The Tax Chick Podcast

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

Are you a small business owner?  Have you ever struggled with figuring out when/how to file PST and GST/HST returns?  Curious of what to do if you are selling to another province?  What about online sales?

In this episode of The Tax Chick Podcast I am chatting with my new friend, Jordan, who is the owner of Lift Accounting here in Saskatoon.  Jordan regularly assists small business owners with their sales tax needs.   We discuss: (1) What is GST/HST and how does it differ between provinces, including what you need to know if you are providing services out of province (7:30); (2) What is PST and how does it differ between provinces (23:15); and (3) Some filing tips for business owners (36:20).  Join us as we chat about our love for YXE, and of course sales taxes!

UPDATE:  After recording the episode, Jordan was made aware of a new BC PST Bulletin (#001) which sets out the new PST registration requirements for out-of-province businesses who sell to BC customers:  https://www2.gov.bc.ca/assets/gov/taxes/sales-taxes/publications/pst-001-registering-to-collect-pst.pdf.  It appears that the BC Ministry of Finance is requiring out-of-province businesses who have sold more than $10,000 over the past 12 months to BC customers to register for a PST account in BC effective April 1, 2021.  (This new PST registration requirement for BC applies to out-of-province businesses who are not soliciting sales from BC customers but have sold more than $10,000 over the past 12 months.)

RESOURCES DISCUSSED ON THE EPISODE

• Oneiro Designs: https://www.oneirodesigns.com 
• Square One Saskatchewan Small Business Support: https://squareonesask.ca/
• Women Entrepreneurs of Saskatchewan: https://wesk.ca/
• The GaryVee Podcast: https://www.garyvaynerchuk.com/podcast/ 

MORE FROM JORDAN:

• Facebook:  https://www.facebook.com/liftaccounting/
• LinkedIn: https://www.linkedin.com/company/liftaccounting/
• Instagram:  https://www.instagram.com/lift_accounting/
• Twitter:  https://twitter.com/lift_accounting/
• Website:  https://www.liftaccounting.ca/
  
  

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
• Clubhouse: @taxchick

February in Saskatchewan is cold.  Very cold.  So cold that any sane person would start dreaming about beach houses, and palm trees.  This is why it seems like half our population flies south with the birds to warmer climates.  But this year posed some challenges to our typical migration pattern.  As a result, many Canadians are looking at alternative ways to utilize their vacation property.  But do they truly understand the tax consequences of this decision?  Join me and my guest, Steven Flynn, as we break down the general rules for a Canadian owning US property (10:00), and the additional considerations to keep in mind if you are deciding to rent out or sell your property this year (20:40).  In addition, Steven touches on the death/estate tax implications of owning US property when you die (25:00).  Finally, he tells a funny story about what lengths Canadians go to during the COVID-19 pandemic to complete the sale of their US properties (35:40).  As an added bonus, although Steven currently lives in Vancouver, he was born and raised in Regina, Saskatchewan, and graduated from the University of Saskatchewan - so he gets it.  The cold I mean. And cross-border tax.

RESOURCES DISCUSSED ON THE EPISODE

• Freakanomics Radio Podcast - https://freakonomics.com/about/where-to-listen-to-the-podcast/
• The Daily - New York Times - https://www.nytimes.com/column/the-daily 
• Bloomberg - Talking Tax Podcast - https://pro.bloombergtax.com/talking-tax-podcast/ 
• Alec Baldwin - Here’s the Thing Podcast - https://www.wnycstudios.org/podcasts/heresthething 

MORE FROM STEVEN

• Website (and Blog): https://www.andersentax.ca/professionals/steven-flynn-cpa-ca-cpa-washington/ 
• LinkedIn:  https://www.linkedin.com/in/steven-flynn-cpa-ca-cpa-wash-4143374/
• Twitter:  https://twitter.com/AndersenTax_CA
• YouTube:  https://www.youtube.com/channel/UCUZqqfsjWw0UHVGnsuzkJwg

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 have spoken previously about how tax law was not the area where I expected to build my career - yet, it is the place I feel most fulfilled.  In this episode, I chat with lawyer and career coach, Emily Hirsekorn, on how to navigate the many options available to young lawyers starting their careers.  Emily works with both mid-career and emerging lawyers - in this episode, we chat about: (1) how to choose your path (9:05); (2) how to build confidence in yourself and your career choices - hello imposter syndrome! (25:40); and (3) the importance of checking with yourself (41:30).  I have always had a business coach throughout my career, and the advice that Emily provides on this episode is true for new lawyers, but also for those of us who have been practicing for awhile! 

RESOURCES DISCUSSED ON THIS EPISODE

•  The Confidence Code: https://theconfidencecode.com/ 

MORE FROM EMILY

• Website: hirsekorncoaching.com
• LinkedIn: https://www.linkedin.com/in/emilyhirsekorn/ 
• Instagram: https://www.instagram.com/hirsekorn_coaching/ 

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

Have you ever thought about buying a house with hopes to re-sell it for a quick profit? Are you a “house flipper”?  Are you a real estate agent looking for a bit more information on the Canadian tax consequences relevant to your clients?  Then this podcast episode is for you!  Join me and fellow Tax Chick, Toronto lawyer, Anna Malazhavaya, as we break down everything you need to know about the “house flipping” in Canada… Well, maybe not everything.  We only have 45 minutes!  We promise to hit the highlights, including: a discussion of why house flippers cannot claim the principal residence exemption (7:52), outlining GST/HST considerations for developers (34:40), and a candid chat on whether paying cash for improvements/renovations on the property really saves you money (22:45).

RESOURCES DISCUSSED ON THE EPISODE

• Video Tax News Podcast - https://www.videotax.com/life-in-the-tax-lane-podcast 

MORE FROM ANNA

• Website (and Blog): https://www.advotaxlaw.ca/
• Facebook: https://www.facebook.com/advotaxlaw
• LinkedIn:  https://www.linkedin.com/in/annamalazhavaya/
• Instagram: https://www.instagram.com/advotaxlaw/?hl=en
  
  

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

2020 has been full of challenges and fears.  It has also brought a new way of working to many people - with the introduction of Zoom video calls, and work from home, many people found their work life turned upside down.  I like to think of myself as an adaptable person, but I also struggled this year with all the changes that happened.  I have always loved fashion - but over the weeks that I started to work from home, I found myself wearing leggings and yoga gear far too often.  When I had to go into the office, I would wear “work attire” and instantly feel more professional and polished.  Over the summer, I had been watching LinkedIn posts from New York stylist, Melanie Lippman.  I eventually joined her “Stand Out Style” group (which is made up of female lawyers from across North America) - this group fundamentally changed my relationship with style.  Not only did I learn so much about how to dress and take care of myself in this new environment, but I also got to connect with other female lawyers and start to break down some of the barriers to personal style that have been created in our profession over the years. 

If you are feeling stressed out about appearing on video, or have struggled with showcasing your personal style in a corporate setting, then this episode is for you!

RESOURCES DISCUSSED ON THE EPISODE

• “How I built this” podcast: https://www.npr.org/podcasts/510313/how-i-built-this 
• Melanie’s Stand Out Style Course: https://www.melanielippman.com/standoutstyle

MORE FROM MELANIE

• Website: https://www.melanielippman.com/  
• LinkedIn: https://www.linkedin.com/in/personalstylistmelanielippman/ 
• Connect with me by email: [email protected] 
• Instagram:  @melanielippman

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