The Tax Chick Podcast

In the spirit of all things spooky, it seemed like an appropriate time to talk about the spookiest tax of all... the income tax to your estate!  So many of my clients focus on probate fees - but fail to consider the "big" tax... the income tax liability.Check out this mini-episode for an update on my visits to the College of Law, a reminder about repayment of your CEBA loan, and a brief discussion of the tax rules on death.UPDATE:  In this episode, I reminded listeners about the UHT filing deadline - after release of the episode, on October 31, 2023, the federal government announced an extension to the filing deadline for UHT returns for the 2022 calendar year to April 30, 2024.

Drake dropped a new album on Friday, October 6th - which is basically like Christmas in my house :)  Check out this episode for my thoughts on Drake's new album, and some musings on the tax planning he might be engaging in for his son, Adonis.But, the main event for this episode is a discussion on the Canada Emergency Business Account ("CEBA").  On September 14, 2023, the Prime Minister announced extended deadlines for the CEBA loan repayments, which caused some major confusion for business owners.  In this episode, I break down (1) what was the CEBA, and what were the application terms? (2) What was the big deal about this loan? and (3) what are the actual repayment terms for 2024?  I will be releasing a blog post on this topic soon, so make sure you are signed up to be a Tax Chick VIP under the member category on my website: www.thetaxchick.ca.  Membership is free and gives you access to all my blog posts, as well as notification on new posts.RESOURCES DISCUSSED ON THIS EPISODE:All About Estates, "Further Assessing Drake's Estate Planning Needs" - https://www.allaboutestates.ca/further-assessing-drakes-estate-planning-needs/ CEBA Loans (FAQ and Program Information, CRA) - https://ceba-cuec.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 

This is the 50th episode of my podcast!! YAY!!!Happy to have fellow tax chick, Anna Malazhavaya of Advotax Law back on the podcast to chat about the Underused Housing Tax... did you know that this tax could apply to you even if you are a Canadian resident?  Despite what you might have heard in the news, this tax is not just for non-residents.We are chatting about: (1) What is the Underused Housing Tax ? (7:20); (2) When might it apply? (10:35)  (3) What happens if you do not comply? (14:10) UPDATE:  On October 31, 2023, the federal government announced an extension to the filing deadline for UHT returns for the 2022 calendar year to April 30, 2024!RESOURCES DISCUSSED ON THIS EPISODE:Underused Housing Tax: https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax.html"Master Your" Event - come see The Tax Chick live and learn a little bit about the intersection between death and taxes: TCU Tickets for Masters Event!CONNECT WITH ANNA:Instagram: @advotaxLinkedIn: https://www.linkedin.com/in/annamalazhavaya/?originalSubdomain=caWebsite: https://www.advotaxlaw.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 

The number 1 question I get asked in DMs is... "If I want to learn about tax, where do I start?"  The answer to that question differs depending on what your goals are for this exciting new tax journey.  Are you a professional who is looking to specialize in tax?  Or are you a professional or a business owner who is looking to learn some foundational information about tax?  In this episode, I break down some of my favorite sources for tax education!Also... if you are in Saskatoon (or going to be in Saskatoon on September 21st), I am a keynote speaker at an awesome event happening on Thursday, September 21, 2023 from 11:15 a.m. to 1:00 p.m. at the TCU Place main stage!  While you will be enjoying a healthy lunch, I will be speaking on death and taxes, and the fabulous chef, entrepreneur and restaurant owner Christie Peters, will be dropping some knowledge!   To join in for this fabulous event, check out this link: TCU Tickets for Masters Event!ADDITIONAL RESOURCES:CBA Tax Law for LawyersSaskatoon CTF YP GroupSTEP SK 2023-2024 ProgrammingVideo Tax NewsCPA In-Depth Tax CourseYork University Professional LLM ProgramCanadian Tax FocusHERE 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 

Happy birthday to my podcast,Happy birthday to my podcast,Happy birthday, happy birthday,Happy birthday to my podcast!!!!Today marks the 3rd anniversary of my podcast - yay!  Over 22,000 downloads, 4 seasons, and listeners in over 50 countries - I am so proud of what this podcast has become!I thought this might be an appropriate time to talk about the origin story of the podcast... it starts at a vegan wellness retreat, and really came to life while working from home at the height of the pandemic.  Check out this episode for all the details... including how the podcast was almost called something very different :)If you are new to the podcast and not sure where to start, check out the "guide" that I have created on my website: www.thetaxchick.ca.  I break down the episodes by topic, and have created a curated list just for my listeners!Thank you to everyone who has supported the podcast - your support means so much!

"Who cares if I owe a lot of money to CRA?  I can just go bankrupt!"I have heard this statement quite a few times in my career... but unfortunately, there are a lot of misconceptions about bankruptcy, and in particular the interception of bankruptcy and tax debt.  Now that CRA has ramped up their collections action again, I thought it might be an appropriate time to bring on an expert to help chat about these topics.  My special guest, Michelle Scheller, is a licensed insolvency trustee with MNP Ltd., and I have referred a number of clients to her team in the past to help with particularly "sticky" CRA collections issues.  Michelle and I chat about the following:What is a licensed insolvency trustee? (4:40)What does it mean to "go bankrupt" or "be insolvent"? (5:05)What is a proposal versus a bankruptcy? (10:05)What are the special rules that apply when you have a "tax driven" bankruptcy? (16:35)What are the first steps you should take if you think you need help? (21:30)ADDITIONAL RESOURCES:Website: www.MNPdebt.caFacebook: https://www.facebook.com/MNPDebt Instagram: https://www.instagram.com/mnpdebt/?hl=en Twitter: https://twitter.com/mnpdebt Spotify: https://open.spotify.com/show/76ImfFsv1VxIilxDy5zomU?si=c32ecb7aac4e46ee  YouTube: https://youtube.com/@MnpdebtCanada CONNECT WITH MICHELLE:LinkedIn: https://www.linkedin.com/in/michelle-scheller/?originalSubdomain=caPhone: 306-310-DEBTEmail: Michelle.Scheller@mnp.caHERE 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 

The CEO of Shopify (Tobias Lutke) tweeted last week that the company intends to fight a request from the Canada Revenue Agency (CRA) to turn over six years of records of more than 121,000 Canadian stores using the firm’s platform.  If you use Shopify in your business, this tweet should have made you sit up a little straighter in your chair...What is a "requirement" and can Shopify be required to turn over this information?  Check out this episode for more details!RESOURCES DISCUSSED ON THIS EPISODE:Requirements to Provide Information: https://www.canada.ca/en/revenue-agency/services/tax/technical-information/compliance-manuals-policies/acquiring-information-taxpayers-registrants-third-parties.html Jamie Golumbek, "How the taxman uses the 'unnamed persons' rule to uncover potential tax cheats (Financial Post) https://financialpost.com/personal-finance/taxes/how-the-taxman-uses-the-unnamed-persons-rule-to-uncover-potential-tax-cheatsNational Post Article on France/Australia requests: https://nationalpost.com/news/canada/france-australia-join-canada-in-seeking-information-from-cra-on-shopify-clients-as-part-of-tax-audits 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 

If you owe penalties and/or interest to Canada Revenue Agency, you might be able to get some relief - on today's "Musings" I break down the top 6 things you need to know about Taxpayer Relief Applications!  (I also remind you about some things you should be doing now that the CRA strike is over, and give a sneak peek of the next guest episode of The Tax Chick Podcast!)  RESOURCES DISCUSSED ON THIS EPISODE:STEP Canada:  www.step.ca Taxpayer Relief Applications: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc4288.html 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 

Do you know the difference between a business name and a trademark?  What does copyright mean, and how do you claim copyright over your "stuff"?Did you realize that when starting a new brand, it is a good idea to complete some domain name searches and trademark searches first?Have you heard the story of the Christmas geese at the Eaton Center in Toronto?In this episode of the podcast, I chat with special guest, Luanne Schlosser, the founder of Lunova Law in Saskatoon, Saskatchewan all about "intellectual property".  We chat about: (1) What is copyright? (4:55); (2) What should business owners know about copyright when they are hiring someone to complete their branding and marketing? (8:55); (3) What needs to be "assigned" on a business sale? (11:45); (4) What is a trademark? (17:34); and (5) How are business names different from a trademark? (19:20). CONNECT WITH LUANNE:Instagram: www.instagram.com/lunova_lawLinkedIn: https://ca.linkedin.com/in/shalinidharnaWebsite: https://www.lunova.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 

May 1st is fast approaching!  Have you filed your taxes yet?  Check out this bite-sized episode of the podcast for an update on the CRA strike, and reasons why you should file your tax return.  If you are self-employed and plan to file by June 15th, do not forget that your taxes are still due by April 30th - consider making an instalment payment now based on an estimate of tax in order to avoid additional interest!  And, do you know what you should do after filing your tax return?  In this episode, I give my top tips on what to do after filing your return.  RESOURCES DISCUSSED ON THIS EPISODE:CRA updates on labour disruption: https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/collective-bargaining/labour-disruptions-impact.html Tax Court of Canada practice directive re: labour strike: https://www.tcc-cci.gc.ca/Content/assets/pdf/base/Notice-to-the-Public-and-the-Profession-April-19-2023.pdf 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