The Tax Chick Podcast Amanda Doucette

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 reserveThe expansion of the $250K exemption to GREs and Qualified Disability Trusts Applicability to alter ego trustsWhat 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 accountChanges (positive) to allowable business investment lossesSome of the things that were missing...why isn't this indexed to inflation?There is no carry-forward of the $250K annual thresholdHas the government forgotten about integration?AMT - lack of interaction between the changes to AMT and the new legislationWord 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/9.6423015Tax Lite! https://www.taxlite.ca/ AppStore link - https://apps.apple.com/ca/app/tax-lite/id6447789656Google Play store link - https://play.google.com/store/apps/details?id=app.taxlite.appMORE FROM HENRY
Our Family Office: https://ourfamilyoffice.caLinkedIn: Henry Shew HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe 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 CanadaTerroni 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) LinkedInBe a "Tax Chick VIP" 

I want to let you in on a little secret... you do not have to be a billionaire in order to be philanthropic.  There are many ways to give to charity, including gifts of your time!  But in today's episode, I am chatting with my guests about a specific vehicle for charitable giving - the "donor-advised fund" or "DAF".  It is a really neat alternative to setting up a private foundation, and can open up options for families to work together to plan their philanthropy for years to come!  (And yes, there are also some tax benefits!)
In this episode, I am chatting with Jen Pederson and Joanne McGrath of the Saskatoon Community Foundation all about DAFs, including a discussion of the following topics:
What is a donor-advised fund? (5:15)Endowment funds (13:13)How are DAFs taxed? (20:50)Are there thresholds for giving? (24:25)Quick "hot tips" about DAFs - including how to incorporate it into your estate plan (26:50)CONNECT WITH JEN AND JOANNE:
Saskatoon Community FoundationJen Pederson - LinkedIn Joanne McGrath - LinkedIn Saskatoon Community Foundation - LinkedIn Facebook Instagram HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

Huge thank you to my listeners as we have now surpassed 30K downloads, and have managed to stay in the top 100 business podcasts on Apple Podcasts over the past 5 - 6 weeks!
In this episode:
I provide an update on what has happened since the Federal Budget - turns out we actually still have zero clarity on the capital gains inclusion rate changes.  Check out the submission of the Joint Committee of CPA/CBA on this issue:  https://cpa.cpacanada.ca/en/the-cpa-profession/about-cpa-canada/volunteer-with-cpa-canada/volunteer-committees/tax-committees/59 Audit activity is hopping!  I share what I have been seeing over the past few weeksDrake versus Kendrick Lamar... and my supper plans for my upcoming trip to Toronto.  Has anyone else had the Cheeseburger Spring Rolls at Lee Restaurant??? Director liability - the importance of tracking (in writing) the beginning and ending of a director or officer role, and what liabilities can arise (both tax and non-tax).  Hint:  hiring someone else to get things done is not sufficient!HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

Anyone else feel like filing your tax return can be a bit anti-climactic?  In today's mini-episode, I am sharing my tips for what you should do post-tax season including:
- checking your assessment- making arrangement for payment- organizing your documents- getting ready for next year!
RESOURCES DISCUSSED ON THIS EPISODE:
How to make a payment at CRASTEP National Conference!Canadian Money Roadmap PodcastHERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

The countdown is on... only a few days left to the end of the Canadian personal income tax season!  If you have already filed your return, but not yet received your notice of assessment, have you received a letter from CRA asking for more information?
In the last couple of days, a number of my clients have reached out for help after receiving letters from the "Preassessment Review" section of CRA.  If you receive one of these letters, do not panic!  When your tax return is e-filed, supporting documentation is not included in the tax filing.  As a result, sometimes CRA likes to "check in" before issuing an assessment to double check that the numbers in your tax return can be supported by documentation.
In this episode, I explain the preassessment review process, and give some tips on how to respond to CRA!
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"