The Tax Chick Podcast

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

Have you ever had to obtain a formal "valuation" for something?  Sometimes financial institutions will want a valuation if you are trying to get a mortgage to purchase a property.  Other times, you may need to get a formal valuation before you can sell something - like a collection of artwork, or even your business.  Sometimes Canada Revenue Agency will disagree with your value, and put their own valuators on the case.

But when you hear the phrase, "You should get a formal valuation" do you know what that means?  I know when I first became a lawyer, I had no idea what that meant!  Over the years, I have learned more about the valuation process each time I have had to work with a valuator to help one of my clients.  So, in this episode of The Tax Chick Podcast I am sharing a conversation that I had with, JT Dhoot of Omnis Valuations and Advisory Ltd.  We discuss: (1) the different types of valuations (7:04); (2) the information you should gather if you are looking to get a valuation (14:50); and (3) reasons why you might need to get a valuation (25:27).

RESOURCES DISCUSSED ON THE EPISODE

• Gary Vee Podcast: https://www.garyvaynerchuk.com/podcast/
• Appraisal Institute of Canada: https://www.aicanada.ca/need-an-appraiser/find-an-appraiser/ 
• Chartered Business Valuators Institute: https://cbvinstitute.com/membership-lookup/ 

MORE FROM JT:

• LinkedIn (Personal):  https://www.linkedin.com/in/jtdhoot/
• LinkedIn (Omnis Valuations and Advisory) :https://ca.linkedin.com/company/omnis-valuations-and-advisory-ltd
• Website: https://omnisvaluations.com/
• Twitter: https://twitter.com/OmnisValuations
• Facebook: https://www.facebook.com/omnisvaluations247/

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

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