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Have you ever heard of the concept of "holistic" wealth planning?  My guest today, Sarah Kolla-Empey, is a wealth advisor (and fellow Tax Chick) who believes this is the best way to approach your financial plan.  Each of us deserves to have a financial advisor in our corner who will educate us and support us throughout the journey of life.  After all, financial planning is about more than just funding retirement or controlling cash flow - it is also about building the life you want for yourself right now!  In this episode of the podcast, we tackle: (1) Why working with a wealth advisor is more than just buying RRSPs or TFSAs (6:48); (2) what is a "holistic" wealth plan (14:15); and (3) Ways to maximize your relationship with your advisor (24:50).  And if you haven't checked out my episode with financial advisor, Janea Dieno (see Season 1!) it is a great companion episode - we break down what you need to know about how a financial advisor gets paid, and we also discuss taxation of RRSPs, TFSAs and segregated funds. RESOURCES DISCUSSED ON THE EPISODE: “Dynasty” Podcast - A series on the Royal Family by Vanity Fair: https://www.vanityfair.com/style/dynasty-podcast  MORE FROM SARAH: Website:  https://mallardwealth.ca/  LinkedIn:  https://www.linkedin.com/in/sarah-kolla-empey1 Sign up for her newsletter, “The Holistic Advisor”: https://lp.constantcontactpages.com/su/D19SCoB/TheHolisticAdvisor  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/amandasadoucette    Instagram: @tax.chick Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

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 EPISODE Canada Revenue Agency, Business Enquiries Line - 1-800-959-5525 Canada Revenue Agency, Personal Enquiries Line - 1-800-959-8281 Notice 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:  @sophievirji 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/amandasadoucette    Instagram: @tax.chick Sign 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.  Jami also has an amazing program called "Bookkeeping Bootcamp" - check out her website for more details!  (https://www.montecpa.com/).P.S.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: Website:  https://www.montecpa.com/  Facebook: https://www.facebook.com/montecpa LinkedIn:  https://www.linkedin.com/in/jamimonte/  Instagram: https://www.instagram.com/montecpa/ What the HST Am I doing?! (free Canadian sales tax guide) - https://montecpa.ck.page/a0c25cc24f Bookkeeping Bootcamp Info: https://www.montecpa.com/bookkeeping-bootcamp 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/amandasadoucette    Instagram: @tax.chick Sign 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 RESOURCES Family Enterprise Foundation 2021 report: “Ready, Willing and Interested - or not? Canadian Family Business Transition Intentions”. https://bit.ly/3qrJNa6 Family Enterprise Foundation 2021 report: “Who Are The Guardians of Family Legacy?” https://bit.ly/37WX97T Conference 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/3aWhtCq FamilyBusiness.org 2015 article “The Family Way: How Entrepreneurial Values Help Businesses Thrive Over Generations.” https://bit.ly/3uh2IFG Book “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 LAILY LinkedIn: https://www.linkedin.com/in/lailypirbhai/?originalSubdomain=ca   Website: https://lailypirbhai.com Email: connect@lailypirbhai.com 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/amandasadoucette    Instagram: @tax.chick Sign 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 EPISODE Stories 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 DEAN Website: https://www.blachfordtaxlaw.com/   The Blachford Brief: https://www.blachfordtaxlaw.com/insights/8dt7yc9zh52rbeb  LinkedIn: https://www.linkedin.com/in/dean-blachford-57042a44/  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/amandasadoucette    Instagram: @tax.chick Sign 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/canadiangiftsinwills MORE FROM SHANE: Website: https://cclprivatecapital.com/our-people/investment-professionals/shane-biehn LI: https://www.linkedin.com/in/shanebiehn MORE FROM AMANDA Sign 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.com LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/  Instagram: @tax.chick

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.org Facebook: 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 AMANDA Sign 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.com LinkedIn: 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 EPISODE Gary 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-ltd Website: https://omnisvaluations.com/ Twitter: https://twitter.com/OmnisValuations Facebook: https://www.facebook.com/omnisvaluations247/ 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 Sign up for my Newsletter! http://eepurl.com/hNbXcb

Mehul and I met through social media almost a year ago - he is a financial planner and business owner that also believes in the power of collaboration, and promotes the importance of building your "team".  He also happens to be a fellow podcaster, and so we decided it would fun to hook up our fancy microphones and record one of our chats! We recognize that "estate planning" can seem very overwhelming.  It is hard to know where to start, and often we just want to rip the bandaid off and get it done as quickly as possible.  But we believe that estate planning is "cool", and can actually be an empowering and uplifting process - as long as you are open to the process and willing to ask the tough questions.  In this episode, we break down what you need to know about: (1) foundational estate planning documents (i.e., what is the difference between a Will, a Power of Attorney, and a health care directive, and what should you know about beneficiary designations on life insurance policies and investments) [14:30]; (2) how "fair" does not always mean "equal" in estate planning [31:31]; and (3) a discussion about what retirement planning should really entail, and how collaboration amongst your advisors can make all the difference in getting peace of mind during the planning process [34:17].  Mehul and I have the same goal when working with clients on the estate planning process - we want you to be able to sit down with your friends at the end of our meetings and be able to explain your "plan".  You deserve to know what you own, and how those assets can be used for a comfortable retirement! If you are struggling with how to "start" working on your estate planning, then this episode is for you! RESOURCES DISCUSSED ON THE EPISODE: "All-in with Chamath, Jason, Sacks, & Friedberg" Podcast: https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393 MORE FROM MEHUL: LinkedIn:  https://www.linkedin.com/in/mehulgandhicfp/ Mind Your Biz Podcast Website:  https://www.mindyourbizpod.com/ Instagram: https://www.instagram.com/mindyourbizpod/ Listen to the "Mind Your Biz Podcast" here: https://open.spotify.com/show/2MXapiWUSNcWUtYH76tYCI?si=3c0b6350982d43d9 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 Sign up for my newsletter: http://eepurl.com/hNbXcb 

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.com American 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.aspx Video 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/LedermanLeandra Blogger 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.com LinkedIn: https://www.linkedin.com/in/amandasadoucette/ Instagram: @tax.chick  

Do you have a will?  If yes, when was the last time you dusted it off?  Do you know who is designated as a beneficiary on your insurance policies and/or your investments?  Estate planning is not something to be taken lightly - getting some advice on the front end, can make all the difference for a smooth administration after your death. Today, I am joined by special guest, Christine van Cauwenberghe, Vice-President of Tax and Estate Planning (IG Wealth Management).  We break down what you need to know about three main topics: (1) the do's and don'ts of beneficiary designations (7:15), (2) things to watch for with joint ownership (24:01), and (3) how to deal with the "big" tax - the income tax liability on death - and why it is more important to worry about than probate fees (33:45).  We also do a bit of "lawyer math" :) and highlight some key questions that you should be asking your advisors. RESOURCES DISCUSSED ON THE EPISODE New York Times - "The Daily": https://www.nytimes.com/column/the-daily. Wealth Planning Strategies for Canadians (15th Edition): https://store.thomsonreuters.ca/en-ca/products/wealth-planning-strategies-for-canadians-2021-30908506  MORE FROM CHRISTINE: Website:  https://www.igprivatewealth.com/en/about-us/christine-van-cauwenberghe LinkedIn: https://www.linkedin.com/in/christine-van-cauwenberghe-28829913/ 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/amandasadoucette/ Instagram: @tax.chick

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/podcasts MORE FROM JERRY: ·         Website: https://continuity.ca/ ·         Email: jgedir@continuity.ca ·         LinkedIn: https://www.linkedin.com/in/jerry-gedir-94b5a617/?originalSubdomain=ca MORE 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 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

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: thetaxchickpodcast@gmail.com 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: thetaxchickpodcast@gmail.com 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: thetaxchickpodcast@gmail.com 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: thetaxchickpodcast@gmail.com 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: thetaxchickpodcast@gmail.com 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: thetaxchickpodcast@gmail.com 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: thetaxchickpodcast@gmail.com LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/  Instagram: @tax.chick