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) Ca ..read more

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)  LinkedIn Be a "Tax Chick VIP"  ..read more

Have you noticed that everyone seems to be talking about trusts these days???  Seemed like an appropriate time to release a few mini-episodes on the topic.  If you are looking for some foundational information on trusts, check out this episode.  I cover topics like: - What is a trust? (2:02) - The three certainties (4:40) - Reasons why a trust may be used (6:15) - Who are the parties to a trust? (9:30) - What are the different types of beneficiaries? (11:15) - How are trusts taxed? (12:47) And check out the next couple episodes to continue your "trust" journey! HERE ARE SOME OTH ..read more

This is Part 2 of the mini-episodes on all things trusts!  If you have mastered the basics, check out this episode for a discussion of some more advanced topics including: - Adding or Removing Beneficiaries (1:20) - Alter Ego and Joint Spousal Trusts (4:05) - Family law implications (9:13) - Corporate association issues (11:40) - Ongoing maintenance (13:40) ADDITIONAL RESOURCES DISCUSSED ON THIS EPISODE: CRA Views Document: 9209655 CRA Views Document: 2008-0281411I7 CRA Views Document: 2001-0111303 CRA Views Document: 2012-0451791E5 HERE ARE SOME OTHER WAYS TO CONNECT WITH ME: My websi ..read more

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) - Excep ..read more

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!   ..read more

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 ..read more

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. P.S.  October 31st is not only Halloween, but also the filing deadline for the Underused Housing Tax.  There is no relief available for late filing, so make ..read more

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 applicat ..read more

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) And guess what?  This year, the deadline to file is November 1, 2023... time is ticking ..read more