Bonus Episode - 2024 Federal Tax Budget & Changes - what you must know with Cherry Chan, CPA

05/14/24 • 35 min

Dr. Kevin Mailo introduces Cherry Chan, a renowned author and expert in real estate taxation, who discusses the implications of the 2024 federal budget alongside Dr. Wing Lim. They delve into how the budget targets the wealthy but inadvertently affects the middle class, particularly through the increase in capital gains inclusion rates. Their discussion explores how the changes penalize not just the ultra-rich but also ordinary Canadians who have invested in properties or stocks for long-term financial security.

Cherry Chan and Dr. Wing Lim dissect the budget's effects on both unincorporated individuals and incorporated professionals. They explain how the changes disproportionately affect those who have incorporated their businesses to benefit from lower tax rates, as now, even the first dollar of capital gain within a corporation is subject to the elevated inclusion rate. This shift undermines the previous tax advantages of incorporation, significantly impacting investment strategies and financial planning for professionals like themselves. Cherry’s insights help unpack the changes being instituted and how to approach them.

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About Cherry Chan, CPA:

As a real estate tax expert, Cherry provides specialized advice to a wide spectrum of clients in the real estate sector, from investors to agents, ensuring tailored solutions for their unique needs. Concurrently, at OTUS Group, she contributes to revolutionizing financial management for non-profits and associations, offering strategic oversight akin to a CFO's role. Cherry’s dual involvement reflects a deep commitment to delivering expert financial guidance across diverse sectors.

Cherry Chan on LinkedIn

Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live

Physician Empowerment:

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Join the Physician Empowerment Masterclass now

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About Cherry Chan, CPA:

Cherry Chan on LinkedIn

Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live

Physician Empowerment:

Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
Join the Physician Empowerment Masterclass now

Previous Episode

42 - T4 vs T5: Battle of the Taxes

Physician Empowerment Masterclass Faculty Members Nick Giovannetti and Simon Wong, both Certified Financial Planners, join Dr. Wing Lim as he referees a battle royale between T4s (represented by Nick) and T5s (represented by Simon). What’s best for incorporated professionals to pay themselves and why? What are the features of T4s and T5s? What do two financial planners advise? This episode will answer all these questions and prepare for more in-depth explorations in a future Masterclass.

Accountants historically didn’t offer choices between T4s and T5s but the wind is changing, and now there are different champions for each camp. Nick Giovannetti explains Canada Pension Plan benefits that come with a T4 while Simon explores the potential to do better investing on their own, as made possible by a T5. Nick and Simon debate the benefits, challenges, expenses, and lower personal tax rates between the T4 and T5, showcasing both pros and cons from a financial and accounting perspective. This episode seeks to break down in simple terms who would be best served by a T4 versus who would do better with a T5 and why there is such a split between accountants. The information here is expansive, solid, and based on extensive mutual experience. Don’t miss this episode or the Masterclasses each Faculty Member contributes to in the future.

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About Nick Giovannetti:

Nick is a Certified Financial Planner® with a fully Integrated Wealth Planning Team. His approach to financial planning centers around a deep understanding of clients' goals and objectives, fostering long-term relationships built on trust and transparency.

About Simon Wong:

As an Integrated Wealth Planner, Simon’s expertise lies in simplifying complex financial concepts into clear, actionable insights, forming the cornerstone of his Financial Plans. He specializes in navigating individuals and businesses through the intricate landscape of finance, utilizing his extensive knowledge and experience to foster their financial success and stability.

Simon’s academic and professional credentials, including an MBA in Accounting and a prestigious trio of designations - Certified Financial Planner, Chartered Investment Manager, and Chartered Life Underwriter - empower him to provide holistic and strategic financial advice. His career spans beyond traditional wealth planning, enriched by collaborations with elite asset management firms and a notable tenure at a leading accounting firm.

Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live

Physician Empowerment:

Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
Join the Physician Empowerment Masterclass now

Next Episode

43 - Key Skills as We Grow in Our Practice Lives with Dr. Dimitre Ranev

Dr. Kevin Mailo welcomes close friend Dr. Dimitre Ranev back to the podcast to share some practice lessons learned in the past months. Dimitre addresses the value of delegation to medical practice and for mental health. Physician Empowerment has touched on the topic of delegation before but Kevin believes hearing about a subject that is key to growth from different perspectives is a major factor in determining happiness. Delegation can be a challenge but both Dr. Mailo and Dr. Ranev believe it is incredibly valuable.

Delegation, as defined, is the transferring of the responsibility of a task from oneself to somebody else. In studies of health professionals, doctors, and professionals in general, Dimitre found evidence of the advantages of delegating. What Dimitre and Kevin explore is how to delegate, which tasks to consider moving to somebody else, and vitally, who to delegate to. Building a trusted team is the path to being able to delegate with confidence. Having others contribute to getting tasks done increases available time and, by extension, revenue. But it also relieves stress, improves wellness, and allows a focus on the most valuable aspects of the work.

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About Dr. Dimitre Ranev:

Dr. Ranev is a duly qualified medical practitioner in the province of Ontario and Quebec. His primary practice is in Gatineau, Quebec. He currently specializes in sexual health, LGBTQ+ health, and fertility health. He also provides private consulting for Telus Health in preventative care. He has past experience with home and palliative care as well as Geriatric rehabilitation medicine at Gatineau Hospital. In Ontario, Dr. Ranev has past experience with home care, nursing home care, and student health. He has a special interest in Medical Education being the co-host for the Primary Medicine Podcast and holding a position of Faculty Lecturer at McGill University.

Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live

Physician Empowerment: