Happy New Year! Hope you enjoy this bite-sized episode of the podcast - I am sharing a few updates about my life, the blog, the podcast, and upcoming travels. Oh, and since this is still a tax podcast, I am also sharing a little bit of practical information on how to authorize a representative on your Canada Revenue Agency account.

Did you know that it often takes 100+ hours to settle an estate when someone passes away?  Being an executor is a lot of work.  Throw in added complexities like blended families, business ownership, and assets outside of the jurisdiction, and executorship can turn into a full-time job!  I spend a lot of time chatting with clients about who they wish to appoint as an executor.  Typically, people like to appoint a spouse, a child, a sibling, or a close family friend.  And in many instances, that makes sense.  However, given the increasing complexity involved in administering an estate, consideration should be given as to whether an outside objective party makes more sense.  In this episode, the objective party we are talking about is the "trust company".My special guest on this episode is Anisa Diwan, a Wills and Estate advisor for RBC Royal Trust (Prairies Region) - we are chatting all about the "corporate executor".  Never heard of a corporate executor before?  You are not alone!  By the end of this episode, you will learn: (1) what factors support the appointment of a corporate executor (9:46), (2) the process in completing the appointment in your Will, including what it costs, and when you have to pay (20:20), and (3) what happens after you pass away - what exactly does the corporate executor do? (30:05).RESOURCES DISCUSSED ON THE EPISODE RBC Royal Trust Website: www.rbc.com/royaltrust Artie, the executor helper™:  www.rbc.com/royaltrust-artie “Smartless” Podcast: https://podcasts.apple.com/us/podcast/smartless/id1521578868  Oprah Super Soul Sunday Podcast: https://www.oprah.com/app/super-soul-sunday.html  Business Wars Podcast: https://podcasts.apple.com/us/podcast/business-wars/id1335814741  MORE FROM ANISA:LinkedIn:  https://www.linkedin.com/in/anisa-diwan-49236166/ MORE FROM AMANDA: The Tax Chick Blog - https://taxchickca.wordpress.com; Connect with me by email: [email protected] LinkedIn: https://www.linkedin.com/in/amandasadoucette    Instagram: @tax.chick Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb

Welcome to the first of a two-part LIVE EPISODE of the podcast with my special guest Jos Herman. In this episode we cover: (1) what is estate planning? (2) Estate freezes (3) Trusts... check out the next episode to learn more about shareholders' agreements, corporate-owned life insurance, and joint ownership of property.

Welcome to part two of the LIVE EPISODE of the podcast with my special guest Jos Herman. In this episode we cover: (1) shareholder agreements (2) corporate-owned life insurance; and (3) beneficiary designations/joint ownership of property. Missed part I? I encourage you to go back to Episode 10 for a discussion on: (1) What is estate planning? (2) Estate freezes and (3) Trusts.

Have you ever felt overwhelmed at the thought of learning about tax?  I completely understand - there is so much information that it is hard to know where to start!  When I get this question, I usually direct people to Video Tax News.  What is Video Tax News?  Well, it is a family business owned by Caitlin Butler, Joe Devaney and their sister Sheena - they cut through the overwhelming avalanche of tax developments to provide practical tax information to 1,000s of Canadian accountants, lawyers, and tax professionals across Canada.On today's episode, I am joined by Caitlin and Joe to discuss how their family business got started (8:51), what it is like running a business with your siblings (13:01), and we round off the episode with a "top 5" list of tax issues to watch out for in the coming months (23:55).  Caitlin and Joe share stories of their childhood, including tax-related family vacations... and the tips and tricks they have learned over the years to maximize the benefits of working with family.RESOURCES DISCUSSED ON THE EPISODE “Life in the Tax Lane" Podcast: https://www.videotax.com/life-in-the-tax-lane-podcast  "Modern Love Podcast": https://www.nytimes.com/column/modern-love-podcast  Video Tax News: www.videotax.com  MORE FROM CAITLIN AND JOE LinkedIn (Caitlin): https://www.linkedin.com/in/caitlin-butler-cpa-ca-96998b93/  LinkedIn (Joe): https://www.linkedin.com/in/joseph-devaney-cpa-ca-7501a537/  MORE FROM AMANDA The Tax Chick Blog - https://taxchickca.wordpress.com; Connect with me by email: [email protected] LinkedIn: https://www.linkedin.com/in/amandasadoucette    Instagram: @tax.chick Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

Lately, I have been receiving A LOT of requests to have a few episodes on cross-border issues.  I am kicking things off by bringing on my special guest, and fellow tax chick, Lori Keightley to break down the basics on Canada/US taxation.  We discuss:- Are you a US Citizen? (11:40)- Why does it matter?  What are your tax filing obligations? (18:00)- What are the tax implications of renouncing US citizenship? (25:30)- What happens if you own property in the US? (30:20)- What about if you are working in the US, but living in Canada (or vice versa)? (41:12)Did you know that the taxation system in Canada is very different from the US?  This can have some interesting implications for those persons who have ties to both countries.  Check out our conversation for some practical tips on how to navigate cross-border issues!And if you still want to learn more, check out Season 2 of The Tax Chick Podcast - in episode 2, I chat with Steven Flynn about taxation of snowbirds, and in a bonus episode, I chat with Jamie Szal about tax implications for Canadians selling their services/wares to the US.RESOURCES DISCUSSED ON THE EPISODE“You're Wrong About” Podcast: https://yourewrongabout.com/ MORE FROM LORI:LinkedIn:  https://www.linkedin.com/in/lori-keightley-91551134/ MORE FROM AMANDA The Tax Chick Blog - https://taxchickca.wordpress.com; Connect with me by email: [email protected] LinkedIn: https://www.linkedin.com/in/amandasadoucette    Instagram: @tax.chick Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

Breaking news! You should be using your financial advisor for more than just topping up your RRSPs every year...

Have you ever received a phone call or a letter from Canada Revenue Agency and panicked about what to do next?  Worried whether it was a legitimate call, or a scam?  Felt overwhelmed in how to decide what documents to provide?  Well, this episode is for you!I am excited to welcome fellow tax chick, Sophie Virji, back to the podcast for this episode!  Sophie and I chatted about the tax litigation process in Season 1 of the podcast (see Episode 5: “Tax Litigation 101”).  We re-group in this episode to tackle some of the “practical” aspects of CRA correspondence.  Specifically, we touch on three main themes: (1) Contact by CRA - phone versus letter versus email and the difference between requirements for information and an audit request (7:20), (2) Giving information back to CRA - electronic submissions, how to assemble your audit team, how to keep track of what information you provide, and a discussion on “privilege” (17:16), and (3) Resolving disputes - there are different ways than an audit can “end” - we chat about settlement, versus the appeal process (37:25).This episode has some great “tips” regardless of whether you are an individual taxpayer, or you own a business!RESOURCES DISCUSSED ON THE EPISODE Canada Revenue Agency, Business Enquiries Line - 1-800-959-5525 Canada Revenue Agency, Personal Enquiries Line - 1-800-959-8281 Notice of Objection (template form): https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t400a.html  MORE FROM SOPHIE: Website:  https://www.bennettjones.com/VirjiSophie  Facebook: https://www.facebook.com/sophie.virji/ LinkedIn:  https://www.linkedin.com/in/sophievirji/ Instagram:  @sophievirji MORE FROM AMANDA The Tax Chick Blog - https://taxchickca.wordpress.com; Connect with me by email: [email protected] LinkedIn: https://www.linkedin.com/in/amandasadoucette    Instagram: @tax.chick Sign up for my Newsletter, "Musings of a Tax Chick": http://eepurl.com/hNbXcb 

You are the CEO of your business - you deserve to know what is going on! My guest today believes that anyone can learn about bookkeeping - it is never too late - whether you are in your first year of business, or a seasoned veteran, the principles discussed in this episode apply to you! The numbers matter - and in today's episode we are sharing three different ways that knowing the basics about your bookkeeping can change your life, and your business...

Business owners - when was the last time you sat down and had a real conversation with your family and/or key employees about your wishes for your business and your estate?