My Christmas gift to you this year is an episode full of tax tidbits that you can share at your holiday party - check out this episode for my rundown of the tax issues that made the news for me in 2024:

10. The Taxpayer's Ombudsman Report
9. Auditor General's Report - the CEBA Program
8. CRA New Audit Powers
7. Digital Services Tax
6. Where do we stand on Alternative Minimum Tax?
5. The GST/HST Holiday
4. Audits on COVID benefits
3. Bare trusts...
2. Capital Gains...
1. The Fall Economic Statement - stay tuned for December 16th!

Merry Christmas and Happy New Year! I will be back with Season 6 of The Tax Chick Podcast in March 2025!

RESOURCES DISCUSSED ON THIS EPISODE:

• Taxpayer's Ombudsman Report (2024)
• Auditor General Report
• Digital Services Tax
• GST/HST Holiday
• Bare Trusts - exemption for filing

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: thetaxchickpodcast@gmail.com
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"

In this episode, I chat with special guest, Corey DeJean, owner of CJDJ Accounting Services and current Chair of the Association of Tax and Accounting Professionals ("ATAP"). Corey and I get to hang out in January every year at the ATAP Refresh Conference in Toronto - we have had so many great conversations about collaboration, sharing resources and the importance of educating our clients about tax. It was about time that I got her on the pod!

Corey and I dive deep into the crucial tax information every business owner should know to stay compliant, maximize deductions, and optimize their financial strategies. Whether you’re a startup founder or a seasoned entrepreneur, understanding taxes can make a significant difference in your bottom line!

Here is a sneak peek of what we chat about:

1. What is ATAP and how can it help you?
2. Your business is NOT you!
3. There is a huge difference between revenue and the $ in the bank.
4. Not everything is deductible.
5. There is no "one size fits all" strategy for compensation.

RESOURCES DISCUSSED IN THIS EPISODE:

• ATAP LinkedIn Account
• https://atapcanada.ca/
• Want to learn more about your numbers? Check out: https://thefinancecafe.ca/
• Need a laugh? Click here for the Schitt's Creek write-off scene :)

CONNECT WITH COREY:

• Corey DeJean (LinkedIn)

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: thetaxchickpodcast@gmail.com
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"

Are you behind in your tax filings? I mean REALLY behind... like more than the last year or two?
Did you make a mistake in a previous filing?

Canada Revenue Agency's Voluntary Disclosure Program might just be for you! I have had a couple calls this past week about the "VDP" program, and I thought this might be a great time to dispel some myths.

In this episode:

1. I discuss what the program is, and when you would choose to apply.
2. Provide some insight into the criteria for a successful application
3. Talk next steps.

It is so important to remember that VDP does not get you out of paying the tax - in fact, you have to prepay the tax up front-when you make the application! It just offers amnesty from penalties.

RESOURCES DISCUSSED ON THIS EPISODE:

• CRA: Voluntary Disclosures Program

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: thetaxchickpodcast@gmail.com
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"

I decided to switch things up a bit for this episode, and invite on 3 people that I have been hanging out with all summer this year - our firm summer students, Blake, Frank and Nick!

Don't worry - the word "tax" does get brought up at some point in this episode :) But the main purpose of this episode was to share a little bit about what it is like to work in a law firm (Hint: it is not like Suits!)

In this episode, we cover:

1. Why each of my guests chose to work at a firm over the summer instead of a different type of summer job during law school? (9:50)
2. One thing that surprised them about working at a firm? (12:35)
3. One positive thing about the summer/one negative thing (17:09)
4. Advice they would give to students who are considering applying to a firm for a summer position.

This episode is great for anyone in law school and wondering about the firm experience, and also great for lawyers who are working with law students - I am really grateful to Blake, Frank and Nick for their honesty in sharing the student experience! It was so much fun working with them this summer and I know they all have very bright futures ahead of them!

CONNECT WITH NICK, FRANK AND BLAKE:

• https://www.linkedin.com/in/nick-kane/
• https://www.linkedin.com/in/blake-barnes-usask/
• https://www.linkedin.com/in/frank-chou888/

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: thetaxchickpodcast@gmail.com
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"

Check out this episode for information on upcoming conferences where you can find me as a guest speaker, along with some information on the Tax Court of Canada, including the role of "discoveries" in a tax hearing.

RESOURCES DISCUSSED ON THIS EPISODE

• Tax Court of Canada - Your Day in Court
• ATAP Canada
• Accountex

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: thetaxchickpodcast@gmail.com
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"

Have you heard of the "GAAR"??? GAAR stands for the "general anti-avoidance rule" and it gives the federal government broad powers to prevent transactions they deem to be against the purposes of Canadian tax law.

Why do we care about GAAR? Well, it should be a factor to consider each and every time that you engage in tax planning, as if it applies, it can "undo" all of the tax benefits of a particular transaction. The Federal Government also just pushed through amendments to the GAAR rules which broaden the applicability of GAAR, and also impose a penalty.

So in this episode, I break down: "old" GAAR, "new" GAAR, and a recent case where GAAR was considered (DAC Investments). I also reminisce about my days as a clerk at the Court of Appeal, and give a sneak peek of new episodes coming up in the next few months!

RESOURCES DISCUSSED ON THIS EPISODE

• GAAR - Consultation Paper
• DAC Investment Holdings Inc. v. HMTK

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: thetaxchickpodcast@gmail.com
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"

What happens when two tax fanatics who are passionate about tax education get together to talk about draft tax legislation??? Check out this episode to find out!

So excited to have my friend, and fellow tax enthusiast, Henry Shew, on the podcast today to chat about the draft legislation that the Federal Government released on June 10, 2024 relating to the changes to the capital gains rules in Canada. There are some amazing resources available which "go into the weeds" on the details of the legislation - but Henry and I wanted to go big picture for this episode. We wanted to provide some background on how tax legislation is passed, and highlight some things you need to be aware of - here is the scoop on what we discuss:

(1) What is a "Notice of Ways and Means Motion"? (6:08)
(2) What is in the draft legislation? (10:08)
(3) What is missing from the draft legislation? (22:04)

We talk about:

• Capital gains reserve
• The expansion of the $250K exemption to GREs and Qualified Disability Trusts
• Applicability to alter ego trusts
• What happens if a trust or a partnership has a gain mid-way through the year, but does not allocate the gain until later in the year?
• The "averaging" rules, and the impact on the capital dividend account
• Changes (positive) to allowable business investment losses
• Some of the things that were missing...
  • why isn't this indexed to inflation?
  • There is no carry-forward of the $250K annual threshold
  • Has the government forgotten about integration?
  • AMT - lack of interaction between the changes to AMT and the new legislation

Word on the street is that supplementary draft legislation will be released by end of July which hopefully fills in some of the gaps... we will see!

RESOURCES DISCUSSED ON THIS EPISODE

• In case you want to read the draft legislation: https://www.canada.ca/en/department-finance/news/2024/06/government-of-canada-delivering-tax-fairness-for-every-generation.html
• Check out this great video from CBC News Explore: https://www.cbc.ca/player/play/video/9.6423015
• Tax Lite! https://www.taxlite.ca/ AppStore link - https://apps.apple.com/ca/app/tax-lite/id6447789656
  Google Play store link - https://play.google.com/store/apps/details?id=app.taxlite.app

MORE FROM HENRY

• Our Family Office: https://ourfamilyoffice.ca
• LinkedIn: Henry Shew

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: thetaxchickpodcast@gmail.com
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"

Just got home from a fantastic week in Toronto at the STEP National Conference! In this mini-episode, I provide an overview of what I learned, give a sneak peek at upcoming episodes, and share my favorite restaurant spots in Toronto.

Oh, and did you hear that the Federal Government plans to release draft legislation on the capital gains inclusion rate changes on Monday, June 10th???... stay tuned!

THINGS I DISCUSSED ON THIS EPISODE:

• Jarvis Sam and The Rainbow Disruption
• STEP Canada
• Terroni
• Hy's Steakhouse
• Lee Restaurant
• El Inka
• Odd Seoul (Instagram) (they are so cool, they do not even have a website!)

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: thetaxchickpodcast@gmail.com
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"