/
- Twitter: https://twitter.com/AndersenTax_CA
- YouTube: https://www.youtube.com/channel/UCUZqqfsjWw0UHVGnsuzkJwg
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
I have spoken previously about how tax law was not the area where I expected to build my career - yet, it is the place I feel most fulfilled. In this episode, I chat with lawyer and career coach, Emily Hirsekorn, on how to navigate the many options available to young lawyers starting their careers. Emily works with both mid-career and emerging lawyers - in this episode, we chat about: (1) how to choose your path (9:05); (2) how to build confidence in yourself and your career choices - hello imposter syndrome! (25:40); and (3) the importance of checking with yourself (41:30). I have always had a business coach throughout my career, and the advice that Emily provides on this episode is true for new lawyers, but also for those of us who have been practicing for awhile!
RESOURCES DISCUSSED ON THIS EPISODE
- The Confidence Code: https://theconfidencecode.com/
MORE FROM EMILY
- Website:hirsekorncoaching.com
- LinkedIn: https://www.linkedin.com/in/emilyhirsekorn/
- Instagram: https://www.instagram.com/hirsekorn_coaching/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
Have you ever thought about buying a house with hopes to re-sell it for a quick profit? Are you a “house flipper”? Are you a real estate agent looking for a bit more information on the Canadian tax consequences relevant to your clients? Then this podcast episode is for you! Join me and fellow Tax Chick, Toronto lawyer, Anna Malazhavaya, as we break down everything you need to know about the “house flipping” in Canada… Well, maybe not everything. We only have 45 minutes! We promise to hit the highlights, including: a discussion of why house flippers cannot claim the principal residence exemption (7:52), outlining GST/HST considerations for developers (34:40), and a candid chat on whether paying cash for improvements/renovations on the property really saves you money (22:45).
RESOURCES DISCUSSED ON THE EPISODE
- Video Tax News Podcast - https://www.videotax.com/life-in-the-tax-lane-podcast
MORE FROM ANNA
- Website (and Blog): https://www.advotaxlaw.ca/
- Facebook: https://www.facebook.com/advotaxlaw
- LinkedIn: https://www.linkedin.com/in/annamalazhavaya/
- Instagram: https://www.instagram.com/advotaxlaw/?hl=en
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
2020 has been full of challenges and fears. It has also brought a new way of working to many people - with the introduction of Zoom video calls, and work from home, many people found their work life turned upside down. I like to think of myself as an adaptable person, but I also struggled this year with all the changes that happened. I have always loved fashion - but over the weeks that I started to work from home, I found myself wearing leggings and yoga gear far too often. When I had to go into the office, I would wear “work attire” and instantly feel more professional and polished. Over the summer, I had been watching LinkedIn posts from New York stylist, Melanie Lippman. I eventually joined her “Stand Out Style” group (which is made up of female lawyers from across North America) - this group fundamentally changed my relationship with style. Not only did I learn so much about how to dress and take care of myself in this new environment, but I also got to connect with other female lawyers and start to break down some of the barriers to personal style that have been created in our profession over the years.
If you are feeling stressed out about appearing on video, or have struggled with showcasing your personal style in a corporate setting, then this episode is for you!
RESOURCES DISCUSSED ON THE EPISODE
- “How I built this” podcast: https://www.npr.org/podcasts/510313/how-i-built-this
- Melanie’s Stand Out Style Course: https://www.melanielippman.com/standoutstyle
MORE FROM MELANIE
- Website:https://www.melanielippman.com/
- LinkedIn: https://www.linkedin.com/in/personalstylistmelanielippman/
- Connect with me by email: melanie@melanielippman.com
- Instagram: @melanielippman
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
I stumbled across Janea a number of years ago following my divorce. I was feeling a bit scared, and financially unprepared for my new life. Lawyers typically do not have a built-in pension plan/investment plan through work - and we are really good at giving advice to our clients about financial stability, but often forget to implement this advice for ourselves. I am so grateful that I got to know Janea and now have her as a part of my personal financial team.
Janea and I have something in common. We both believe that clients need to be empowered to make financial decisions for themselves - and that discussions about tax and finances do not always have to be so complicated! In this episode, we let you eavesdrop on our conversation - we will be exploring what it means to be a financial planner (8:30), how to choose a planner that is right for you, and will discuss the difference between an RRSP, a TFSA, and a non-registered account, including how these various investment vehicles are taxed (36:27). Finally, we explore the exciting world of "segregated funds" (44:15). Want to have something smart to say on your next Zoom call with friends? Then, you need to listen to this episode!
RESOURCES DISCUSSED ON THE EPISODE
- Little Stories for Tiny People Podcast (https://www.littlestoriestinypeople.com/)
- Growing your Financial Advisory Practice Podcast (https://podcasts.apple.com/ca/podcast/growing-your-financial-advisory-practice-insights-for/id1350497225)
- Investments Unplugged (https://www.manulifeim.com/retail/ca/en/viewpoints/capital-markets-strategy/investments-unplugged-with-philip-petursson)
- https://fpcanada.ca/canadian-public
- https://www.securities-administrators.ca/nrs/nrsearchprep.aspx
MORE FROM JANEA
- Website (and Blog): https://www.brightrock.ca/
- Facebook: http://www.facebook.com/jdieno
- Connect with me by email: j@brightrock.ca
- Instagram: @janeadieno
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
Are you curious about what it is like to be an entrepreneur? Join me and one of my BFFs, Holly Decker (owner and operator of Holly Decker Makeup Artistry), as we discuss the highs and lows of entrepreneurship. Topics include: (1) The road to entrepreneurship - how did Holly know that she wanted to own her own business (22:50); (2) Finances and taxes - what are some of the “headaches” involved in running your own business, and some tips and tricks for overcoming these roadblocks (26:38); and (3) New beginnings - how to ensure your business embraces change in order to stay relevant, while still being true to who you are (35:10).
RESOURCES DISCUSSED ON THE EPISODE
- Holly’s favorite podcast:
Dax Shepard, “Armchair Expert”: https://armchairexpertpod.com - The new Jason Bateman podcast I could not remember the name of… “Smartless”: https://podcasts.apple.com/us/podcast/smartless/id1521578868
- Ayden Kitchen and Bar: https://www.aydenkitchenandbar.com/
- RydeYXE Cycle Studio: https://rydeyxe.ca/
- Erin Nicole “Holly Decker Signature Custom Lash”: https://www.hollydecker.com/new-products/holly-decker-signature-custom-lash
- Beauty Blender: https://beautyblender.com/
- Holly’s amazing accountant, Lorrie McLeod-Georget:
https://www.linkedin.com/in/lorrie-mcleod-georget-b0072010b/?originalSubdomain=ca - “Inquire Within” Oracle Cards: https://feelgreatfull.com/collections/ritual-goods/products/inquire-within-deck
- Suggested supports for new entrepreneurs:
The Well Collaborative: https://www.thewellcollaborative.com/
Women Entrepreneurs of Saskatchewan: https://wesk.ca/
MORE FROM HOLLY
- Website: https://www.hollydecker.com
- Facebook: https://www.facebook.com/Holly-Decker-Makeup-Artistry-271411189654735/
- Instagram: @hollydeckermakeupartist; @girltalkyxe
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
Do you break into a cold sweat just thinking about receiving the dreaded brown envelope from Canada Revenue Agency? What would you do if you received a call letting you know you had been chosen for an audit? Join me and my guest, fellow Tax Chick, Sophie Virji as we break down as we break down how to navigate the Canadian tax system. Topics of discussion include: (1) the audit - how to prepare for it, and the scope of audit powers (12:12); (2) the internal appeals process - how to file a Notice of Objection (42:01); and (3) a brief overview of appeals to the Tax Court of Canada (55:00).
RESOURCES DISCUSSED ON THE EPISODE
- Podcast Suggestion from Sophie:
Oprah’s SuperSoul Conversations:
https://podcasts.apple.com/us/podcast/oprahs-supersoul-conversations/id1264843400
MORE FROM SOPHIE:
- Website: https://www.bennettjones.com/VirjiSophie
- Facebook: https://www.facebook.com/sophie.virji/
- LinkedIn: https://www.linkedin.com/in/sophievirji/
- Instagram: @sophievirji
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
Do you know the difference between a corporation, a sole proprietorship, a partnership or a joint venture? Have you been operating your business for awhile and thinking about making the leap into incorporation, but not sure whether it is right for you? Join me and my guest, Jared Pilon, a senior accountant with Roth Hrywkiw Fidek LLP in Red Deer, Alberta for an open discussion on business structures. We will explore how to choose your initial structure, how to know when it is time to make a change, and how to unwind what you have created.
Topic #1: What are the different options for business structures? (9:40)
Topic #2: How do you know when it is time to incorporate? (29:15)
Topic #3: How do you unwind a corporation? (37:18)
RESOURCES DISCUSSED ON THE EPISODE
Podcasts that Jared is currently listening to:
Thrivetime Show | Small Business Podcast
https://open.spotify.com/show/6VwJ6Kp46UAXtWCaDSL4Cp?si=H1v-ku7uTx-p5NuVZQmNfw
Muscle For Life with Mike Matthews
https://open.spotify.com/show/3Vn2r4Nf0t6QDaWuJLp6dh?si=LnkImRWgSIGbM8aAT8NKcQ
Idleman Unplugged
https://open.spotify.com/show/2njkgEX74Y1EBUQczFxfAO?si=vye9JdaLTTWxDblwBTb_uQ
Hold These Truths with Dan Crenshaw
https://open.spotify.com/show/2BbbFyOBNTLpYDzUai6ta2?si=SPoujvXnRNGs6v5Az9dP2Q
MORE FROM JARED
- Website (and Blog): https://www.jaredpilon.com/; https://rhfaccountants.ca
- Facebook: https://www.facebook.com/jaredpiloncpa/
- LinkedIn: https://www.linkedin.com/in/jared-pilon/
- Instagram: https://www.instagram.com/jaredpiloncpa/; https://www.instagram.com/rhfaccountants/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
In this bonus episode, we take a quick detour from our regularly scheduled programming to chat with Craig Clement. Who is Craig Clement? Well, Craig is an NBA enthusiast, die hard Drake fan, creator of the intro/outro music for this podcast, and… my fiancé. Join us for a candid discussion on Craig’s love of music and his creative process. Recorded in The James Hotel in the heart of downtown Saskatoon.
RESOURCES DISCUSSED IN THIS EPISODE
- The James Hotel - http://thejameshotel.ca/
- The last podcast Craig listened to: https://www.theringer.com/the-bill-simmons-podcast
- Our guilty pleasure podcasts:
https://podcasts.apple.com/ca/podcast/90-day-fiance-cray-cray/id1423940128
https://www.theringer.com/bachelor-party - Drake’s OVO Store Website - https://ca.octobersveryown.com/
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
- Instagram: @tax.chick
As if going through a separation or divorce wasn’t stressful enough, there are several income tax traps that can arise when dealing with issues arising from a separation. Not only does your family law advisor need to know about family law, but it’s important that they understand the fundamental tax issues that may also arise. A family law advisor can also help you avoid dealing with tax traps by effective planning through a prenuptial or cohabitation agreement. Agreements of this nature, and alternative methods of dispute resolution, are becoming a lot more popular as more spouses are prioritizing having those big discussions upfront regarding expectations pertaining to financial and property matters should a separation arise. Join me and my law partner, Kim Visram of SHTB LLP for a discussion regarding tax traps, interspousal agreements and what other options exist if you do not want to set foot in Court.
In this episode, we discuss the following issues: (1) Key tax issues that arise in most separations/divorces (8:38); (2) How to minimize financial implications upon separation/divorce with effective planning in an interspousal agreement (45:20); (3) How to utilize alternative dispute resolution measures to find creative solutions and minimize tax implications arising from separation/divorce (56:00).
RESOURCES DISCUSSED ON THE EPISODE
- “Negotiate your best life” (A podcast) - https://negotiateyourbestlifepodcast.com
- Conflict Resolution Saskatchewan: https://conflictresolutionsk.ca/member-profile/?uid=162
- Government of Saskatchewan, “Family Mediators who have been recognized under Section 44.01 of The Queen’s Bench Act, 1998” - https://pubsaskdev.blob.core.windows.net/pubsask-prod/115118/Recognized%252BFamily%252BMediators%252BList_July%252B16%252B2020.pdf
MORE FROM KIM
- Website: https://www.shtb-law.com/lawyers/kimberly-d-visram/
- Facebook: https://www.facebook.com/KimberlyVisramLegal
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- Instagram: @tax.chick
When it comes time to organize your statements and receipts do you suddenly feel the urgency to clean your closet, empty the dishwasher, take your dog for a walk, or do anything other than deal with the pile of paper on your desk? Do you stuff your receipts into a shoebox of shame and hide them under your bed? Are you forcing yourself to do the work but feel overwhelmed by all the new electronic products on the market? Then this episode is for you! Join me and my new friend Tasha Baier for a candid discussion on bookkeeping - what it is, why it is important, and how you can make it less painful.
In this episode, we discuss the following topics: (1) What is a bookkeeper and why you need one! (9:30); (2) Options for bookkeeping software (22:58); (3) Tips and tricks to make bookkeeping less painful (35:10).
RESOURCES DISCUSSED ON THE EPISODE
- REAL AF with Andy Frisella (https://andyfrisella.com/blogs/realaf-podcast)
- Sage (https://www.sage.com/en-ca/)
- Quickbooks (https://quickbooks.intuit.com/online/)
MORE FROM TASHA
- IG: @tbaierconsulting
- FB: @tbaierbusinessconsulting
- www.tbaierbusinessconsulting.com
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- Connect on IG: @tax.chick
Who is part of your team of advisors? Do you have a lawyer? An accountant? A financial planner? An insurance advisor? Do they all know about each other? Are you looking to find a team of advisors but do not know where to start? Does the thought of putting all these advisors in a room together fill you with terror and make you clutch onto your credit card? Are you an advisor that fits into one of these categories and wish you could be a part of a team? Then this episode is for you! Join me and my BFF Tracy Duff of Skye Planning Group for a discussion on collaborative estate planning - what it is, why it is important, and the logistics of making it work.
In this episode, we discuss the following topics: (1) Why do you need a team of advisors? (17:52); (2) Who should be on your team? (23:50); and (3) How does this type of collaboration actually work in practice? (34:05).
RESOURCES DISCUSSED ON THE EPISODE
- Strategic Coach Podcast: https://strategicpodcasts.com/
- Your Digital Undertaker Podcast: https://yourdigitalundertaker.ca/podcast/
MORE FROM TRACY
- Website: https://skyeplanning.com/
- Facebook: @SkyePlanning
- Twitter: @SkyeDuff
- IG: @skyeplanninggroup
- Email: tracy@skyeplanning.com
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com
- Connect with me by email: thetaxchickpodcast@gmail.com
In this "sneak-peek" episode, I share with you why I started this podcast, and what you can expect in upcoming episodes.
If you are listening to this podcast because you are expecting a technical discussion on different tax planning techniques, then I am afraid this is the wrong podcast for you. I am not going to tell you how to defer tax, how to avoid tax, or talk about butterfly reorganizations, 10-8 insurance plans, or loss utilization strategies.
So what is the purpose of this podcast?
- My goal is to give you “food for thought”. Something to discuss over the dinner table with your family, or perhaps over the water cooler with colleagues.
- I want to help listeners be able to identify when they need to seek help from a professional - and what professional they should call.
- I want to promote and encourage the idea of collaborative practice amongst professionals - and that it is imperative to work as a team to come up with the best solution.
- And, I also hope that you might occasionally giggle, or at least smile, during some of my discussions. Tax law and discussions about tax do not always have to be so serious!
MORE FROM AMANDA
- The Tax Chick Blog - https://taxchickca.wordpress.com;
- Connect with me by email: thetaxchickpodcast@gmail.com
- Connect with me on Instagram: @tax.chick