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.
Switching it up today and chatting about a very specific section of the Income Tax Act... s. 160. This section can be used to assess one person for the tax debts of another person... it is typically applied between spouses and/or between parents and children. However, some recent case law has resurrected a discussion on this topic, including who is really a "spouse" for the purposes of this section.RESOURCES DISCUSSED ON THIS EPISODESTEP SK - May 7 event on Canadians owning US real estateEnns v. CanadaHarvard PropertiesBarwicz v. HMTKHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
A recent LinkedIn post of mine sparked some great informal discussion about responding to CRA "proposal" letters. So, it seemed like a great topic to chat about on the pod!Do you know what information/documentation you can obtain through informal disclosure with CRA? Check out this episode to learn more about:What is a "proposal" letter?What are the usual deadlines for response, and why would those deadlines be shortened?What is a "large corporation" and what rules apply to them?What CRA reports can you access through informal disclosure and why should you ask for them? RESOURCES DISCUSSED ON THIS EPISODE:Informal Disclosure GuidelinesHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
In this episode, I am diving into the must-have documentation you need to gather before tackling tax season. Whether you're filing on your own or working with a professional, this episode will help you organize everything you need to make tax time a breeze. Tune in for tips on what documents to collect, how to stay organized, and avoid common mistakes that could cost you later!RESOURCES DISCUSSED ON THIS EPISODE:The Finance Cafe Chillbooks Season 5 (Episode 17) Essential insights every business owner should know Season 3 (Episode 5) The three gifts that only bookkeeping can give you! Season 3 (Episode 3) Three Common Audit Flags HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
You've filed your taxes—great job! But the work isn't quite over yet. In this episode, I'm walking you through the essential steps you need to take after submitting your taxes. From saving and reviewing your Notice of Assessment to paying any taxes owed, and some tips on how to update your financial records and prepare for next year, this episode has what you need to stay ahead of the game!HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Season 6 is here!!!! Check out this short episode to learn a little bit about what you can expect on the pod this season and also for a refresher on some great episodes from last season! I also include a quick update on what I have been up to the last few months.HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
In this episode, we're breaking down all the tax essentials for social media influencers, content creators, and anyone monetizing their online presence. From referral codes and affiliate links to brand collaborations and sponsored trips, we cover what counts as income and what you need to report. We'll also talk about the tricky area of receiving gifts and how to handle barter transactions—yes, those fancy purses and free hotel stays could come with tax implications!Join me and special guest, Jami Monte as we dive into:What counts as income (7:05)Barter transactions and gifts (9:55)Self-assessed HST/GST on barter deals: (16:30)Write-offs for content creators (18:04)Potential solutions if you have messed up on your filings (26:55)Invoicing (29:00)Tune in to learn how to keep your finances in check while you grow your online empire!CONNECT WITH JAMI:Website: jamimonte.comInstagram: @jami.monteYouTube: @jamimonteLinkedIn: https://www.linkedin.com/in/jamimonteHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
My Christmas gift to you this year is an episode full of tax tidbits that you can share at your holiday party - check out this episode for my rundown of the tax issues that made the news for me in 2024:10. The Taxpayer's Ombudsman Report9. Auditor General's Report - the CEBA Program8. CRA New Audit Powers7. Digital Services Tax6. Where do we stand on Alternative Minimum Tax?5. The GST/HST Holiday4. Audits on COVID benefits3. Bare trusts...2. Capital Gains...1. The Fall Economic Statement - stay tuned for December 16th!Merry Christmas and Happy New Year! I will be back with Season 6 of The Tax Chick Podcast in March 2025!RESOURCES DISCUSSED ON THIS EPISODE:Taxpayer's Ombudsman Report (2024)Auditor General ReportDigital Services TaxGST/HST HolidayBare Trusts - exemption for filingHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
In this episode, I chat with special guest, Corey DeJean, owner of CJDJ Accounting Services and current Chair of the Association of Tax and Accounting Professionals ("ATAP"). Corey and I get to hang out in January every year at the ATAP Refresh Conference in Toronto - we have had so many great conversations about collaboration, sharing resources and the importance of educating our clients about tax. It was about time that I got her on the pod!Corey and I dive deep into the crucial tax information every business owner should know to stay compliant, maximize deductions, and optimize their financial strategies. Whether you're a startup founder or a seasoned entrepreneur, understanding taxes can make a significant difference in your bottom line!Here is a sneak peek of what we chat about:1. What is ATAP and how can it help you?2. Your business is NOT you!3. There is a huge difference between revenue and the $ in the bank.4. Not everything is deductible.5. There is no "one size fits all" strategy for compensation.RESOURCES DISCUSSED IN THIS EPISODE:ATAP LinkedIn Account https://atapcanada.ca/ Want to learn more about your numbers? Check out: https://thefinancecafe.ca/Need a laugh? Click here for the Schitt's Creek write-off scene :)CONNECT WITH COREY:Corey DeJean (LinkedIn) HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Are you behind in your tax filings? I mean REALLY behind... like more than the last year or two?Did you make a mistake in a previous filing? Canada Revenue Agency's Voluntary Disclosure Program might just be for you! I have had a couple calls this past week about the "VDP" program, and I thought this might be a great time to dispel some myths.In this episode:1. I discuss what the program is, and when you would choose to apply.2. Provide some insight into the criteria for a successful application3. Talk next steps.It is so important to remember that VDP does not get you out of paying the tax - in fact, you have to prepay the tax up front-when you make the application! It just offers amnesty from penalties.RESOURCES DISCUSSED ON THIS EPISODE:CRA: Voluntary Disclosures Program HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
I decided to switch things up a bit for this episode, and invite on 3 people that I have been hanging out with all summer this year - our firm summer students, Blake, Frank and Nick!Don't worry - the word "tax" does get brought up at some point in this episode :) But the main purpose of this episode was to share a little bit about what it is like to work in a law firm (Hint: it is not like Suits!) In this episode, we cover:1. Why each of my guests chose to work at a firm over the summer instead of a different type of summer job during law school? (9:50)2. One thing that surprised them about working at a firm? (12:35)3. One positive thing about the summer/one negative thing (17:09)4. Advice they would give to students who are considering applying to a firm for a summer position.This episode is great for anyone in law school and wondering about the firm experience, and also great for lawyers who are working with law students - I am really grateful to Blake, Frank and Nick for their honesty in sharing the student experience! It was so much fun working with them this summer and I know they all have very bright futures ahead of them!CONNECT WITH NICK, FRANK AND BLAKE:https://www.linkedin.com/in/nick-kane/ https://www.linkedin.com/in/blake-barnes-usask/ https://www.linkedin.com/in/frank-chou888/ HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Check out this episode for information on upcoming conferences where you can find me as a guest speaker, along with some information on the Tax Court of Canada, including the role of "discoveries" in a tax hearing. RESOURCES DISCUSSED ON THIS EPISODETax Court of Canada - Your Day in CourtATAP CanadaAccountexHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Have you heard of the "GAAR"??? GAAR stands for the "general anti-avoidance rule" and it gives the federal government broad powers to prevent transactions they deem to be against the purposes of Canadian tax law.Why do we care about GAAR? Well, it should be a factor to consider each and every time that you engage in tax planning, as if it applies, it can "undo" all of the tax benefits of a particular transaction. The Federal Government also just pushed through amendments to the GAAR rules which broaden the applicability of GAAR, and also impose a penalty.So in this episode, I break down: "old" GAAR, "new" GAAR, and a recent case where GAAR was considered (DAC Investments). I also reminisce about my days as a clerk at the Court of Appeal, and give a sneak peek of new episodes coming up in the next few months!RESOURCES DISCUSSED ON THIS EPISODEGAAR - Consultation PaperDAC Investment Holdings Inc. v. HMTKHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
What happens when two tax fanatics who are passionate about tax education get together to talk about draft tax legislation??? Check out this episode to find out!So excited to have my friend, and fellow tax enthusiast, Henry Shew, on the podcast today to chat about the draft legislation that the Federal Government released on June 10, 2024 relating to the changes to the capital gains rules in Canada. There are some amazing resources available which "go into the weeds" on the details of the legislation - but Henry and I wanted to go big picture for this episode. We wanted to provide some background on how tax legislation is passed, and highlight some things you need to be aware of - here is the scoop on what we discuss:(1) What is a "Notice of Ways and Means Motion"? (6:08)(2) What is in the draft legislation? (10:08)(3) What is missing from the draft legislation? (22:04)We talk about: Capital gains reserveThe expansion of the $250K exemption to GREs and Qualified Disability Trusts Applicability to alter ego trustsWhat happens if a trust or a partnership has a gain mid-way through the year, but does not allocate the gain until later in the year?The "averaging" rules, and the impact on the capital dividend accountChanges (positive) to allowable business investment lossesSome of the things that were missing...why isn't this indexed to inflation?There is no carry-forward of the $250K annual thresholdHas the government forgotten about integration?AMT - lack of interaction between the changes to AMT and the new legislationWord on the street is that supplementary draft legislation will be released by end of July which hopefully fills in some of the gaps... we will see!RESOURCES DISCUSSED ON THIS EPISODEIn case you want to read the draft legislation: https://www.canada.ca/en/department-finance/news/2024/06/government-of-canada-delivering-tax-fairness-for-every-generation.html Check out this great video from CBC News Explore: https://www.cbc.ca/player/play/video/9.6423015Tax Lite! https://www.taxlite.ca/ AppStore link - https://apps.apple.com/ca/app/tax-lite/id6447789656Google Play store link - https://play.google.com/store/apps/details?id=app.taxlite.appMORE FROM HENRYOur Family Office: https://ourfamilyoffice.caLinkedIn: Henry Shew HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Just got home from a fantastic week in Toronto at the STEP National Conference! In this mini-episode, I provide an overview of what I learned, give a sneak peek at upcoming episodes, and share my favorite restaurant spots in Toronto.Oh, and did you hear that the Federal Government plans to release draft legislation on the capital gains inclusion rate changes on Monday, June 10th???... stay tuned!THINGS I DISCUSSED ON THIS EPISODE:Jarvis Sam and The Rainbow Disruption STEP CanadaTerroni Hy's Steakhouse Lee Restaurant El Inka Odd Seoul (Instagram) (they are so cool, they do not even have a website!)HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
I want to let you in on a little secret... you do not have to be a billionaire in order to be philanthropic. There are many ways to give to charity, including gifts of your time! But in today's episode, I am chatting with my guests about a specific vehicle for charitable giving - the "donor-advised fund" or "DAF". It is a really neat alternative to setting up a private foundation, and can open up options for families to work together to plan their philanthropy for years to come! (And yes, there are also some tax benefits!)In this episode, I am chatting with Jen Pederson and Joanne McGrath of the Saskatoon Community Foundation all about DAFs, including a discussion of the following topics:What is a donor-advised fund? (5:15)Endowment funds (13:13)How are DAFs taxed? (20:50)Are there thresholds for giving? (24:25)Quick "hot tips" about DAFs - including how to incorporate it into your estate plan (26:50)CONNECT WITH JEN AND JOANNE:Saskatoon Community FoundationJen Pederson - LinkedIn Joanne McGrath - LinkedIn Saskatoon Community Foundation - LinkedIn Facebook Instagram HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Huge thank you to my listeners as we have now surpassed 30K downloads, and have managed to stay in the top 100 business podcasts on Apple Podcasts over the past 5 - 6 weeks!In this episode:I provide an update on what has happened since the Federal Budget - turns out we actually still have zero clarity on the capital gains inclusion rate changes. Check out the submission of the Joint Committee of CPA/CBA on this issue: https://cpa.cpacanada.ca/en/the-cpa-profession/about-cpa-canada/volunteer-with-cpa-canada/volunteer-committees/tax-committees/59 Audit activity is hopping! I share what I have been seeing over the past few weeksDrake versus Kendrick Lamar... and my supper plans for my upcoming trip to Toronto. Has anyone else had the Cheeseburger Spring Rolls at Lee Restaurant??? Director liability - the importance of tracking (in writing) the beginning and ending of a director or officer role, and what liabilities can arise (both tax and non-tax). Hint: hiring someone else to get things done is not sufficient!HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Anyone else feel like filing your tax return can be a bit anti-climactic? In today's mini-episode, I am sharing my tips for what you should do post-tax season including:- checking your assessment- making arrangement for payment- organizing your documents- getting ready for next year!RESOURCES DISCUSSED ON THIS EPISODE:How to make a payment at CRASTEP National Conference!Canadian Money Roadmap PodcastHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
The countdown is on... only a few days left to the end of the Canadian personal income tax season! If you have already filed your return, but not yet received your notice of assessment, have you received a letter from CRA asking for more information?In the last couple of days, a number of my clients have reached out for help after receiving letters from the "Preassessment Review" section of CRA. If you receive one of these letters, do not panic! When your tax return is e-filed, supporting documentation is not included in the tax filing. As a result, sometimes CRA likes to "check in" before issuing an assessment to double check that the numbers in your tax return can be supported by documentation.In this episode, I explain the preassessment review process, and give some tips on how to respond to CRA!
You asked for it... an episode on the 2024 Federal Budget geared towards non-tax practitioners! I fully intended to make this a mini-episode, but there was just SO MUCH to discuss, that I ended up talking for over 30 minutes - I hand-picked a few of the key changes to discuss, but if there are other items you would like me to address in a future episode, please let me know!In this episode, I cover:History of the Federal Budget and why it matters - including why I call it the "Oscars" for tax professionals, and my plea to get a golden ticket to be part of the budget lockdown (3:52)Capital gains - what are they, how are they taxed, and what are the proposed changes? (12:35)What is the lifetime capital gains exemption, and how did it change? (27:30)Tax Litigation hot topics, including the proposed expansion to s. 160 of the Act, "notice of non-compliance" and the new ability to request documentation/information under oath. (29:32)RESOURCES DISCUSSED IN THIS EPISODE:History of the Federal Budget: https://www.macleans.ca/economy/economicanalysis/a-brief-history-of-canadian-federal-budgetsFederal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html?utm_campaign=fin-fin-budget-24-25&utm_medium=webfeat&utm_source=canada-ca#pdf Video Tax News (reporting from Budget lockdown!): https://www.videotax.com/web-tips-articles/federal-budget-2024-is-now-released-here-are-eight-key-considerations-for-accountants-and-small-business-advisors HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
UPDATE: March 28, 2024 (1:15 p.m.)CRA just released an update on bare trust filing requirements, and has advised that CRA will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2023 tax year, unless the CRA makes a direct request for those filings.The full notice can be found at this link: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html?utm_source=Master+Email+List&utm_campaign=1c6ce21145-N2N_PT_2024_LAUNCH_COPY_01&utm_medium=email&utm_term=0_-9f60340710-%5BLIST_EMAIL_ID%5D~ ~ ~The new trust reporting rules... the latest "gift" from the Federal Ministry of Finance... :) Tune in to Part 3 of this short series of mini-episodes on trusts to learn a little bit about the new trust reporting rules, and when they apply. If you have a family trust, or if you have co-signed a mortgage, or added someone to title to property for the purposes of avoiding probate, you should probably listen to this episode, as the new rules will likely apply to you! - What are the new rules and why are you being asked for additional information? (0:58) - Express trusts (3:10)- Exceptions to the rules (5:00)- Penalties (6:27)- What does this mean for trusts? (7:25)- Bare trusts (8:25)RESOURCES DISCUSSED ON THIS EPISODE:New reporting requirements for trusts (CRA Website) Financial Post Article by Allan LanthierAdvotax Blog Post - Basic Guide on Bare Trusts for Canadian Taxpayers HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
This is Part 2 of the mini-episodes on all things trusts! If you have mastered the basics, check out this episode for a discussion of some more advanced topics including:- Adding or Removing Beneficiaries (1:20)- Alter Ego and Joint Spousal Trusts (4:05)- Family law implications (9:13) - Corporate association issues (11:40)- Ongoing maintenance (13:40)ADDITIONAL RESOURCES DISCUSSED ON THIS EPISODE:CRA Views Document: 9209655CRA Views Document: 2008-0281411I7CRA Views Document: 2001-0111303CRA Views Document: 2012-0451791E5HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Have you noticed that everyone seems to be talking about trusts these days??? Seemed like an appropriate time to release a few mini-episodes on the topic. If you are looking for some foundational information on trusts, check out this episode. I cover topics like: - What is a trust? (2:02)- The three certainties (4:40)- Reasons why a trust may be used (6:15)- Who are the parties to a trust? (9:30)- What are the different types of beneficiaries? (11:15)- How are trusts taxed? (12:47)And check out the next couple episodes to continue your "trust" journey!HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Season 5!!! How did that happen? Check out this mini-episode for a brief trip down memory lane on the history of this podcast, a sneak preview of what is coming for this season, and a life update.HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Kicking off SEASON 5 of The Tax Chick Podcast with a special guest episode featuring fellow Saskatoon podcaster and Certified Financial Planner, Evan Neufeld! Tax Free Savings Accounts, or "TFSAs" - such a fun acronym! You likely have this type of investment, and are aware that one of the perks of a TFSA is that the growth accrues tax free... but are you curious to learn a little bit more? Check out this episode to learn:- What is a TFSA? (4:00)- Are there limits to what you can put into a TFSA? (6:13)- What happens if you over-contribute? (9:20)- How is it taxed? (12:08)- What happens when you withdraw funds from a TFSA? (14:35)- What types of investments can you hold in a TFSA? (18:15)- What happens when you die? (24:00)Make sure to check out Evan's podcast (The Canadian Money Roadmap) for some great information on personal finance, including a recent episode entitled, "Avoid These 6 TFSA Mistakes". P.S. DJ CWC created some new intro music for me which I am debuting on this episode!!! CONNECT WITH EVAN:Podcast: https://canadianmoneyroadmap.buzzsprout.com YouTube LinkedIn Website: https://www.evanneufeld.com HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"
Before you pop the champagne and sing Auld Lang Syne tomorrow night, I wanted to give you one last episode of The Tax Chick Podcast for 2023! I will be back with Season 5 of the podcast (and debuting some new music!) in March 2024.In this episode, I provide some information on STEP and why I was in London, England earlier this month, and reflect on the craziness of 2023 (remember the CRA strike right in the middle of tax season???) I also give a sneak preview of things to come in 2024...Happy New Year to you and your families, and all the best for 2024!
When you hear the acronym "CFO" what do you think? You might think that your business only needs a "Chief Financial Officer" if you are making millions of dollars... turns out, that is not the case!On today's episode of the podcast, I am bringing back Jordan Brown, principal of Lift Accounting and Copilot Advisory right here in Saskatoon. We are tackling the following topics: (1) What is a CFO? (5:05); (2) What are some factors that would suggest you need a CFO? (7:50); (3) Where do you find a CFO? (15:50); and (4) What types of services/duties would a CFO perform for you? (21:20).RESOURCES DISCUSSED ON THIS EPISODE: CPA Canada: https://www.cpacanada.ca/ Check out Jordan's first episode on this podcast: Sales Tax 101, with special guest Jordan Brown CONNECT WITH JORDAN: Facebook: https://www.facebook.com/gocopilotadvisory/ Instagram: https://www.instagram.com/copilotadvisory/ LinkedIn: https://www.linkedin.com/company/copilotadvisory Website: www.copilotadvisory.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
In the spirit of all things spooky, it seemed like an appropriate time to talk about the spookiest tax of all... the income tax to your estate! So many of my clients focus on probate fees - but fail to consider the "big" tax... the income tax liability.Check out this mini-episode for an update on my visits to the College of Law, a reminder about repayment of your CEBA loan, and a brief discussion of the tax rules on death.UPDATE: In this episode, I reminded listeners about the UHT filing deadline - after release of the episode, on October 31, 2023, the federal government announced an extension to the filing deadline for UHT returns for the 2022 calendar year to April 30, 2024.
Drake dropped a new album on Friday, October 6th - which is basically like Christmas in my house :) Check out this episode for my thoughts on Drake's new album, and some musings on the tax planning he might be engaging in for his son, Adonis.But, the main event for this episode is a discussion on the Canada Emergency Business Account ("CEBA"). On September 14, 2023, the Prime Minister announced extended deadlines for the CEBA loan repayments, which caused some major confusion for business owners. In this episode, I break down (1) what was the CEBA, and what were the application terms? (2) What was the big deal about this loan? and (3) what are the actual repayment terms for 2024? I will be releasing a blog post on this topic soon, so make sure you are signed up to be a Tax Chick VIP under the member category on my website: www.thetaxchick.ca. Membership is free and gives you access to all my blog posts, as well as notification on new posts.RESOURCES DISCUSSED ON THIS EPISODE: All About Estates, "Further Assessing Drake's Estate Planning Needs" - https://www.allaboutestates.ca/further-assessing-drakes-estate-planning-needs/ CEBA Loans (FAQ and Program Information, CRA) - https://ceba-cuec.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
This is the 50th episode of my podcast!! YAY!!!Happy to have fellow tax chick, Anna Malazhavaya of Advotax Law back on the podcast to chat about the Underused Housing Tax... did you know that this tax could apply to you even if you are a Canadian resident? Despite what you might have heard in the news, this tax is not just for non-residents.We are chatting about: (1) What is the Underused Housing Tax ? (7:20); (2) When might it apply? (10:35) (3) What happens if you do not comply? (14:10) UPDATE: On October 31, 2023, the federal government announced an extension to the filing deadline for UHT returns for the 2022 calendar year to April 30, 2024!RESOURCES DISCUSSED ON THIS EPISODE: Underused Housing Tax: https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax.html "Master Your" Event - come see The Tax Chick live and learn a little bit about the intersection between death and taxes: TCU Tickets for Masters Event! CONNECT WITH ANNA: Instagram: @advotax LinkedIn: https://www.linkedin.com/in/annamalazhavaya/?originalSubdomain=ca Website: https://www.advotaxlaw.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 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
If you owe penalties and/or interest to Canada Revenue Agency, you might be able to get some relief - on today's "Musings" I break down the top 6 things you need to know about Taxpayer Relief Applications! (I also remind you about some things you should be doing now that the CRA strike is over, and give a sneak peek of the next guest episode of The Tax Chick Podcast!) RESOURCES DISCUSSED ON THIS EPISODE: STEP Canada: www.step.ca Taxpayer Relief Applications: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc4288.html 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
Do you know the difference between a business name and a trademark? What does copyright mean, and how do you claim copyright over your "stuff"?Did you realize that when starting a new brand, it is a good idea to complete some domain name searches and trademark searches first?Have you heard the story of the Christmas geese at the Eaton Center in Toronto?In this episode of the podcast, I chat with special guest, Luanne Schlosser, the founder of Lunova Law in Saskatoon, Saskatchewan all about "intellectual property". We chat about: (1) What is copyright? (4:55); (2) What should business owners know about copyright when they are hiring someone to complete their branding and marketing? (8:55); (3) What needs to be "assigned" on a business sale? (11:45); (4) What is a trademark? (17:34); and (5) How are business names different from a trademark? (19:20). CONNECT WITH LUANNE: Instagram: www.instagram.com/lunova_law LinkedIn: https://ca.linkedin.com/in/shalinidharna Website: https://www.lunova.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
May 1st is fast approaching! Have you filed your taxes yet? Check out this bite-sized episode of the podcast for an update on the CRA strike, and reasons why you should file your tax return. If you are self-employed and plan to file by June 15th, do not forget that your taxes are still due by April 30th - consider making an instalment payment now based on an estimate of tax in order to avoid additional interest! And, do you know what you should do after filing your tax return? In this episode, I give my top tips on what to do after filing your return. RESOURCES DISCUSSED ON THIS EPISODE: CRA updates on labour disruption: https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/collective-bargaining/labour-disruptions-impact.html Tax Court of Canada practice directive re: labour strike: https://www.tcc-cci.gc.ca/Content/assets/pdf/base/Notice-to-the-Public-and-the-Profession-April-19-2023.pdf 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
This year's personal income tax filing deadline is about 2 weeks away - have you filed your return yet? To add to this year's filing excitement, the workers at CRA voted in favour of job action and as of April 14, 2023, the workers are in a legal strike position. In this short episode, I give an update on what this strike might mean for the last two weeks of tax filing season, and round out the episode with some information on how to resolve a tax dispute with CRA.RESOURCES DISCUSSED ON THIS EPISODE: CRA Formal Statement on Labour Dispute: https://www.canada.ca/en/revenue-agency/news/2023/04/canada-revenue-agency-responds-to-public-service-alliance-of-canadaunion-of-taxation-employees-strike-vote.html Check out the "Learning Center" on my website, for additional blog posts on this topic - membership is free! https://thetaxchick.ca/learning-center 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
In this bite-sized episode of the podcast, I provide some tips and tricks on how to utilize the new "Learning Center" on my website, update you on my efforts to clean out my keepsake boxes with my Mom, and wax poetic about the upcoming federal budget...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
Yes, it is that time of year again… some of us dread it, others get excited… it is tax season time! For individuals, this year's tax filing deadline is May 1, 2023 (because April 30th falls on a Sunday) - and for self-employed individuals, your deadline is June 15, 2023. More often than not, getting your books ready for taxes can be a bit of a panic, and there is often no time to sit down and do some ‘forward thinking' about key business considerations. So, I thought this might be the perfect time to bring on fellow tax chick, Shalini Dharna, who describes herself as “a doctor for your finances”.She is passionate about educating entrepreneurs on the “dos and do nots” of small business finances, especially when it comes to staying on CRAs nice list :) Together, we tackle: (1) how to prepare for tax season (8:20); (2) What makes your taxes complicated (i.e., should you contract out your tax filings? (15:05); and (3) some business considerations that are often missed (25:15).RESOURCES DISCUSSED ON THIS EPISODE:CRA Filing Deadlines: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals.html CONNECT WITH SHALINI: Instagram: www.instagram.com/dharnacpa LinkedIn: https://ca.linkedin.com/in/shalinidharna Website: https://dharnacpa.ca/ Tax Prep Masterclass: https://dharnacpa.ca/tax-prep-masterclass-2/ 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
Hi! Me again, for another bite-sized solo episode of The Tax Chick Podcast!In today's episode, I am chatting about "vintage" tax debt... a.k.a. income tax debt from many years ago. How do you find out what you owe? How do you tackle payments? How do you figure out what portion of the debt is tax versus interest? Is there a statute of limitations?I am sharing my tips and tricks for how to get your arms around the issue, and some potential solutions to the problem! RESOURCES DISCUSSED IN THIS EPISODE Jami Monte and Amanda Doucette, "How to stay cool during an audit": https://youtu.be/wFG5hG4DaoE Taxpayer Relief Application: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc4288.html Remission Orders: https://www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/complaints-disputes/when-request-remission-review.html The AMAZING Lebanese restaurant in Oakville: http://www.marosbistro.com/ HERE ARE SOME OTHER WAYS TO CONNECT WITH ME The Tax Chick Blog (until the big reveal of my new website!): https://taxchickca.wpcomstaging.com/ Email: thetaxchickpodcast@gmail.com LinkedIn: https://www.linkedin.com/in/amandasadoucette Instagram: https://www.instagram.com/tax.chick/?hl=en Sign up for my newsletter ("Be a Tax Chick VIP"): http://eepurl.com/hNbXcb
Want to stay up to date on all of the exciting changes coming to the blog and the podcast in 2023? You can find out all that and more if you sign up to be a "Tax Chick VIP": http://eepurl.com/hNbXcb . Over the next couple of months, I will be sharing sneak peeks of the upcoming changes, and asking for your feedback!I am going to be in Toronto speaking at the ATAP "Refresh" seminar later this month - see this link for more details:https://www.atapcanada.org/site/winter-2023-seminar-refresh HERE ARE SOME OTHER WAYS TO CONNECT WITH ME: The Tax Chick Blog (until the big reveal of my new website!!)- https://taxchickca.wordpress.com; 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
Did you know that it often takes 100+ hours to settle an estate when someone passes away? Being an executor is a lot of work. Throw in added complexities like blended families, business ownership, and assets outside of the jurisdiction, and executorship can turn into a full-time job! I spend a lot of time chatting with clients about who they wish to appoint as an executor. Typically, people like to appoint a spouse, a child, a sibling, or a close family friend. And in many instances, that makes sense. However, given the increasing complexity involved in administering an estate, consideration should be given as to whether an outside objective party makes more sense. In this episode, the objective party we are talking about is the "trust company".My special guest on this episode is Anisa Diwan, a Wills and Estate advisor for RBC Royal Trust (Prairies Region) - we are chatting all about the "corporate executor". Never heard of a corporate executor before? You are not alone! By the end of this episode, you will learn: (1) what factors support the appointment of a corporate executor (9:46), (2) the process in completing the appointment in your Will, including what it costs, and when you have to pay (20:20), and (3) what happens after you pass away - what exactly does the corporate executor do? (30:05).RESOURCES DISCUSSED ON THE EPISODE RBC Royal Trust Website: www.rbc.com/royaltrust Artie, the executor helper™: www.rbc.com/royaltrust-artie “Smartless” Podcast: https://podcasts.apple.com/us/podcast/smartless/id1521578868 Oprah Super Soul Sunday Podcast: https://www.oprah.com/app/super-soul-sunday.html Business Wars Podcast: https://podcasts.apple.com/us/podcast/business-wars/id1335814741 MORE FROM ANISA:LinkedIn: https://www.linkedin.com/in/anisa-diwan-49236166/ 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 (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
© 2020-2025 Ivy Podcast Discovery LLC
