The Tax Chick Podcast

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: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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 EPISODE

• Tax Court of Canada - Your Day in Court
• ATAP Canada
• Accountex

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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 EPISODE

• GAAR - Consultation Paper
• DAC Investment Holdings Inc. v. HMTK

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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 reserve
• The expansion of the $250K exemption to GREs and Qualified Disability Trusts 
• Applicability to alter ego trusts
• What 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 account
• Changes (positive) to allowable business investment losses
• Some of the things that were missing...
  • why isn't this indexed to inflation?
  • There is no carry-forward of the $250K annual threshold
  • Has the government forgotten about integration?
  • AMT - lack of interaction between the changes to AMT and the new legislation

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!

RESOURCES DISCUSSED ON THIS EPISODE

• In 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/9.6423015
• Tax Lite! https://www.taxlite.ca/ AppStore link - https://apps.apple.com/ca/app/tax-lite/id6447789656
  Google Play store link - https://play.google.com/store/apps/details?id=app.taxlite.app

MORE FROM HENRY

• Our Family Office: https://ourfamilyoffice.ca
• LinkedIn: Henry Shew 

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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 Canada
• Terroni 
• 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: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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 Foundation
• Jen Pederson - LinkedIn 
• Joanne McGrath - LinkedIn 
• Saskatoon Community Foundation - LinkedIn 
• Facebook 
• Instagram 

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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 weeks
• Drake 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: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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 CRA
• STEP National Conference!
• Canadian Money Roadmap Podcast

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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!

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be a "Tax Chick VIP" 

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:

1. 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)
2. Capital gains - what are they, how are they taxed, and what are the proposed changes? (12:35)
3. What is the lifetime capital gains exemption, and how did it change? (27:30)
4. 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-budgets
• Federal 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: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be a "Tax Chick VIP"