The Tax Chick Podcast

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: lisa.sands@ruhf.orgFacebook: 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 AMANDASign up for "Musings of a Tax Chick": http://eepurl.com/hNbXcb The Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: 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 EPISODEGary 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-ltdWebsite: https://omnisvaluations.com/Twitter: https://twitter.com/OmnisValuationsFacebook: https://www.facebook.com/omnisvaluations247/MORE FROM AMANDAThe 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.chickSign up for my Newsletter! http://eepurl.com/hNbXcb

In this engaging conversation, Mehul Gandhi, a Certified Financial Planner from Vancouver, shares insights on making estate planning approachable and empowering. He explains critical documents like Wills and Powers of Attorney while emphasizing that fairness in estate planning doesn't always equal equality. They also discuss the importance of collaboration among advisors and how it can enhance retirement planning. Mehul highlights the risks of early gifting and presents insurance as a key tool for legacy protection.

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.comAmerican 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.aspxVideo 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/LedermanLeandraBlogger 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: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amandasadoucette/Instagram: @tax.chick 

Christine van Cauwenberghe, Vice-President of Tax and Estate Planning at IG Wealth Management and author, shares her expertise on essential estate planning topics. She emphasizes the pitfalls of direct beneficiary designations that can lead to family disputes and tax surprises. Christine warns against the risks of joint ownership and highlights the critical importance of income tax liability at death over probate fees. With practical advice for blended families and the use of life insurance to ensure liquidity, she provides valuable insights for effective estate planning.

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/podcastsMORE FROM JERRY:·         Website: https://continuity.ca/·         Email: jgedir@continuity.ca·         LinkedIn: https://www.linkedin.com/in/jerry-gedir-94b5a617/?originalSubdomain=caMORE FROM TRACY:·         Website:https://skyeplanning.com/·         Email:tracy@skyeplanning.com·         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: thetaxchickpodcast@gmail.com·         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 AMANDAThe 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

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 EPISODEBrene Brown - “Unlocking Us” Podcast: https://brenebrown.com/podcasts/ MORE FROM ERIN:Twitter: @RomeoErinIG: @pivotturnconsultingLI: https://www.linkedin.com/in/erin-romeo/MORE FROM AMANDAThe 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

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 EPISODELisa’s educational program for learning about taxes:  www.takingontaxestogether.comBen 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/lisaniserWebsite: www.lisaniser.comYouTube: https://www.youtube.com/channel/UCJiCmVNcRtAZpPNU_8JHnZwMORE FROM AMANDAThe 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

"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 EPISODEIdeaCast Podcast (Harvard Business Review): https://hbr.org/2018/01/podcast-ideacastThe Steam Room Podcast: https://podcasts.apple.com/us/podcast/the-steam-room/id1490924360Information on Probate in Saskatchewan: https://www.plea.org/death-estates/estate/letters-probateInformation on Probate in Ontario:  https://www.attorneygeneral.jus.gov.on.ca/english/estates/how_to_apply_for_probate.phpMORE FROM SHRUTHI AND VIVEKShruthi: https://www.linkedin.com/in/shruthi-raman-16066b19/Vivek: https://www.linkedin.com/in/vivek-swaminathan-95a04118/ MORE FROM AMANDAThe Tax Chick Blog - https://taxchickca.wordpress.com;Connect with me by email: thetaxchickpodcast@gmail.comLinkedIn: www.linkedin.com/in/amandasadoucette Instagram: @tax.chick