The Tax Chick Podcast

Yoss Herman, an experienced estate-planning practitioner, joins to unpack the complexities of estate planning. He emphasizes the critical role of shareholder agreements in preventing family business disputes and offers insights on the necessity of documenting intentions for lifetime gifts. The discussion also highlights the strategic use of corporate-owned life insurance for liquidity and the importance of understanding family dynamics in planning. Yoss tackles emerging hot topics, such as the implications of joint ownership and the nuances of beneficiary designations.

So excited to release this two-part series on estate planning - this episode was recorded LIVE in Banff, Alberta at the CPA Small Practitioner's Forum!   My special guest and I are talking all about what estate planning means to us - and how completing your "estate plan" is about more than just the three-legged stool (the will, the power of attorney, and the health care directive).  Estate planning is a lifelong process - your plan will evolve over time!  In the first part of this series, please join us for a discussion on... (1) What is estate planning?  (9:20); and (2) Estate Freezes (13:05); and (3) Trusts (20:35).  And of course, you will also find out Jos' favorite podcast and her favorite emoji (hint: it involves a hoodie... a.k.a. "bunnyhug" in Saskatchewanian). This episode is not just for advisors... if you are a business owner and have ever heard about "estate freezes" or "trusts", this episode is for you too!  We chat about how these tools are used, and some key things to keep in mind when utilizing them as part of your estate plan.  We also chat about what "probate" is, what information can be found on a public court file, and the impact of having entrepreneurial beneficiaries.A huge shout-out to the organizers of the Forum, and to the lovely folks at Proshow Audiovisual and Tall Girl Conference Planning who helped to make this possible!RESOURCES DISCUSSED ON THE EPISODE"All there is" with Anderson Cooper: https://www.cnn.com/audio/podcasts/all-there-is-with-anderson-cooper CPA Small Practitioners' Forum: https://cpaspf.ca/ Shareholders' Agreements - Obligations, Remedies, Liquidity: https://www.resourcesandsolutions.ca/our-thoughts-2Charitable Giving - Many ways to Give: https://www.resourcesandsolutions.ca/our-thoughts-3-4Perhaps Life Insurance – A Financial Tool: https://www.resourcesandsolutions.ca/our-thoughts-3MORE FROM JOS:Website:  https://www.resourcesandsolutions.ca/ LinkedIn:  https://www.linkedin.com/in/jos-herman-cpa-cfp-tep-145a132b/ MORE FROM AMANDAThe Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amandasadoucette   Instagram: @tax.chickSign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

Have you ever felt overwhelmed at the thought of learning about tax?  I completely understand - there is so much information that it is hard to know where to start!  When I get this question, I usually direct people to Video Tax News.  What is Video Tax News?  Well, it is a family business owned by Caitlin Butler, Joe Devaney and their sister Sheena - they cut through the overwhelming avalanche of tax developments to provide practical tax information to 1,000s of Canadian accountants, lawyers, and tax professionals across Canada.On today's episode, I am joined by Caitlin and Joe to discuss how their family business got started (8:51), what it is like running a business with your siblings (13:01), and we round off the episode with a "top 5" list of tax issues to watch out for in the coming months (23:55).  Caitlin and Joe share stories of their childhood, including tax-related family vacations... and the tips and tricks they have learned over the years to maximize the benefits of working with family.RESOURCES DISCUSSED ON THE EPISODE“Life in the Tax Lane" Podcast: https://www.videotax.com/life-in-the-tax-lane-podcast "Modern Love Podcast": https://www.nytimes.com/column/modern-love-podcast Video Tax News: www.videotax.com MORE FROM CAITLIN AND JOELinkedIn (Caitlin): https://www.linkedin.com/in/caitlin-butler-cpa-ca-96998b93/ LinkedIn (Joe): https://www.linkedin.com/in/joseph-devaney-cpa-ca-7501a537/ MORE FROM AMANDAThe Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amandasadoucette   Instagram: @tax.chickSign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

In this engaging discussion, Lori Keightley, a U.S.–Canada cross-border tax specialist at Forbes Anderson LLP, unpacks essential insights on cross-border taxation. She explains the nuances of U.S. citizenship, the importance of formal green card relinquishment, and the heavy penalties for missed filings. Lori also delves into tax implications for Canadians owning U.S. property and provides critical advice for those working across borders, highlighting the often-complicated nature of tax rules and strategic planning.

Join Sarah Kolla-Empey, a wealth advisor with CPA, TEP, and CFP designations, as she dives into holistic wealth planning. Sarah explains that it's not just about RRSPs or TFSAs; it’s about crafting a financial plan that adapts to your life’s evolving goals. She highlights the importance of flexibility in financial strategies and addresses common gaps in estate planning. Discover practical tips to enhance your relationship with your advisor, emphasizing an active role in aligning your finances with your dream life.

Have you ever received a phone call or a letter from Canada Revenue Agency and panicked about what to do next?  Worried whether it was a legitimate call, or a scam?  Felt overwhelmed in how to decide what documents to provide?  Well, this episode is for you!I am excited to welcome fellow tax chick, Sophie Virji, back to the podcast for this episode!  Sophie and I chatted about the tax litigation process in Season 1 of the podcast (see Episode 5: “Tax Litigation 101”).  We re-group in this episode to tackle some of the “practical” aspects of CRA correspondence.  Specifically, we touch on three main themes: (1) Contact by CRA - phone versus letter versus email and the difference between requirements for information and an audit request (7:20), (2) Giving information back to CRA - electronic submissions, how to assemble your audit team, how to keep track of what information you provide, and a discussion on “privilege” (17:16), and (3) Resolving disputes - there are different ways than an audit can “end” - we chat about settlement, versus the appeal process (37:25).This episode has some great “tips” regardless of whether you are an individual taxpayer, or you own a business!RESOURCES DISCUSSED ON THE EPISODECanada Revenue Agency, Business Enquiries Line - 1-800-959-5525Canada Revenue Agency, Personal Enquiries Line - 1-800-959-8281Notice of Objection (template form): https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t400a.html MORE FROM SOPHIE:Website:  https://www.bennettjones.com/VirjiSophie Facebook: https://www.facebook.com/sophie.virji/LinkedIn:  https://www.linkedin.com/in/sophievirji/Instagram:  @sophievirjiMORE FROM AMANDAThe Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amandasadoucette   Instagram: @tax.chickSign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

Quickbooks.  Credits and Debits.  Profit and Loss statements.  Receipts.  Cash Flow.  Did any of those words make the hair on the back of your neck stand up?  In today's episode of the podcast, we are going to tackle these words head on - take back the power!  Bookkeeping and document organization come up so often with my clients.  It seems like this is the universal stressor for most business owners.  So, it felt appropriate to have another episode on the topic!  Don't fear - this is not a technical episode.  Instead, I am chatting with my fabulous guest about all of other things that you can use your bookkeeping for... it is not just to be prepared for the dreaded audit!  My guest, Jami Monte, describes herself as "not your parent's accountant"... she is fun, she is high energy and she believes that everyone can learn about their numbers!  We are tackling the following topics:  (1) the "big eyeball moment" when someone truly sees their numbers for the first time (9:20); (2) how bookkeeping is the foundation for being ready for an audit (19:29); and (3) the client experience - how keeping your bookkeeping in order can actually improve the experience for the end user (29:51).... and we finish off with some fun "hot topics" where we chat about automation and the pros and cons of outsourcing your books versus doing it yourself (35:22).P.S. My very first podcast episode EVER was with Tasha Baier - my bookkeeper!  I have often spoken about how I find numbers and spreadsheets stressful.  However, after meeting Tasha, I no longer want to bury my head in the sand when I have to put my documents together.  Tasha and I had a great chat about what it means to be a "bookkeeper" and the different ways you can utilize a bookkeeper in your business.RESOURCES DISCUSSED ON THE EPISODE:Coffee Break Italian:  https://coffeebreaklanguages.com/coffeebreakitalian/ MORE FROM JAMI: Chillbooks (Formerly Bookkeeping Bootcamp) https://jamimonte.com/chillbooks/Website:  https://www.jamimonte.comFacebook: https://www.facebook.com/itsjamimonteLinkedIn:  https://www.linkedin.com/in/jamimonte/ Instagram: https://www.instagram.com/jami.monteWhat the HST Am I doing?! (free Canadian sales tax guide) https://jamimonte.ck.page/hstguideTikTok https://www.tiktok.com/@jami.monteMORE FROM AMANDA:The Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amandasadoucette   Instagram: @tax.chickSign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

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 RESOURCESFamily Enterprise Foundation 2021 report: “Ready, Willing and Interested - or not? Canadian Family Business Transition Intentions”. https://bit.ly/3qrJNa6Family Enterprise Foundation 2021 report: “Who Are The Guardians of Family Legacy?” https://bit.ly/37WX97TConference 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/3aWhtCqFamilyBusiness.org 2015 article “The Family Way: How Entrepreneurial Values Help Businesses Thrive Over Generations.” https://bit.ly/3uh2IFGBook “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 LAILYLinkedIn: https://www.linkedin.com/in/lailypirbhai/?originalSubdomain=ca  Website: https://lailypirbhai.comEmail: connect@lailypirbhai.comMORE FROM AMANDAThe Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amandasadoucette   Instagram: @tax.chickSign 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 EPISODEStories 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 DEANWebsite: https://www.blachfordtaxlaw.com/  The Blachford Brief: https://www.blachfordtaxlaw.com/insights/8dt7yc9zh52rbeb LinkedIn: https://www.linkedin.com/in/dean-blachford-57042a44/ MORE FROM AMANDAThe Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amandasadoucette   Instagram: @tax.chickSign 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/canadiangiftsinwillsMORE FROM SHANE:Website: https://cclprivatecapital.com/our-people/investment-professionals/shane-biehnLI: https://www.linkedin.com/in/shanebiehnMORE FROM AMANDASign up for "Musings of a Tax Chick": http://eepurl.com/hNbXcbThe Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/ Instagram: @tax.chick