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"

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: 9209655CRA Views Document: 2008-0281411I7CRA Views Document: 2001-0111303CRA Views Document: 2012-0451791E5HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"

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 OTHER WAYS TO CONNECT WITH ME:My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"

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"

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

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

This year's personal income tax filing deadline is about 2 weeks away - have you filed your return yet?  To add to this year's filing excitement, the workers at CRA voted in favour of job action and as of April 14, 2023, the workers are in a legal strike position.  In this short episode, I give an update on what this strike might mean for the last two weeks of tax filing season, and round out the episode with some information on how to resolve a tax dispute with CRA.RESOURCES DISCUSSED ON THIS EPISODE:CRA Formal Statement on Labour Dispute: https://www.canada.ca/en/revenue-agency/news/2023/04/canada-revenue-agency-responds-to-public-service-alliance-of-canadaunion-of-taxation-employees-strike-vote.html Check out the "Learning Center" on my website, for additional blog posts on this topic - membership is free!   https://thetaxchick.ca/learning-center 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

In this bite-sized episode of the podcast, I provide some tips and tricks on how to utilize the new "Learning Center" on my website, update you on my efforts to clean out my keepsake boxes with my Mom, and wax poetic about the upcoming federal budget...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