The Tax Chick Podcast

Anyone else feel like filing your tax return can be a bit anti-climactic?  In today's mini-episode, I am sharing my tips for what you should do post-tax season including:- checking your assessment- making arrangement for payment- organizing your documents- getting ready for next year!RESOURCES DISCUSSED ON THIS EPISODE:How to make a payment at CRASTEP National Conference!Canadian Money Roadmap PodcastHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

The countdown is on... only a few days left to the end of the Canadian personal income tax season!  If you have already filed your return, but not yet received your notice of assessment, have you received a letter from CRA asking for more information?In the last couple of days, a number of my clients have reached out for help after receiving letters from the "Preassessment Review" section of CRA.  If you receive one of these letters, do not panic!  When your tax return is e-filed, supporting documentation is not included in the tax filing.  As a result, sometimes CRA likes to "check in" before issuing an assessment to double check that the numbers in your tax return can be supported by documentation.In this episode, I explain the preassessment review process, and give some tips on how to respond to CRA!HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

You asked for it... an episode on the 2024 Federal Budget geared towards non-tax practitioners!  I fully intended to make this a mini-episode, but there was just SO MUCH to discuss, that I ended up talking for over 30 minutes - I hand-picked a few of the key changes to discuss, but if there are other items you would like me to address in a future episode, please let me know!In this episode, I cover:History of the Federal Budget and why it matters - including why I call it the "Oscars" for tax professionals, and my plea to get a golden ticket to be part of the budget lockdown (3:52)Capital gains - what are they, how are they taxed, and what are the proposed changes? (12:35)What is the lifetime capital gains exemption, and how did it change? (27:30)Tax Litigation hot topics, including the proposed expansion to s. 160 of the Act, "notice of non-compliance" and the new ability to request documentation/information under oath. (29:32)RESOURCES DISCUSSED IN THIS EPISODE:History of the Federal Budget: https://www.macleans.ca/economy/economicanalysis/a-brief-history-of-canadian-federal-budgetsFederal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html?utm_campaign=fin-fin-budget-24-25&utm_medium=webfeat&utm_source=canada-ca#pdf Video Tax News (reporting from Budget lockdown!): https://www.videotax.com/web-tips-articles/federal-budget-2024-is-now-released-here-are-eight-key-considerations-for-accountants-and-small-business-advisors HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

UPDATE:  March 28, 2024 (1:15 p.m.)CRA just released an update on bare trust filing requirements, and has advised that CRA will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2023 tax year, unless the CRA makes a direct request for those filings.The full notice can be found at this link: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html?utm_source=Master+Email+List&utm_campaign=1c6ce21145-N2N_PT_2024_LAUNCH_COPY_01&utm_medium=email&utm_term=0_-9f60340710-%5BLIST_EMAIL_ID%5D~ ~ ~The new trust reporting rules... the latest "gift" from the Federal Ministry of Finance... :)  Tune in to Part 3 of this short series of mini-episodes on trusts to learn a little bit about the new trust reporting rules, and when they apply.   If you have a family trust, or if you have co-signed a mortgage, or added someone to title to property for the purposes of avoiding probate, you should probably listen to this episode, as the new rules will likely apply to you! - What are the new rules and why are you being asked for additional information? (0:58) - Express trusts (3:10)- Exceptions to the rules (5:00)- Penalties (6:27)- What does this mean for trusts? (7:25)- Bare trusts (8:25)RESOURCES DISCUSSED ON THIS EPISODE:New reporting requirements for trusts (CRA Website) Financial Post Article by Allan LanthierAdvotax Blog Post - Basic Guide on Bare Trusts for Canadian Taxpayers HERE 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 intricate world of trusts with advanced insights! Discover the tax risks of adding or removing beneficiaries and learn about the intriguing benefits of alter ego and joint spousal trusts. Explore how family law can impact trust interests during separations and what courts consider when valuing discretionary trust interests. Uncover potential corporate association issues arising from family trusts, as well as the vital ongoing maintenance and reporting duties that trustees must uphold. It's a treasure trove of knowledge for trust aficionados!

Season 5!!! How did that happen?  Check out this mini-episode for a brief trip down memory lane on the history of this podcast, a sneak preview of what is coming for this season, and a life update.HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

Kicking off SEASON 5 of The Tax Chick Podcast with a special guest episode featuring fellow Saskatoon podcaster and Certified Financial Planner, Evan Neufeld!  Tax Free Savings Accounts, or "TFSAs" - such a fun acronym!  You likely have this type of investment, and are aware that one of the perks of a TFSA is that the growth accrues tax free... but are you curious to learn a little bit more?  Check out this episode to learn:- What is a TFSA? (4:00)- Are there limits to what you can put into a TFSA? (6:13)- What happens if you over-contribute? (9:20)- How is it taxed? (12:08)- What happens when you withdraw funds from a TFSA? (14:35)- What types of investments can you hold in a TFSA? (18:15)- What happens when you die? (24:00)Make sure to check out Evan's podcast (The Canadian Money Roadmap) for some great information on personal finance, including a recent episode entitled, "Avoid These 6 TFSA Mistakes".  P.S.  DJ CWC created some new intro music for me which I am debuting on this episode!!! CONNECT WITH EVAN:Podcast: https://canadianmoneyroadmap.buzzsprout.com YouTube LinkedIn Website: https://www.evanneufeld.com HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"  

Explore the fascinating world of trusts! Learn what a trust is and the crucial three certainties needed to establish one. Discover why families create trusts and the importance of reevaluating them over time. Understand the roles of settlors, trustees, and beneficiaries, alongside the differences between capital and income beneficiaries. Dive into how trusts serve in business succession planning and protect minors or dependents. Lastly, uncover how trusts are taxed under new reporting rules, including the unique treatment of inter vivos and testamentary trusts.

Before you pop the champagne and sing Auld Lang Syne tomorrow night, I wanted to give you one last episode of The Tax Chick Podcast for 2023!  I will be back with Season 5 of the podcast (and debuting some new music!) in March 2024.In this episode, I provide some information on STEP and why I was in London, England earlier this month, and reflect on the craziness of 2023 (remember the CRA strike right in the middle of tax season???)  I also give a sneak preview of things to come in 2024...Happy New Year to you and your families, and all the best for 2024!  

When you hear the acronym "CFO" what do you think?  You might think that your business only needs a "Chief Financial Officer" if you are making millions of dollars... turns out, that is not the case!On today's episode of the podcast, I am bringing back Jordan Brown, principal of Lift Accounting and Copilot Advisory right here in Saskatoon.  We are tackling the following topics:  (1) What is a CFO? (5:05); (2) What are some factors that would suggest you need a CFO? (7:50); (3) Where do you find a CFO? (15:50); and (4) What types of services/duties would a CFO perform for you? (21:20).RESOURCES DISCUSSED ON THIS EPISODE:CPA Canada: https://www.cpacanada.ca/ Check out Jordan's first episode on this podcast:  Sales Tax 101, with special guest Jordan BrownCONNECT WITH JORDAN:Facebook: https://www.facebook.com/gocopilotadvisory/Instagram: https://www.instagram.com/copilotadvisory/LinkedIn: https://www.linkedin.com/company/copilotadvisoryWebsite: www.copilotadvisory.ca HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My new website is now live!!!  www.thetaxchick.ca Email: thetaxchickpodcast@gmail.comLinkedIn: https://www.linkedin.com/in/amandasadoucette   Instagram: https://www.instagram.com/tax.chick/ Be a "Tax Chick VIP": http://eepurl.com/hNbXcb