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: [email protected]
• 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: [email protected]
• 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: [email protected]
• 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: [email protected]
• 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: [email protected]
• 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. 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: 

• Chillbooks (Formerly Bookkeeping Bootcamp) https://jamimonte.com/chillbooks/
• Website:  https://www.jamimonte.com
• Facebook: https://www.facebook.com/itsjamimonte
• LinkedIn:  https://www.linkedin.com/in/jamimonte/ 
• Instagram: https://www.instagram.com/jami.monte
• What the HST Am I doing?! (free Canadian sales tax guide) https://jamimonte.ck.page/hstguide
• TikTok https://www.tiktok.com/@jami.monte

MORE FROM AMANDA:

• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• 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: [email protected]

MORE FROM AMANDA

• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• 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: [email protected]
• LinkedIn: https://www.linkedin.com/in/amandasadoucette   
• Instagram: @tax.chick
• Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb  

This episode is a continuation of the discussion on "philanthropy".  Let's say you decide you want to explore the option of a charitable gift (or you are at least curious about your options).  In today's episode, I chat with my special guest, Shane Biehn, about the conversations that you need to be having with your advisor around charitable giving.  We talk about: (1) what it means to be "philanthropic" and how to start the conversation with your advisor (9:25); (2) Taxation of charitable donations (16:01) and different vehicles that you can use to give a charitable donation (hint: it is not just cash) (22:35); and (3) a new initiative in Canada called, "WillPower" (42:02).

Have you heard of "a gift of appreciated securities" or "donor advised funds"?  Well, after listening to this episode you will not only understand what those phrases mean, but be able to have a chat with your family and/or your advisor about each of them!

RESOURCES DISCUSSED ON THE EPISODE:

• "The Mindset Mentor" Podcast: https://podcasts.apple.com/ca/podcast/the-mindset-mentor/id1033048640
• "Fantasy Footballers" Podcast: https://www.thefantasyfootballers.com/fantasy-football-podcast/
• WillPower: https://www.willpower.ca/
• Canadian Association of Charitable Gift Planners: https://www.cagp-acpdp.org/
• Infographic: https://cagp-acpdp.aweb.page/canadiangiftsinwills

MORE FROM SHANE:

• Website: https://cclprivatecapital.com/our-people/investment-professionals/shane-biehn
• LI: https://www.linkedin.com/in/shanebiehn

MORE FROM AMANDA

• Sign up for "Musings of a Tax Chick": http://eepurl.com/hNbXcb
• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/ 
• Instagram: @tax.chick

Over the past few months, I noticed myself having the same conversation over and over with clients - they wanted to include a charitable donation as part of their estate planning, but had no idea how to choose a charity or where to start.  I realized that people are generally a bit curious about what it means to be a "philanthropist".  Sure, there are tax benefits to making a charitable donation, but there are many other reasons why a person might decide to donate to a charitable organization. 

This episode is the first in a 2-part series on "philanthropy".  In this episode, I chat with special guest, Lisa Sands (Chief Development Officer, RUH Foundation) about: (1) Top things to keep in mind when trying to decide on a charitable gift (10:45); (2) the process for charitable giving - what it can look like to donate in life or as part of your estate planning (22:40); and (3) the Women Leading Philanthropy group (31:01).

Stay tuned for the next episode, where I will dive into the tax benefits of philanthropic giving, and also discuss some of the planning opportunities available.

P.S. In this episode, I am debuting some new music created by my husband to kick off Season 3!  He calls this beat, "Tropical Tax Chick"... can't you just taste the pina coladas?!?

RESOURCES DISCUSSED ON THE EPISODE

• "I Shake my Head with Lisa and Sam" Podcast: https://podcasts.apple.com/us/podcast/i-shake-my-head/id1232121527
• "With Less" Newsletter from Marty Finestone: https://legaladjacency.com/with-less/
• CRA Charities Directorate: https://apps.cra-arc.gc.ca/ebci/hacc/srch/pub/dsplyBscSrch?request_locale=en 
• RUH Foundation: https://ruhf.org/ 
• Women Leading Philanthropy (RUH Foundation): https://ruhf.org/women-leading-philanthropy/
• YouTube Channel for RUH Foundation: https://www.youtube.com/channel/UCUu4nSywH8WtF7lQHZVgFTQ 

MORE FROM LISA:

• Email: [email protected]
• Facebook: https://www.facebook.com/RoyalUniversityHospitalFoundation/ 
• Twitter:  https://twitter.com/RUHFoundation 
• IG: https://www.instagram.com/ruhfoundation/ 
• LinkedIn: https://www.linkedin.com/company/royal-university-hospital-foundation/ 

MORE FROM AMANDA

• Sign up for "Musings of a Tax Chick": http://eepurl.com/hNbXcb 
• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• LinkedIn: https://www.linkedin.com/in/amandasadoucette 
• Instagram: @tax.chick