Show notes
In this episode, the hosts discuss their experiences at a recent portfolio strategies conference, sharing insights on investment strategies and the importance of having a defined investment philosophy. They delve into the complexities of the Tax on Split Income (TOSI) rules, explaining how these regulations impact business owners and their ability to pay dividends to family members. The conversation highlights the need for careful tax planning and understanding of the rules to navigate potential pitfalls. The episode concludes with a discussion on the importance of knowing the intricacies of investment products and the trade-offs involved in financial planning.Topics Covered in this Episode00:00 Conference Insights and Networking12:33 Understanding TOSI: Tax on Split Income24:42 Navigating Dividend Payments and Family Structures24:44 Understanding Income Splitting Rules28:47 Exploring Non-Resident Shareholder Implications31:30 Navigating Tax Risks with Non-Resident Corporations35:32 Client Engagement and Tax Knowledge38:42 The Complexity of Tax Compliance43:30 Investment Knowledge and Client Understanding Millen Wealth Advisors Website: https://www.mwadvisors.ca/ Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster Co-Pilot TaxWebsite: https://copilottax.ca/Canadian Tax Guy: https://x.com/canadataxguy?lang=en Follow us on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/ KeywordsTOSI, Tax on Split Income, investment strategies, financial planning, tax planning, portfolio management, business income, dividends, family business, tax risk