WinEH! Podcast

Winnie Lau
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The WinEH! Podcast is all about WINNING in Canada EH. Specifically in the world of how we work with Money, think about Money and how we can use it to ELEVATE our life experience. The Financial Philosophy that we live by is based in the use of the Infinite Banking Concept. We believe that every Canadian deserves to know there is a better way to go about the way we think and manage our money. This podcast has 3 DISTINCT SHOWS. We are sharing ONE show at a time. Each show aims to heal the financial divide created by life experience, history, government and the banks. Alright, come lean in and check out our first show, Ranch Your Way.

  1. 3d ago

    Ep. 128 - Trusts for Canadian Farm Families: Why, When, & for Whom?

    A trust isn't the goal. The question is what you'd need one to accomplish. Part 5 of 6 of Keeping the Farm or Ranch Together. A trust is an arrangement, not a separate legal person. A settlor (or, in a will, a testator) creates it, trustees manage the assets, and beneficiaries receive the income or the capital. Former tax lawyer Bryan McNulty explains that newer rules have limited income splitting through trusts, but trusts still offer real value in two areas. The first is the estate freeze. Parents lock in the current value of their company shares, and a family trust holds the future growth. That can cap the parents' tax at death, keep options open about which child eventually takes over, and, if the shares qualify, potentially let several family members each use their lifetime capital gains exemption. The second is control. A trust can hold life insurance on a child or grandchild so the policy can't be cashed in by that person or a future spouse, and life insurance isn't subject to the trust's 21-year deemed disposition rule. Bryan is equally clear about the costs: setup and legal fees, annual trust tax returns, trustee resolutions, a separate bank account, and the need for a trust lawyer and a tax specialist rather than a generalist. For most operations just starting out, a trust comes later, once the business has grown significantly in value. QUESTIONS THIS EPISODE ANSWERS What is a trust in Canada, and what do the settlor, trustees and beneficiaries do? How does a family trust work with an estate freeze? What is the 21-year rule for trusts? Can a trust own life insurance on my children or grandchildren? Does a trust protect assets in a divorce? What does it cost to set up and run a trust? WHO IT'S FOR Families with a growing incorporated farm or ranch, and parents or grandparents who own life insurance on the next generation and want it protected. HOSTS AND GUEST Winnie Lau and Lacy Rowan, Ranch Your Way. Life insurance advisors who help farm and ranch families plan with The Infinite Banking Concept®. Bryan McNulty, former tax lawyer with more than 25 years in tax and estate planning, including drafting wills and trusts. A NOTE ON TIMING Recorded December 4, 2024. Trust tax and reporting rules can change; confirm current requirements with a qualified professional. NEXT IN THE SERIES Part 6: Keeping the farm or ranch together. This episode is for education only and is not tax, legal or financial advice. Get Farming Without The Bank — the Canadian version, includes audio. Start at ranchyourway.com Watch the full series: youtube.com/@WinEHpodcast

  2. Oct 22

    Ep. 127 - Canada Has No Estate Tax, So Why Can Death Benefit Trigger a Huge Tax Bill?

    Canada doesn't have an estate tax, but death can still trigger one of the biggest tax bills your family will ever face. Part 4 of 6 of Keeping the Farm or Ranch Together. Canada replaced its estate tax with a capital gains system in the early 1970s. Today, when someone dies, their assets are generally treated as if they were sold at fair market value, a rule called deemed disposition, and registered plans like RRSPs are included in income in the year of death. Assets left to a spouse or a spousal trust can roll over tax-deferred, and qualifying farm and fishing property can pass to a child, but the tax often just waits for the second death. For an owner who built the business from scratch and has little cost base, the bill can be large. Former tax lawyer Bryan McNulty walks Winnie Lau and Lacy Rowan through probate (called estate administration tax in Ontario), why settling an estate can take years, and the four ways to pay the tax: save for it, borrow it, sell something, or fund it with life insurance. He explains why exempt life insurance policies receive favourable tax treatment, why saving toward age 85 falls short if someone dies early, and how corporately owned life insurance can flow out largely tax-free through the Capital Dividend Account (CDA). Plus one firm warning: never have a corporation own a policy while an individual is the beneficiary. QUESTIONS THIS EPISODE ANSWERS Does Canada have an estate tax? What is deemed disposition at death? How are RRSPs taxed when someone dies? What is probate, and how much does it cost? How can an estate pay capital gains tax without selling the farm? How does the Capital Dividend Account work with corporate life insurance? WHO IT'S FOR Canadian farm and ranch families whose wealth is tied up in land, quota, livestock, equipment or an operating company, and anyone who wants to know what their estate could owe. HOSTS AND GUEST Winnie Lau and Lacy Rowan, Ranch Your Way. Life insurance advisors who help farm and ranch families plan with The Infinite Banking Concept®. Bryan McNulty, former tax lawyer with more than 25 years in tax and estate planning for business owners and families. A NOTE ON TIMING Recorded December 4, 2024. Tax rates mentioned reflect proposed capital gains changes that did not proceed. Don't use this episode to calculate today's tax. Use it to answer a more lasting question: if your estate owes money, where will that money come from? NEXT IN THE SERIES Part 5: Trusts — why, when and for whom? **This episode is for education only and is not tax, legal or financial advice. Get Farming Without The Bank — the Canadian version, includes audio. Start at ranchyourway.com Watch the full series: youtube.com/@WinEHpodcast

  3. Oct 15

    Ep. 126 - Equal vs Fair: Dividing the Farm When Not Every Child Wants to Farm

    Before trusts, estate freezes or life insurance, there's one question: what do you actually want to happen? Part 3 of 6 of Keeping the Farm or Ranch Together. According to former tax lawyer Bryan McNulty, the first thing to know before estate planning is where you want your assets to go. The second is that tax is payable at death, or at the surviving spouse's death, and it can derail a plan if there's no way to fund it. Bryan explains that farm property and qualifying farm corporation shares can often pass to a child tax-deferred, even when the land is held outside the corporation, but the use requirements are specific. Significant non-farm revenue, such as income from wind turbines on the land, could affect eligibility. Then the human side. When one child farms and another doesn't, is equal fair? Bryan argues that in most cases it isn't, and that finding the balance means knowing what other assets are available. We talk about parents who avoid deciding at all, spouses who aren't on the same page, and family facilitators who can help. We also cover how to use professionals well: take stock and decide what you want before paying hourly fees, watch for the hammer-and-nail problem where every professional leans toward their own tools, and find a new accountant, lawyer or advisor if you've outgrown the ones you have. QUESTIONS THIS EPISODE ANSWERS What should I know before I start estate planning? Is it fair to divide the farm equally among all my children? How do I provide for children who don't want to farm? Can farmland held outside my corporation still pass to my child tax-deferred? What should I do before meeting my accountant or lawyer? How do I find a new accountant or lawyer for farm succession planning? WHO IT'S FOR Parents planning a farm or ranch transition, farming and non-farming children, and families who have been avoiding the conversation because it feels uncomfortable. HOSTS AND GUEST Winnie Lau and Lacy Rowan, Ranch Your Way. Life insurance advisors who help farm and ranch families plan with The Infinite Banking Concept®. Bryan McNulty, former tax lawyer with more than 25 years in tax and estate planning for business owners and families. A NOTE ON TIMING Recorded December 4, 2024. The proposed capital gains inclusion rate increase mentioned in this episode did not proceed. NEXT IN THE SERIES Part 4: Paying the tax without selling the farm. This episode is for education only and is not tax, legal or financial advice. *This episode is for education only and is not tax, legal or financial advice. Grab Your Copy of Farming Without The Bank — the Canadian version, includes audio. Start at ranchyourway.com Watch the full series: youtube.com/@WinEHpodcast Questions, comments, feedback: wecare@ranchyourway.com

  4. Oct 8

    Ep. 125 - Where to Start Farm Succession Planing and Where Life Insurance Fits

    Where do you actually start with farm succession planning, and who can you insure to protect the plan?   Part 2 of 6 of Keeping the Farm or Ranch Together.   Former tax lawyer Bryan McNulty says planning usually starts with two questions: can the operation run more tax-efficiently, and how will it eventually be passed on, sold or transitioned? Before you meet your accountant or lawyer, take stock of what you own, why it's structured that way, who's involved, what season of life you're in and where you want things to go. It also means thinking honestly about what could happen, from children changing direction to addiction or mental health challenges. Someone often needs to quarterback the process, and Bryan's view is that a good advisor sells a solution, not just a product.   The second half digs into life insurance for farm and ranch families. We cover insurable interest (who you can and can't insure, and why), coverage for business partners, spouses, key employees and children who owe the family money, buy-sell funding between siblings or partners, estate preservation when wealth is tied up in land and quota, and charitable legacy planning. Bryan also explains whether a policy belongs in the operating company, a holding company or personal ownership, why corporate life insurance premiums generally aren't tax-deductible, the limited exception when a policy is pledged as collateral for a bank loan, and when interest on a policy loan may be deductible.   QUESTIONS THIS EPISODE ANSWERS Where should I start with farm or ranch succession planning? What should I think through before meeting my accountant or lawyer? Who has an insurable interest in a farm or ranch business? Should life insurance be owned personally, by the operating company or by a holding company? Are corporate life insurance premiums tax-deductible in Canada? Is interest on a life insurance policy loan tax-deductible? WHO IT'S FOR Incorporated farm and ranch operations, family and sibling partnerships, buyers and sellers of land or quota using vendor financing, and anyone weighing whether life insurance belongs in their plan.   HOSTS AND GUEST Winnie Lau and Lacy Rowan, Ranch Your Way. Life insurance advisors who help farm and ranch families plan with The Infinite Banking Concept®. Brian McNulty, former tax lawyer with more than 25 years in tax and estate planning for business owners and families.   A NOTE ON TIMING Recorded October 30, 2024. Confirm current tax treatment for your situation with a qualified tax professional.   NEXT IN THE SERIES Part 3: What do you actually want?   This episode is for education only and is not tax, legal or financial advice.   Grab Your Copy of Farming Without The Bank — the Canadian version, includes audio. Start at ranchyourway.com   Watch the full series: youtube.com/@WinEHpodcast   Questions, comments, feedback: wecare@ranchyourway.com

  5. Oct 1

    Ep. 124 Structuring Your Farm for Succession: Corporations, Holdcos & Rollovers

    Should your farm or ranch be incorporated? Where should land, quota and investments sit? And how does structure affect what your children can inherit?    Together with Bryan McNulty, LL.B., B.B.A, T.E.P., Winnie and Lacy bring you Part 1 of 6 of Keeping the Farm or Ranch Together.    How a Canadian farm or ranch is structured today shapes what's possible when it passes to the next generation. In this opening conversation, former tax lawyer Bryan McNulty explains why most larger operations use a corporation, for liability protection and the lower tax rate on active business income. He covers how farm assets other than inventory can generally move into a corporation without triggering tax, and why assets the business doesn't use, like investments, rental properties and corporately owned life insurance, often belong in a separate holding company.    Bryan also explains the intergenerational farm rollover, which lets qualifying farm property or shares of a qualifying farm corporation pass to a child without triggering tax at that time, and the lifetime capital gains exemption. Both are only available on shares owned by individuals, and both can be lost if too many non-farm assets build up in the operating company. Along the way: estate freezes, family trusts and the 21-year rule, the Capital Dividend Account, and why U.S. citizens living in Canada face different rules.    Bryan has been working in the life insurance industry since 2010, joining Equitable in 2017. He has over 25 years of experience in tax and estate planning for entrepreneurs and high-net-worth individuals.   Bryan develops and implements advanced estate and tax planning strategies. He collaborates with advisors, accountants, and lawyers to deliver value-added services to a select group of clients in the business and affluent markets. Prior to his work in the life insurance industry, Bryan was a tax lawyer, the leader of the Tax Group, and a member of the Wills, Estates, and Trusts Group at the largest firm in Peel Region. Before that Bryan spent over 11 years at a major accounting firm, providing tax and estate planning advice to high-net-worth individuals.   QUESTIONS THIS EPISODE ANSWERS: Should my farm or ranch be incorporated?  Should farmland, quota and investments be held in the same company?  What is the intergenerational farm rollover, and who qualifies?  How can non-farm assets affect the capital gains exemption?  What is an estate freeze, and why is it often paired with a family trust?  When should a farm family start succession planning, and how often should the plan be revisited?  WHO IT'S FOR: Canadian farm and ranch owners, incorporated or not, families thinking about the next generation, and dual Canadian–U.S. citizens who want to know where different rules may apply.   HOSTS AND GUEST: Winnie Lau and Lacy Rowan, Ranch Your Way. Life insurance advisors who help farm and ranch families plan with The Infinite Banking Concept®. Lacy's own family ranch has been in the family for more than 110 years. Bryan McNulty, former tax lawyer with more than 25 years in tax and estate planning. He spent 11 years at an accounting firm and worked at a law firm drafting wills and trusts before joining the life insurance industry with Equitable Life of Canada. He also has experience in Canada–U.S. cross-border tax planning.    A NOTE ON TIMING:  Recorded October 30, 2024. The proposed changes to Canada's capital gains inclusion rate discussed in this episode did not proceed. Tax rates and amounts mentioned may have changed.    NEXT IN THE SERIES Part 2: Where do you start, and where does life insurance fit?  This episode is for education only and is not tax, legal or financial advice.    Get Farming Without The Bank — the Canadian version, includes audio.  Start at ranchyourway.com    Watch the full series: youtube.com/@WinEHpodcast  Questions, comments, feedback: wecare@ranchyourway.com

  6. Sep 24

    Ep. 123 - Should Whole Life Insurance Disappear From Agriculture? We're Answering Back.

    A popular podcast recently made a bold claim: if they had a magic wand, they'd get rid of whole life insurance in agriculture altogether. Winnie and Lacy heard it, sat with it, listened twice to be fair, and decided the claim deserved a real response. In this episode, they break down what the critique got right, where it missed the mark, and why "whole life insurance" and The Infinite Banking Concept® aren't quite the same conversation.  They untangle the confusing idea of "borrowing twice," explain why age and setup matter more than a blanket rule, and explain why working with an authorized Nelson Nash Institute practitioner changes everything. If you're a Canadian farm or ranch family trying to figure out where whole life insurance really fits into your financial picture, this episode gives you the fuller story — the one that didn't make it into the first eight minutes of that other podcast.  Start here: Get Farming Without The Bank — the Canadian version, includes audio. Available at ranchyourway.com.  More episodes: youtube.com/@WinEHpodcast  Questions, comments, feedback: wecare@ranchyourway.com

  7. Sep 17

    Ep. 122 - When Mother Nature Calls the Shots: Are You Financially Prepared?

    Drought. Forced herd reductions. Unexpected income. Tax consequences. And eventually—the need to rebuild. A recent announcement about Canada's Livestock Tax Deferral got Lacy thinking about a much bigger question: What happens when circumstances force you to make a financial decision before you're ready? In agriculture, we don't control the weather, the markets, interest rates, or government policy. But we can control how we prepare. In this episode, Lacy explores why being asset-rich isn't the same as having liquidity, why a temporary tax deferral doesn't solve a long-term cash-flow problem, and why building a pool of capital you control can give you options when adversity—or opportunity—shows up. Because selling the cows isn't necessarily the end of the financial decision. Someday you may need to rebuild that herd. Where will the money come from? The goal isn't to predict what happens next. It's to be financially prepared enough that you have choices when it does. Start with the book — Farming Without the Bank (Canadian edition) — available in paperback and audio at ranchyourway.com. Watch full episodes of the Win-EH Podcast at youtube.com/@WinEHpodcast. Hosted by Winnie Lau & Lacy Rowan – Ranch Your Way Watch our Podcast on YouTube or listen on Apple Podcasts, Spotify, and iHeart Radio Subscribe so you never miss an episode!

  8. Sep 10

    Ep. 121 - Land Rich, Cash Poor: Who Really Controls Your Wealth?

    You can own millions of dollars in land, cattle and equipment and still feel like you're constantly looking for cash. That's the reality for a lot of farm and ranch families. We can be incredibly wealthy on paper, yet still depend on banks, government programs, retirement accounts and outside institutions to access the money we need. In Chapter 4 of Building Your Warehouse of Wealth, Nelson Nash uses the analogy of the boiled frog to show how slowly we can become accustomed to giving up control of our money. Retirement plans, tax incentives, pensions and government programs can all feel like security—but how often do we stop and ask: Who actually controls the money? Nelson wrote from an American perspective, but the principle applies just as much to Canadian farm and ranch families. We have CPP, OAS, RRSPs, employer pensions and other registered programs. The question isn't whether these programs are good or bad. The question is how much of our financial future we want dependent on systems where someone else makes the rules. Because there's a big difference between owning wealth and controlling capital. If most of your wealth is tied up in land, cattle, equipment and accounts you don't want—or can't afford—to liquidate, what happens when you need money? Do you have access to capital you control, or do you have to ask someone else for it? That's why building your own Warehouse of Wealth matters. This episode isn't about abandoning everything you've been taught about retirement or saving. It's about looking at your farm or ranch differently, understanding where your wealth actually lives, and intentionally building a pool of capital that gives you more control, liquidity and options throughout your lifetime. Because the goal shouldn't be to spend a lifetime building a valuable operation only to discover that accessing your own wealth still requires someone else's permission. Make the bank Plan B.   Start with the book — Farming Without the Bank (Canadian edition) — available in paperback and audio at ranchyourway.com. Watch full episodes of the Win-EH Podcast at youtube.com/@WinEHpodcast. Hosted by Winnie Lau & Lacy Rowan – Ranch Your Way Watch our Podcast on YouTube or listen on Apple Podcasts, Spotify, and iHeart Radio Subscribe so you never miss an episode!

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About

The WinEH! Podcast is all about WINNING in Canada EH. Specifically in the world of how we work with Money, think about Money and how we can use it to ELEVATE our life experience. The Financial Philosophy that we live by is based in the use of the Infinite Banking Concept. We believe that every Canadian deserves to know there is a better way to go about the way we think and manage our money. This podcast has 3 DISTINCT SHOWS. We are sharing ONE show at a time. Each show aims to heal the financial divide created by life experience, history, government and the banks. Alright, come lean in and check out our first show, Ranch Your Way.

Information

  • Creator
    Winnie Lau
  • Years Active
    2024 - 2026
  • Episodes
    128
  • Rating
    Clean
  • Copyright
    © 2024
  • Show Website
    WinEH! Podcast

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