Mehul and I met through social media almost a year ago - he is a financial planner and business owner that also believes in the power of collaboration, and promotes the importance of building your "team".  He also happens to be a fellow podcaster, and so we decided it would fun to hook up our fancy microphones and record one of our chats!

We recognize that "estate planning" can seem very overwhelming.  It is hard to know where to start, and often we just want to rip the bandaid off and get it done as quickly as possible.  But we believe that estate planning is "cool", and can actually be an empowering and uplifting process - as long as you are open to the process and willing to ask the tough questions. 
In this episode, we break down what you need to know about: (1) foundational estate planning documents (i.e., what is the difference between a Will, a Power of Attorney, and a health care directive, and what should you know about beneficiary designations on life insurance policies and investments) [14:30]; (2) how "fair" does not always mean "equal" in estate planning [31:31]; and (3) a discussion about what retirement planning should really entail, and how collaboration amongst your advisors can make all the difference in getting peace of mind during the planning process [34:17]. 

Mehul and I have the same goal when working with clients on the estate planning process - we want you to be able to sit down with your friends at the end of our meetings and be able to explain your "plan".  You deserve to know what you own, and how those assets can be used for a comfortable retirement!

If you are struggling with how to "start" working on your estate planning, then this episode is for you!

RESOURCES DISCUSSED ON THE EPISODE:

• "All-in with Chamath, Jason, Sacks, & Friedberg" Podcast: https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393

MORE FROM MEHUL:

• LinkedIn:  https://www.linkedin.com/in/mehulgandhicfp/
• Mind Your Biz Podcast Website:  https://www.mindyourbizpod.com/
• Instagram: https://www.instagram.com/mindyourbizpod/
• Listen to the "Mind Your Biz Podcast" here: https://open.spotify.com/show/2MXapiWUSNcWUtYH76tYCI?si=3c0b6350982d43d9

MORE FROM AMANDA:

• 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
• Sign up for my newsletter: http://eepurl.com/hNbXcb 

Tax professionals are a lot of fun.  Really, we are!  One of the common themes that runs through almost every conversation I have with another tax professional is how much we love what we do.  We also have a great sense of humour and are curious about the world around us.  This episode of The Tax Chick Podcast is my first ever cross-over episode – and I am excited to introduce you to my special guest, Leandra Lederman – who also happens to be one of two faces behind the amazing YouTube series, “Break into Tax”.  She is running Season 2 of that series.  Leandra and I chat all about why we love the practice of tax (3:53), what it is like to be a woman in tax (9:14), and we give a sneak peek of what you can expect from The Tax Chick Podcast, and “Break into Tax” as we head into next season (24:15).  Check out the Break Into Tax video of this episode at https://youtu.be/KBPhmBr-7Bk. 

RESOURCES DISCUSSED ON THE EPISODE:

• “Break into Tax”:  www.BreakIntoTax.com
• American Bar Association (Tax Section): https://www.americanbar.org/groups/taxation/
• Canadian Tax Foundation (Young Practitioners’ Group): https://www.ctf.ca/CTFWEB/EN/Young_Practitioners/YoungPractitioners_Events.aspx
• Video Tax News: https://www.videotax.com/
• "Careers in Tax Law" book:  https://www.americanbar.org/products/inv/book/130974286/ 

MORE FROM LEANDRA:

• Twitter: @Leandra2848 (https://twitter.com/Leandra2848)
• Website: https://law.indiana.edu/people/lederman/
• LinkedIn: https://www.linkedin.com/in/leandra-lederman/
• Instagram: @Leandra2848 (https://z-p42.www.instagram.com/leandra2848/)
• Facebook: https://www.facebook.com/LedermanLeandra
• Blogger for the Surly Subgroup (surlysubgroup.com) posts at: https://surlysubgroup.com/author/leandra2848/ 

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

Do you have a will?  If yes, when was the last time you dusted it off?  Do you know who is designated as a beneficiary on your insurance policies and/or your investments?  Estate planning is not something to be taken lightly - getting some advice on the front end, can make all the difference for a smooth administration after your death.

Today, I am joined by special guest, Christine van Cauwenberghe, Vice-President of Tax and Estate Planning (IG Wealth Management).  We break down what you need to know about three main topics: (1) the do's and don'ts of beneficiary designations (7:15), (2) things to watch for with joint ownership (24:01), and (3) how to deal with the "big" tax - the income tax liability on death - and why it is more important to worry about than probate fees (33:45).  We also do a bit of "lawyer math" :) and highlight some key questions that you should be asking your advisors.

RESOURCES DISCUSSED ON THE EPISODE

• New York Times - "The Daily": https://www.nytimes.com/column/the-daily.
• Wealth Planning Strategies for Canadians (15th Edition): https://store.thomsonreuters.ca/en-ca/products/wealth-planning-strategies-for-canadians-2021-30908506 

MORE FROM CHRISTINE:

• Website:  https://www.igprivatewealth.com/en/about-us/christine-van-cauwenberghe
• LinkedIn: https://www.linkedin.com/in/christine-van-cauwenberghe-28829913/

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

How much do you really know about insurance?  Do you know the difference between life insurance, disability insurance, and critical illness insurance?  Do you think of insurance as a waste of money?  

Are you an advisor that avoids talking to your client about insurance because you do not quite understand the options available or when insurance may be helpful?

Jerry and Tracy break down what you need to know about insurance products – including when insurance may be the “solution” to a problem.  This episode is a must listen for new business owners who are wondering whether insurance is really all that important.  (Hint:  It is 😊).  Join us as we discuss: (1) Life insurance – the difference between term insurance and permanent insurance products, and how a joint last to die policy may be useful in certain situations (9:40); (2) Disability Insurance – how it is taxed and what types are available (26:36); and (3) Critical Illness Insurance – why this is an often over-looked insurance product that can actually come in handy in your business (39:01).

RESOURCES DISCUSSED ON THE EPISODE:

·         Greg McKeown “What’s Essential” Podcast - https://gregmckeown.com/podcast/ 

·         Simon Sinek - https://simonsinek.com/

·         Strategic Coach Podcasts - https://resources.strategiccoach.com/podcasts

MORE FROM JERRY:

·         Website: https://continuity.ca/

·         Email: [email protected]

·         LinkedIn: https://www.linkedin.com/in/jerry-gedir-94b5a617/?originalSubdomain=ca

MORE FROM TRACY:

·         Website:https://skyeplanning.com/

·         Email:[email protected]

·         LinkedIn: https://www.linkedin.com/in/tracylduffcfptep/

·         Twitter: @SkyeDuff 

·         Facebook:https://www.facebook.com/SkyePlanning/

MORE FROM AMANDA

·         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

The issue of "when should I incorporate?" is one of the most common questions I get asked by business owners.  So it seemed only fitting to devote the entire month of July... and two podcast episodes.... to the topic.

On this episode of The Tax Chick Podcast, I am catching up with my friend Phil.  We completed the CPA In-Depth Tax Course together and Phil is always down to nerd out on tax topics.

Phil and I discuss: (1) What is the difference between a sole proprietorship and a corporation? (14:02) (2) How do you know when it is time to incorporate? (22:40) and (3) Once you have incorporated, what should you keep in mind? (34:45)

RESOURCES DISCUSSED ON THE EPISODE:

• The Dead Pilots Society Podcast: https://maximumfun.org/podcasts/dead-pilots-society/ 

MORE FROM PHIL:

• LI: https://www.linkedin.com/in/philip-g-0b83a216b/

MORE FROM AMANDA

• 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

I decided to dedicate the month of July to a discussion about incorporation - starting with a conversation with my friend, Erin Romeo - founder and principal strategist at Pivot Turn Consulting.

Erin shares her personal story of her journey to incorporation - from her time as a litigation lawyer, to creating her own business.   We talk about the tax advantages to incorporation (6:15) as well as the “tax-adjacent” issues you need to keep in mind (i.e., think cash flow!), and we also discuss what it takes to actually incorporate, and the importance of involving advisors early on (16:58).  Finally, Erin shares with us what it means to have a dynamic decision-making model for your business (25:37).

RESOURCES DISCUSSED ON THE EPISODE

• Brene Brown - “Unlocking Us” Podcast: https://brenebrown.com/podcasts/ 

MORE FROM ERIN:

• Twitter: @RomeoErin
• IG: @pivotturnconsulting
• LI: https://www.linkedin.com/in/erin-romeo/
  
  

MORE FROM AMANDA

• 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

It is 3 days before the tax filing deadline.  You are scrambling around your house, gathering up boxes and random pieces of paper.  You rush down to the office of the accountants who prepared your tax return last time and leave your documents at the front desk asking for anyone to just get your tax return done.  You get an email from the firm providing a copy of your return and promptly delete it.   It is probably correct - they know what they are doing, right?  And besides, you do not understand those forms anyway!

Does this sound like you?

If yes, it's ok.  We have all been there.  On today's episode of the podcast, I am chatting with fellow tax chick, Lisa Niser.  Lisa is a tax accountant from Chicago - and she is working to change the way that you think about your relationship with your accountant.  What if things did not have to look like the scenario described above?  What if your accountant did more than just file your tax returns?  What if they were also a trusted business advisor for you?  My friends - this is possible. 

On today's episode, Lisa and I chat about the basic things you need to know about the tax system (6:50) and common questions that cause stress to new entrepreneurs (18:33).  We also discuss a new project that Lisa has been working on - providing education and support to lawyers who are entering into partnership (33:34).  This episode is applicable to all taxpayers - whether business owners or individuals - and regardless of whether you live in Canada or the US.  Join us for a "fun" conversation about tax!

Check out Lisa's LinkedIn account for a great series of posts on how to read your tax return.   On the Canadian side, I did a series of blog posts in March/April 2021 on how to read your Canadian tax return - I encourage you to check out these resources!

RESOURCES DISCUSSED ON THE EPISODE

• Lisa’s educational program for learning about taxes:  www.takingontaxestogether.com
• Ben Fanning “CEO Sessions” podcast: https://www.benfanning.com/the-ceo-sessions/
• Solopreneur Tax Academy - Tax Course for Canadian Entrepreneurs: https://grow-cpa.mykajabi.com/solopreneur-tax-academy 

MORE FROM LISA:

• LinkedIn: https://www.linkedin.com/in/lisaniser
• Website: www.lisaniser.com
• YouTube: https://www.youtube.com/channel/UCJiCmVNcRtAZpPNU_8JHnZw
  
  

MORE FROM AMANDA

• 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

"Nothing is certain except death and taxes."

There are many misconceptions about what happens to your assets when you die.  There is also a lot of fear.  The best way to conquer fear is to face it head on! So join me and my special guests, Shruthi and Vivek - a lawyer and an accountant, who happen to also be married - as we break down what you need to know about death and taxes.  We discuss what tax has to be paid when you die (13:10), what documentation you need to gather if you are an executor of an estate (24:07), we break down what "probate" really is (25:03), and we talk about what you need to know if your estate will include assets from different countries (37:30).

If you have been appointed as an executor of an estate, and/or if you are starting to think about your own estate planning, check out this episode for some great foundational information!

RESOURCES DISCUSSED ON THE EPISODE

• IdeaCast Podcast (Harvard Business Review): https://hbr.org/2018/01/podcast-ideacast
• The Steam Room Podcast: https://podcasts.apple.com/us/podcast/the-steam-room/id1490924360
• Information on Probate in Saskatchewan: https://www.plea.org/death-estates/estate/letters-probate
• Information on Probate in Ontario:  https://www.attorneygeneral.jus.gov.on.ca/english/estates/how_to_apply_for_probate.php

MORE FROM SHRUTHI AND VIVEK

• Shruthi: https://www.linkedin.com/in/shruthi-raman-16066b19/
• Vivek: https://www.linkedin.com/in/vivek-swaminathan-95a04118/ 

MORE FROM AMANDA

• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• LinkedIn: www.linkedin.com/in/amandasadoucette 
• Instagram: @tax.chick

Cash flow projections.  Key Performance Indicators. Working Capital. Business Plans. Credit Scores.

If you are a business owner, you need to know and understand what these phrases mean for you and your business.  But, let’s face it - most of us do not enjoy pouring over spreadsheets and looking at numbers.  Do not fear - my friend Candace Hrycan is here to break it down for you!  Candace has over a decade of experience in the commercial banking world - in this episode we discuss: (1) What new business owners need to know about business planning, teamwork, and financing; (2) What business owners in the growth phase of their business need to keep in mind in order to maximize their profits and cash flow (27:03); and (3) Credit Scores - how to check your own credit history and how to improve upon a “bad” credit history (45:30).

RESOURCES DISCUSSED ON THE EPISODE

• Nutrition Facts Podcast:  https://nutritionfacts.org/audio/
• Respectful Parenting Podcast: https://podcasts.apple.com/us/podcast/respectful-parenting-janet-lansbury-unruffled/id1030050704
• BDC Resource Hub (including Business Plan Template): https://canadabusinesshub.com/resources/
• Square One (Saskatchewan Small Business Support): https://squareonesask.ca/
• Women Entrepreneurs of Saskatchewan: https://wesk.ca/
• SREDA SK BizGrid (Info on Grants!): https://squareonesask.ca/sk-biz-grid 
• TransUnion Credit Score: https://www.transunion.ca/1
• Equifax Canada:  https://www.consumer.equifax.ca/canada/equifax/b_en.html?CID=2_equifax%20canada_M_e&adID=81363922711560&DS3_KIDS=p50851842544&campaignid=71700000061556606&sakwid=43700050851842544&gclid=8032efdf6d401b26347d8fb3df98b652&gclsrc=3p.ds&msclkid=8032efdf6d401b26347d8fb3df98b652&utm_source=bing&utm_medium=cpc&utm_campaign=CA_EN_B_PRSP_BR_Paid_Core_EXM&utm_term=equifax%20canada&utm_content=Core_Brand 
• BDC Knowledge Performance Indicators (Further information): https://www.bdc.ca/en/articles-tools/blog/achieve-continuous-improvement-with-performance-dash 

MORE FROM CANDACE

• LinkedIn:  https://www.linkedin.com/in/candacehrycan/?originalSubdomain=ca 

MORE FROM AMANDA

• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• LinkedIn: www.linkedin.com/in/amandasadoucette 
• Instagram: @tax.chick

Our society is increasingly relying upon online retail.  The pandemic has only served to further heighten this reliance.  But online sales can attract some complicated tax consequences.  What if your store is based in Vancouver, but you sell to customers in Virginia?  Does it make a difference if your distribution center is solely based in Canada?  Join me, and fellow Tax Chick, Jamie Szal, as we break down what you need to know about state taxes.  

RESOURCES DISCUSSED ON THE EPISODE

• #Networked Book is available at:
  • US: http://bit.ly/NetworkedBooks
  • CA: https://www.amazon.ca/dp/B08M7JBKBN
• Limitless Lawyer Podcast:  https://limitless-lawyer.com/ 
• National Women’s Law Center - https://nwlc.org/ 

MORE FROM JAMIE

• Website: https://www.brannlaw.com/attorneys/jamie-e-t-szal/
• LinkedIn:  https://www.linkedin.com/in/jamieszal/

MORE FROM AMANDA

• 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