The Tax Chick Podcast

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

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 EPISODENutrition Facts Podcast:  https://nutritionfacts.org/audio/Respectful Parenting Podcast: https://podcasts.apple.com/us/podcast/respectful-parenting-janet-lansbury-unruffled/id1030050704BDC 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/1Equifax 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 CANDACELinkedIn:  https://www.linkedin.com/in/candacehrycan/?originalSubdomain=ca 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

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/NetworkedBooksCA: https://www.amazon.ca/dp/B08M7JBKBNLimitless Lawyer Podcast:  https://limitless-lawyer.com/ National Women’s Law Center - https://nwlc.org/ MORE FROM JAMIEWebsite: https://www.brannlaw.com/attorneys/jamie-e-t-szal/LinkedIn:  https://www.linkedin.com/in/jamieszal/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

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 EPISODEOneiro 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 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.chickClubhouse: @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 EPISODEFreakanomics 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 STEVENWebsite (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_CAYouTube:  https://www.youtube.com/channel/UCUZqqfsjWw0UHVGnsuzkJwgMORE 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