Summary

Guillaume Girard discusses strategic tax planning for business owners, focusing on RRSP utilization, compensation structures, and future exit planning to optimize wealth and minimize taxes.

Topics Covered in this Episode

00:00 Introduction: Common Financial Mistakes for Business Owners

00:55 The Role of RRSP in Tax-Efficient Wealth Building

01:42 Deciding Where to Invest Surplus Cash: Business or Personal

03:10 Tax Layers and Strategies for Extracting Money from Your Business

04:01 Diversifying Wealth: Building a Second Business or Portfolio

05:43 Tax Changes and Protecting Your Wealth

06:27 RRSP as a Strategic Tool for Long-Term Tax Reduction

07:20 Understanding Salary vs Dividends for RRSP Room

09:54 The Integration of Corporate and Personal Taxes

11:38 Investing Inside vs Outside the Corporation

16:40 Passive Income Rules and Corporate Investment Limits

22:44 Preparing Your Business for Sale and Capital Gains Exemption

24:28 The Individual Pension Plan (IPP) as an Alternative to RRSP

26:24 Risk Management: Protecting Assets from Creditors

27:30 Retirement Income Strategies and Withdrawal Planning

30:10 When Does an RRSP Strategy Make Sense?

32:30 Key Takeaways and Final Advice for Business Owners

If you want to learn how we work with incorporated business owners, book a private intro call here:

Book it here: https://mwadvisors.as.me/GuillaumeGirard1

Subscribe to our Newsletter
The Personal CFO: https://www.mwadvisors.ca/newsletter-guillaume

Millen Wealth Advisors
Visit our Website: https://www.mwadvisors.ca/guillaume

Connect with Guillaume
LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Summary

In this episode of the Personal CFO Podcast, host Guillaume Girard delves into the Capital Dividend Account (CDA), a powerful yet often overlooked tax planning tool for Canadian business owners. He explains the mechanics of the CDA, how it allows for tax-free dividends, and the importance of strategic planning in utilizing this account effectively. The episode covers common mistakes to avoid, the steps to extract dividends, and the timing for optimal use of the CDA. Additionally, Girard connects the CDA to broader tax strategies, emphasizing the need for cohesive financial planning.

Topics Covered in this Episode

00:00 Introduction to the Capital Dividend Account (CDA)

04:05 Understanding the Mechanics of CDA

08:29 Creating and Managing Your CDA

14:21 Steps to Extract Tax-Free Dividends

17:20 Strategic Timing for Using CDA

21:09 Common Mistakes and Pitfalls with CDA

26:17 Connecting CDA with Other Tax Strategies

If you want to learn how we work with incorporated business owners, book a private intro call here:

Book it here: https://mwadvisors.as.me/GuillaumeGirard1

Subscribe to our Newsletter
The Personal CFO: https://www.mwadvisors.ca/newsletter-guillaume

Millen Wealth Advisors
Visit our Website: https://www.mwadvisors.ca/guillaume

Connect with Guillaume
LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Sources: The insights and information in this episode were drawn from Canadian tax guidance and expert resources, including the Canada Revenue Agency and experienced tax professionals, to ensure you have the most up-to-date and accurate picture of the Capital Dividend Account as of 2026. Stay tuned for more tips on integrating your personal and business finances!

Summary of Episode

In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman explore the emotional challenges clients face regarding money. They discuss the scarcity vs. abundance mindset, the disbelief in success, and the guilt associated with spending. The conversation emphasizes the importance of financial planning, communication in relationships, and the mental toll of managing finances. The hosts also highlight the need for mindfulness and gratitude in wealth creation, and the significance of recognizing one's limitations and seeking help when necessary.

Topics Covered in this Episode

00:00 Introduction to Emotional Challenges with Money

03:06 Scarcity and Abundance Paradox

09:49 Disbelief in Success and Its Impact

20:51 Reorienting to an Abundance Mindset

29:28 Guilt and Paralysis Around Spending

30:24 The True Cost of Not Planning Financially

31:00 Guilt and Anxiety Around Spending

35:38 Decision Fatigue and Disorganization

49:28 The Physical and Mental Toll of the Grind

Subscribe to our Newsletter
The Weekly Brief: https://www.mwadvisors.ca/newsletter-guillaume

Millen Wealth Advisors
Visit our Website: https://www.mwadvisors.ca/
Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast

Follow Guillaume on Social Media
Guillaume’s Instagram: https://www.instagram.com/financialplannergui/
Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Follow Sam on Social Media
Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/

Keywords

Emotional challenges, money mindset, financial planning, wealth management, scarcity mindset, abundance mindset, spending guilt, decision fatigue, financial organization, mental health

Summary

In this conversation, Guillaume Girard interviews Ben Rutledge, a Canadian Olympic gold medalist and entrepreneur, exploring his journey from rowing to business. They discuss pivotal moments in Ben's life, the importance of mindset, coaching, and the balance between process and outcome. Ben shares insights on identity, resilience, and the lessons learned from both success and failure, emphasizing the significance of commitment and continuous learning in achieving goals.

Topics Covered in this Episode

00:00 The Journey Begins: From University to Rowing

13:43 Finding Identity and Purpose in Rowing

25:51 The Road to Olympic Aspirations

37:41 The Role of Environment and Coaching in Success

38:33 Mastering the Basics: The Key to Elite Performance

43:44 Handling Pressure: Transforming Anxiety into Excitement

49:32 Identity Beyond Competition: Life After the Gold Medal

53:44 The Process vs. Outcome: A Shift in Perspective

56:30 Rapid Fire Insights: Habits, Success, and Mindset

01:01:24 Building a Business: Lessons from Sports to Real Estate

Designer Capital

Millen Wealth Advisors

Follow Guillaume on Social Media

Follow Sam on Social Media

Keywords

Rowing, Olympic gold medal, mindset, coaching, personal development, resilience, identity, business, success, performance

Summary

In this episode, Guillaume and Sam discuss the upcoming changes to fee disclosure under CRM3, which will significantly impact how Canadians view their investment fees. They explore the implications of these changes, the importance of transparency in building trust between clients and advisors, and the potential for clients to question the value they receive for the fees they pay. The conversation also touches on the role of segregated funds, the future of financial advisory services, and the importance of understanding investment philosophy for peace of mind.

Topics Covered in this Episode

00:00 Introduction to CRM3 and Its Importance

02:01 Understanding Fee Disclosure Changes

07:05 The Impact of CRM3 on Investors

12:45 Transparency and Trust in Financial Advisory

16:21 Segregated Funds and Their Reporting

22:06 Evaluating Fees and Value in Financial Services

30:59 The Future of Financial Planning

34:00 Understanding Fees and Value in Investments

39:11 The Importance of Trust in Financial Advisory

50:39 Investment Philosophy and Client Peace of Mind

Millen Wealth Advisors

Follow Guillaume on Social Media

Follow Sam on Social Media

Keywords

CRM3, fee disclosure, financial planning, investment fees, transparency, trust, financial advisors, segregated funds, client awareness, investment philosophy

Summary

In this episode, Guillaume Girard interviews Dr. Christian Wigmore, founder of BudgetYourMD, about the financial challenges physicians face and the importance of financial literacy. They explore Dr. Wigmore's journey to becoming a physician, the pressures of medical school debt, and the impact of lifestyle inflation on financial decisions. The conversation emphasizes the need for better financial education for medical students and the role of BudgetYourMD in empowering future physicians to manage their finances effectively and avoid burnout.

Topics Covered in this Episode

00:00 The Journey to Medicine

04:20 Exploring Financial Insights

08:10 The Role of a Family Doctor

12:27 Deciding on a Medical Specialty

14:08 Financial Literacy Challenges for Physicians

16:27 Managing Debt and Lifestyle Inflation

19:18 Navigating Financial Advice and Insurance

22:17 The Evolution of Financial Planning Models

29:30 The Challenge of Active Fund Management

30:49 Introducing BudgeterMD: A Passion Project

32:12 Addressing Financial Literacy in Medicine

34:45 Services Offered by BudgeterMD

36:53 Feedback and Community Engagement

39:07 The Importance of Open Conversations About Money

41:55 Future Vision for BudgeterMD

44:30 The Cashflow Clinic: A Unique Approach

45:37 Exploring Podcasting as a Medium

48:39 Final Thoughts on Financial Literacy

Budget Your MD

Website: https://www.budgetyourmd.ca/

LinkedIn: https://www.linkedin.com/in/christianwigmore/?originalSubdomain=ca

Millen Wealth Advisors

Follow Guillaume on Social Media

Keywords

Financial literacy, physicians, medical school, budgeting, financial planning, lifestyle inflation, debt management, financial advice, burnout, Budget

Summary

In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman, along with guest Mohammed Al-khooly, discuss various financial topics ranging from personal achievements in ultra marathons to misconceptions about the Canadian tax system, particularly regarding inheritance taxes. They delve into the complexities of family trusts, exploring their benefits and drawbacks, and discuss when they are appropriate for individuals and families. The conversation also touches on the importance of financial planning and the implications of prenuptial agreements in relation to trusts.

Topics Covered in this Episode

00:00 Introduction and Personal Accomplishments

06:12 Understanding Canadian Tax Misconceptions

15:26 Exploring Family Trusts: Basics and Benefits

32:40 Navigating Capital Gains and Business Sales

33:08 Competing Interests in Family Business Planning

34:29 Understanding Trusts and Associated Corporations

36:00 The Complexity of Trusts in Family Dynamics

39:25 When Trusts Are Not the Right Fit

40:34 Trusts for Special Circumstances

41:53 The Suitability of Trusts in Financial Planning

42:42 Professional Perspectives on Trust Recommendations

47:23 Trusts and Divorce Protection

49:53 Prenups vs. Trusts: A Personal Perspective

55:46 Investing in Relationships vs. Legal Protections

Millen Wealth Advisors

Co-Pilot Tax

Website: https://copilottax.ca/

Canadian Tax Guy: https://x.com/canadataxguy?lang=en

Follow us on Social Media

Keywords

Summary

In this episode, the hosts discuss their experiences at a recent portfolio strategies conference, sharing insights on investment strategies and the importance of having a defined investment philosophy. They delve into the complexities of the Tax on Split Income (TOSI) rules, explaining how these regulations impact business owners and their ability to pay dividends to family members. The conversation highlights the need for careful tax planning and understanding of the rules to navigate potential pitfalls. The episode concludes with a discussion on the importance of knowing the intricacies of investment products and the trade-offs involved in financial planning.

Topics Covered in this Episode

00:00 Conference Insights and Networking

12:33 Understanding TOSI: Tax on Split Income

24:42 Navigating Dividend Payments and Family Structures

24:44 Understanding Income Splitting Rules

28:47 Exploring Non-Resident Shareholder Implications

31:30 Navigating Tax Risks with Non-Resident Corporations

35:32 Client Engagement and Tax Knowledge

38:42 The Complexity of Tax Compliance

43:30 Investment Knowledge and Client Understanding

Millen Wealth Advisors

Co-Pilot Tax

Website: https://copilottax.ca/

Canadian Tax Guy: https://x.com/canadataxguy?lang=en

Follow us on Social Media

Keywords

TOSI, Tax on Split Income, investment strategies, financial planning, tax planning, portfolio management, business income, dividends, family business, tax risk

Summary

In this episode, the hosts discuss various strategies for income splitting, focusing on tax efficiency for business owners. They explore the implications of salary versus dividends, the use of capital dividends, and the importance of understanding attribution rules. The conversation emphasizes the need for holistic financial planning and the potential benefits of utilizing tools like RRSPs and RESPs for effective income splitting.

Topics Covered in this Episode

00:00 Introduction to the New Format

02:21 The Importance of Holistic Tax Planning

04:39 Income Splitting Strategies

11:34 Tax Risks in Income Splitting

17:21 Exploring Tax-Efficient Dividend Strategies

20:15 Balancing Immediate Costs and Future Growth

21:22 The Importance of Long-Term Financial Planning

22:44 Salary vs. Dividend: Making the Right Choice

24:36 Understanding Tax Implications for Business Owners

26:42 The Role of Income Splitting in Financial Strategy

30:12 Basic vs. Advanced Income Splitting Strategies

31:14 Utilizing RESPs for Tax-Efficient Income Splitting

32:40 Creative Strategies for Spousal RRSPs

38:57 Navigating Attribution Rules in Income Splitting

41:10 Understanding Anti-Avoidance Rules in Tax Strategies

Co-Pilot Tax

Website: https://copilottax.ca/

Canadian Tax Guy: https://x.com/canadataxguy?lang=en

Millen Wealth Advisors

Follow us on Social Media

Keywords

Income splitting, tax efficiency, salary vs dividends, capital dividends, attribution rules, financial planning, tax strategies, Canadian tax, RRSP, RESP

Summary

In this episode, the hosts discuss the partnership between Copilot Tax and Millen Wealth Advisors, focusing on how this collaboration will enhance client services. They delve into the complexities of real estate investments, including tax considerations when buying, renting, and selling properties. The conversation highlights the importance of financial planning, the implications of depreciation, and the legal aspects of property ownership. The hosts emphasize the need for a cohesive approach among financial advisors to provide clients with comprehensive guidance.

Topics Covered in this Episode

00:00 Introduction and Partnership Announcement

02:53 Exploring Real Estate Tax Considerations

06:02 Buying Real Estate: Key Tax Issues

09:01 Understanding Rental Properties and Tax Implications

12:10 The Importance of Financial Planning in Real Estate

14:57 Depreciation: Benefits and Risks

17:56 Legal and Liability Considerations in Real Estate

20:58 Structuring Real Estate Investments: Personal vs Corporate

24:11 Final Thoughts and Key Takeaways

Co-Pilot Tax

Website: https://copilottax.ca/

Millen Wealth Advisors

Follow us on Social Media

Keywords

Real estate, tax considerations, financial planning, depreciation, rental properties, investment strategies, partnership, liability, home buyers, tax advice