The Tax Chick Podcast

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

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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 Lanthier
• Advotax Blog Post - Basic Guide on Bare Trusts for Canadian Taxpayers 

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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: 9209655
• CRA Views Document: 2008-0281411I7
• CRA Views Document: 2001-0111303
• CRA Views Document: 2012-0451791E5

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 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: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be 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: [email protected]
• 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: [email protected]
• 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: [email protected]
• LinkedIn: https://www.linkedin.com/in/amandasadoucette   
• Instagram: https://www.instagram.com/tax.chick/ 
• Be a "Tax Chick VIP": http://eepurl.com/hNbXcb