The Tax Chick Podcast

Hi!  Me again, for another bite-sized solo episode of The Tax Chick Podcast!
In today's episode, I am chatting about "vintage" tax debt... a.k.a. income tax debt from many years ago.  How do you find out what you owe?  How do you tackle payments?  How do you figure out what portion of the debt is tax versus interest?  Is there a statute of limitations?

I am sharing my tips and tricks for how to get your arms around the issue, and some potential solutions to the problem! 

RESOURCES DISCUSSED IN THIS EPISODE

• Jami Monte and Amanda Doucette, "How to stay cool during an audit": https://youtu.be/wFG5hG4DaoE 
• Taxpayer Relief Application: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc4288.html 
• Remission Orders:  https://www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/complaints-disputes/when-request-remission-review.html 
• The AMAZING Lebanese restaurant in Oakville:  http://www.marosbistro.com/

 
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME

• The Tax Chick Blog (until the big reveal of my new website!): https://taxchickca.wpcomstaging.com/ 
• Email: [email protected] 
• LinkedIn: https://www.linkedin.com/in/amandasadoucette 
• Instagram: https://www.instagram.com/tax.chick/?hl=en 
• Sign up for my newsletter ("Be a Tax Chick VIP"): http://eepurl.com/hNbXcb 

Want to stay up to date on all of the exciting changes coming to the blog and the podcast in 2023? 
You can find out all that and more if you sign up to be a "Tax Chick VIP":  http://eepurl.com/hNbXcb .  Over the next couple of months, I will be sharing sneak peeks of the upcoming changes, and asking for your feedback!

I am going to be in Toronto speaking at the ATAP "Refresh" seminar later this month - see this link for more details:
https://www.atapcanada.org/site/winter-2023-seminar-refresh

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• The Tax Chick Blog (until the big reveal of my new website!!)- https://taxchickca.wordpress.com;
• 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 

Did you know that it often takes 100+ hours to settle an estate when someone passes away?  Being an executor is a lot of work.  Throw in added complexities like blended families, business ownership, and assets outside of the jurisdiction, and executorship can turn into a full-time job! 

I spend a lot of time chatting with clients about who they wish to appoint as an executor.  Typically, people like to appoint a spouse, a child, a sibling, or a close family friend.  And in many instances, that makes sense.  However, given the increasing complexity involved in administering an estate, consideration should be given as to whether an outside objective party makes more sense.  In this episode, the objective party we are talking about is the "trust company".

My special guest on this episode is Anisa Diwan, a Wills and Estate advisor for RBC Royal Trust (Prairies Region) - we are chatting all about the "corporate executor".  Never heard of a corporate executor before?  You are not alone!  By the end of this episode, you will learn: (1) what factors support the appointment of a corporate executor (9:46), (2) the process in completing the appointment in your Will, including what it costs, and when you have to pay (20:20), and (3) what happens after you pass away - what exactly does the corporate executor do? (30:05).

RESOURCES DISCUSSED ON THE EPISODE

• RBC Royal Trust Website: www.rbc.com/royaltrust
• Artie, the executor helper™:  www.rbc.com/royaltrust-artie
• “Smartless” Podcast: https://podcasts.apple.com/us/podcast/smartless/id1521578868 
• Oprah Super Soul Sunday Podcast: https://www.oprah.com/app/super-soul-sunday.html 
• Business Wars Podcast: https://podcasts.apple.com/us/podcast/business-wars/id1335814741 

MORE FROM ANISA:

• LinkedIn:  https://www.linkedin.com/in/anisa-diwan-49236166/

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

So excited to release this two-part series on estate planning - this episode (as well as Episode 10) 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 second part of this series, please join us for a discussion on... (1) Shareholders' Agreements (2:30), (2) Corporate-owned life insurance (8:00), and (3) Hot topics (16:30).  What are the "hot topics"?  Well, we chat about how estate planning is about more than just the immediate client that is in front of you - it is also relevant to know about family dynamics!  In addition, we chat about the importance of documenting intention when providing a gift in lifetime - and the sticky issues that can arise when a child is added onto a bank account or legal title to property.   Towards the end of the episode, we share a portion of the rapid fire question and answer period of our presentation - thank you to participants for your engagement! 

For a more fulsome discussion of the topic of joint ownership, check out Season 2, Episode 10 with special guest, Christine van Cauwenberghe.

And, if you are curious to learn more about insurance, check out Season 2, Episode 9 "Insurance 101" with special guests Tracy Duff and Jerry Gedir.

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

• 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 

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