The Tax Chick Podcast

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!

In this episode, we’re breaking down all the tax essentials for social media influencers, content creators, and anyone monetizing their online presence. From referral codes and affiliate links to brand collaborations and sponsored trips, we cover what counts as income and what you need to report. We’ll also talk about the tricky area of receiving gifts and how to handle barter transactions—yes, those fancy purses and free hotel stays could come with tax implications!Join me and special guest, Jami Monte as we dive into:What counts as income (7:05)Barter transactions and gifts (9:55)Self-assessed HST/GST on barter deals: (16:30)Write-offs for content creators (18:04)Potential solutions if you have messed up on your filings (26:55)Invoicing (29:00)Tune in to learn how to keep your finances in check while you grow your online empire!CONNECT WITH JAMI:Website: jamimonte.comInstagram: @jami.monteYouTube: @jamimonteLinkedIn: https://www.linkedin.com/in/jamimonteHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

Season 6 is here!!!!   Check out this short episode to learn a little bit about what you can expect on the pod this season and also for a refresher on some great episodes from last season!  I also include a quick update on what I have been up to the last few months.HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

You’ve filed your taxes—great job! But the work isn’t quite over yet. In this episode, I'm walking you through the essential steps you need to take after submitting your taxes. From saving and reviewing your Notice of Assessment to paying any taxes owed, and some tips on how to update your financial records and prepare for next year, this episode has what you need to stay ahead of the game!HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

In this episode, I am diving into the must-have documentation you need to gather before tackling tax season. Whether you’re filing on your own or working with a professional, this episode will help you organize everything you need to make tax time a breeze. Tune in for tips on what documents to collect, how to stay organized, and avoid common mistakes that could cost you later!RESOURCES DISCUSSED ON THIS EPISODE:The Finance Cafe Chillbooks Season 5 (Episode 17) Essential insights every business owner should know Season 3 (Episode 5) The three gifts that only bookkeeping can give you! Season 3 (Episode 3) Three Common Audit Flags HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

My Christmas gift to you this year is an episode full of tax tidbits that you can share at your holiday party - check out this episode for my rundown of the tax issues that made the news for me in 2024:10. The Taxpayer's Ombudsman Report9.  Auditor General's Report - the CEBA Program8.  CRA New Audit Powers7.  Digital Services Tax6.  Where do we stand on Alternative Minimum Tax?5.  The GST/HST Holiday4.  Audits on COVID benefits3.  Bare trusts...2.  Capital Gains...1.  The Fall Economic Statement - stay tuned for December 16th!Merry Christmas and Happy New Year!  I will be back with Season 6 of The Tax Chick Podcast in March 2025!RESOURCES DISCUSSED ON THIS EPISODE:Taxpayer's Ombudsman Report (2024)Auditor General ReportDigital Services TaxGST/HST HolidayBare Trusts - exemption for filingHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

In this episode, I chat with special guest, Corey DeJean, owner of CJDJ Accounting Services and current Chair of the Association of Tax and Accounting Professionals ("ATAP").  Corey and I get to hang out in January every year at the ATAP Refresh Conference in Toronto - we have had so many great conversations about collaboration, sharing resources and the importance of educating our clients about tax.  It was about time that I got her on the pod!Corey and I dive deep into the crucial tax information every business owner should know to stay compliant, maximize deductions, and optimize their financial strategies.  Whether you’re a startup founder or a seasoned entrepreneur, understanding taxes can make a significant difference in your bottom line!Here is a sneak peek of what we chat about:1. What is ATAP and how can it help you?2. Your business is NOT you!3. There is a huge difference between revenue and the $ in the bank.4. Not everything is deductible.5. There is no "one size fits all" strategy for compensation.RESOURCES DISCUSSED IN THIS EPISODE:ATAP LinkedIn Account https://atapcanada.ca/ Want to learn more about your numbers?  Check out: https://thefinancecafe.ca/Need a laugh? Click here for the Schitt's Creek write-off scene :)CONNECT WITH COREY:Corey DeJean (LinkedIn) HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

Are you behind in your tax filings?  I mean REALLY behind... like more than the last year or two?Did you make a mistake in a previous filing?  Canada Revenue Agency's Voluntary Disclosure Program might just be for you!  I have had a couple calls this past week about the "VDP" program, and I thought this might be a great time to dispel some myths.In this episode:1. I discuss what the program is, and when you would choose to apply.2. Provide some insight into the criteria for a successful application3. Talk next steps.It is so important to remember that VDP does not get you out of paying the tax - in fact, you have to prepay the tax up front-when you make the application!  It just offers amnesty from penalties.RESOURCES DISCUSSED ON THIS EPISODE:CRA: Voluntary Disclosures Program HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

I decided to switch things up a bit for this episode, and invite on 3 people that I have been hanging out with all summer this year - our firm summer students, Blake, Frank and Nick!Don't worry - the word "tax" does get brought up at some point in this episode :)  But the main purpose of this episode was to share a little bit about what it is like to work in a law firm (Hint: it is not like Suits!)  In this episode, we cover:1. Why each of my guests chose to work at a firm over the summer instead of a different type of summer job during law school? (9:50)2. One thing that surprised them about working at a firm? (12:35)3. One positive thing about the summer/one negative thing (17:09)4. Advice they would give to students who are considering applying to a firm for a summer position.This episode is great for anyone in law school and wondering about the firm experience, and also great for lawyers who are working with law students - I am really grateful to Blake, Frank and Nick for their honesty in sharing the student experience!  It was so much fun working with them this summer and I know they all have very bright futures ahead of them!CONNECT WITH NICK, FRANK AND BLAKE:https://www.linkedin.com/in/nick-kane/ https://www.linkedin.com/in/blake-barnes-usask/ https://www.linkedin.com/in/frank-chou888/ HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"