By Amanda Doucette
5
22 ratings
The podcast currently has 71 episodes available.
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.
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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 application
3. 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.
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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!
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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.
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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!
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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:
Word 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!
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MORE FROM HENRY
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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!
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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:
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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!
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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!
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