The Tax Chick Podcast

In this engaging discussion, Michelle D. Coleman, a Chartered Professional Accountant and Trust and Estate Practitioner, shares vital insights for executors navigating post-death tax implications. She explains the different tax returns needed after death, including the terminal T1 and estate T3. Listeners learn about the deemed disposition of assets, the tax concerns surrounding personal property, and essential strategies for managing beneficiary expectations. Michelle emphasizes the importance of early planning, clear communication, and building a strong advisory team to ensure smooth estate administration.

If you have been listening to my podcast for a while, you will know how much I value my involvement with STEP (the Society of Trust and Estate Practitioners). It is not just about the TEP designation.  What I love most are the connections, the learning, and the high-quality professional development that STEP provides. Honestly, it is some of the best CPD I get all year! So, I am taking a quick detour from regular podcast programming to share with you the exciting lineup of events we have planned for our STEP Saskatchewan Branch! Attendance at STEP events is open to non-members and members.  We are excited to launch the 2025-2026 Season for STEP Saskatchewan, and in this episode, I walk you through what is coming up this year!  All sessions are available in person or on demand - and the topics for this season have broad applicability outside of just Saskatchewan practitioners.  Here is the scoop:September 15, 2025 - We are kicking off the season with a BIG celebration (STEP Saskatchewan is the first Chapter in Canada to achieve full branch status!)October 8, 2025 – Tax Update:  Top Estate and Trust Issues (with special guest, Kenneth Keung, CPA, CA, CPA (CO, USA), CFP, MTAX, LLB, TEP, Vancouver: Doane Grant Thornton LLP)November 5, 2025 – Death of a Property Owner - Planning with Interests in Real Estate (with special guests, Tannis Dawson CPA, CA, CFP, RRC, FEA, TEP, Winnipeg: TD Wealth and Krista Evanisky, JD, TEP, Saskatoon: Clarity Law)April 8, 2026 – A Practitioner's Guide to the Trust Life Cycle: Tax and Best Practices (with special guest, Troy McEachren, BCL, LLB, TEP, Montreal: Miller Thomson LLP)May 6, 2026 – US Cross Border Properties and Estates (with special guest, Mariska Loeppky, CPA, CA, CFP, TEP, Winnipeg: IG Private Wealth Management)RESOURCES DISCUSSED ON THIS EPISODE:www.step.caSTEP Saskatchewan RegistrationOur fabulous speakers:Kenneth KeungTannis DawsonKrista EvaniskyTroy McEachernMariska Loeppky     HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"

Unravel the mystery of estate planning! Discover the essential documents like wills and powers of attorney. Learn about the 'little' tax of probate and the 'big' income tax implications upon death. Find out how to ensure your loved ones aren't left in a financial bind. Explore the concept of a 'death folder' for both practical and emotional needs. Plus, get tips on managing passwords for digital access. It's all about preparation and communication—start planning early for peace of mind!

Welcome to a very special celebration episode of The Tax Chick Podcast! This week marks five whole years since I hit “publish” on my very first podcast episode. That means the podcast is officially in kindergarten!!!! In this milestone episode, I hit pause on tax talk and reflect on the journey of building the podcast from a simple blog during the early pandemic days, to a globally downloaded show with over 80 episodes and listeners in 75+ countries.In this episode, I chat about:How it all started: from blog posts to podcasting, and the fears I had to overcomeWhat’s changed over the last 5 years (both for the show and for me as a person and professional!)Behind-the-scenes podcast realitiesHow the podcast unexpectedly reshaped my tax law practice and built a communityWhat’s next???  Solo episodes, tax-adjacent topics, and putting into the universe some wishes for potential new guests...Whether you are a longtime listener or just joining The Tax Chick Podcast community, thank you for being part of the journey. This episode is for you.🎶 Special thanks to DJ CWC (aka my husband Craig) for five years of original podcast music!  

In this special (and slightly chaotic) summer edition of The Tax Chick Podcast, I am joined by summer students Frank, Blake and Tone, and articling student, Nick, for a candid and fun game of tax trivia!From weird historical levies to modern-day deductions, it’s law school meets game show in the most entertaining way possible!  WANT TO LEARN MORE ABOUT MY GUESTS?Nick Kane:  https://www.linkedin.com/in/nick-kane/Blake Barnes: https://www.linkedin.com/in/blake-barnes-usask/Frank Chou:  https://www.linkedin.com/in/frank-chou888/Tone Hagen: https://www.linkedin.com/in/tone-margareta-hagen-8135b11a5/HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"

As a tax lawyer, I spend a large portion of my day discussing difficult topics with clients - including discussions of death and dying.  Often, I am one of the first phone calls after the death of a loved one.  In this episode, we delve into a deeply personal topic: the emotional impact of losing a long-time client.  My special guest, Dr. Brian Chartier, shares valuable insights and strategies for:Letting go of the idea that there is a "right way" to respond in the situation, or that there is the "right thing" to say.Navigating your own personal griefSupporting grieving family members by helping to provide structure, and engaging in curious conversationsMaintaining emotional health in our professional livesHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"

Explore the essential role of Powers of Attorney in estate planning. Discover why they matter alongside wills and the implications of provincial laws across Canada. Learn about designating trusted individuals for different roles and the potential need for a second power for international use. Uncover how banks are ramping up verification processes, and hear practical tips on working with financial institutions. Lastly, Amanda emphasizes the importance of revisiting older documents to ensure they still meet your needs.

Explore the crucial considerations after the first spouse's passing. Learn about cash flow planning and access to credit to support the survivor. Dive into the tax implications of death, focusing on probate versus income tax. Amanda emphasizes the importance of gathering asset information and updating beneficiary designations. Discover the differences between insurance needs for first-to-die and last-to-die scenarios. Finally, she shares tips for preparing digital access and running a 'fire drill' to ease future stress.

Switching it up today and chatting about a very specific section of the Income Tax Act... s. 160.  This section can be used to assess one person for the tax debts of another person... it is typically applied between spouses and/or between parents and children.  However, some recent case law has resurrected a discussion on this topic, including who is really a "spouse" for the purposes of this section.Update (05/07):  The episode did not fully load on some streaming platforms so I have reloaded the audio!   RESOURCES DISCUSSED ON THIS EPISODESTEP SK - May 7 event on Canadians owning US real estateEnns v. CanadaHarvard PropertiesBarwicz v. HMTKHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

Dive into the ins and outs of CRA proposal letters! Discover what these letters entail, the critical response deadlines, and how they can vary. Learn about the implications for large corporations and the stringent rules they face during audits. Uncover the importance of informal disclosure and what documents you can request from CRA to bolster your case. Amanda emphasizes the need to gather comprehensive audit information before challenging any reassessments. Tune in for actionable insights that could ease your tax burdens!