The Tax Chick Podcast Amanda Doucette

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" 

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"