The Tax Chick Podcast

This episode is a continuation of the discussion on "philanthropy". Let's say you decide you want to explore the option of a charitable gift (or you are at least curious about your options). In today's episode, I chat with my special guest, Shane Biehn, about the conversations that you need to be having with your advisor around charitable giving. We talk about: (1) what it means to be "philanthropic" and how to start the conversation with your advisor (9:25); (2) Taxation of charitable donations (16:01) and different vehicles that you can use to give a charitable donation (hint: it is not just cash) (22:35); and (3) a new initiative in Canada called, "WillPower" (42:02).

Have you heard of "a gift of appreciated securities" or "donor advised funds"? Well, after listening to this episode you will not only understand what those phrases mean, but be able to have a chat with your family and/or your advisor about each of them!

RESOURCES DISCUSSED ON THE EPISODE:

• "The Mindset Mentor" Podcast: https://podcasts.apple.com/ca/podcast/the-mindset-mentor/id1033048640
• "Fantasy Footballers" Podcast: https://www.thefantasyfootballers.com/fantasy-football-podcast/
• WillPower: https://www.willpower.ca/
• Canadian Association of Charitable Gift Planners: https://www.cagp-acpdp.org/
• Infographic: https://cagp-acpdp.aweb.page/canadiangiftsinwills

MORE FROM SHANE:

• Website: https://cclprivatecapital.com/our-people/investment-professionals/shane-biehn
• LI: https://www.linkedin.com/in/shanebiehn

MORE FROM AMANDA

• Sign up for "Musings of a Tax Chick": http://eepurl.com/hNbXcb
• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
• Instagram: @tax.chick

Over the past few months, I noticed myself having the same conversation over and over with clients - they wanted to include a charitable donation as part of their estate planning, but had no idea how to choose a charity or where to start. I realized that people are generally a bit curious about what it means to be a "philanthropist". Sure, there are tax benefits to making a charitable donation, but there are many other reasons why a person might decide to donate to a charitable organization.

This episode is the first in a 2-part series on "philanthropy". In this episode, I chat with special guest, Lisa Sands (Chief Development Officer, RUH Foundation) about: (1) Top things to keep in mind when trying to decide on a charitable gift (10:45); (2) the process for charitable giving - what it can look like to donate in life or as part of your estate planning (22:40); and (3) the Women Leading Philanthropy group (31:01).

Stay tuned for the next episode, where I will dive into the tax benefits of philanthropic giving, and also discuss some of the planning opportunities available.

P.S. In this episode, I am debuting some new music created by my husband to kick off Season 3! He calls this beat, "Tropical Tax Chick"... can't you just taste the pina coladas?!?

RESOURCES DISCUSSED ON THE EPISODE

• "I Shake my Head with Lisa and Sam" Podcast: https://podcasts.apple.com/us/podcast/i-shake-my-head/id1232121527
• "With Less" Newsletter from Marty Finestone: https://legaladjacency.com/with-less/
• CRA Charities Directorate: https://apps.cra-arc.gc.ca/ebci/hacc/srch/pub/dsplyBscSrch?request_locale=en
• RUH Foundation: https://ruhf.org/
• Women Leading Philanthropy (RUH Foundation): https://ruhf.org/women-leading-philanthropy/
• YouTube Channel for RUH Foundation: https://www.youtube.com/channel/UCUu4nSywH8WtF7lQHZVgFTQ

MORE FROM LISA:

• Email: [email protected]
• Facebook: https://www.facebook.com/RoyalUniversityHospitalFoundation/
• Twitter: https://twitter.com/RUHFoundation
• IG: https://www.instagram.com/ruhfoundation/
• LinkedIn: https://www.linkedin.com/company/royal-university-hospital-foundation/

MORE FROM AMANDA

• Sign up for "Musings of a Tax Chick": http://eepurl.com/hNbXcb
• 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

Have you ever had to obtain a formal "valuation" for something? Sometimes financial institutions will want a valuation if you are trying to get a mortgage to purchase a property. Other times, you may need to get a formal valuation before you can sell something - like a collection of artwork, or even your business. Sometimes Canada Revenue Agency will disagree with your value, and put their own valuators on the case.

But when you hear the phrase, "You should get a formal valuation" do you know what that means? I know when I first became a lawyer, I had no idea what that meant! Over the years, I have learned more about the valuation process each time I have had to work with a valuator to help one of my clients. So, in this episode of The Tax Chick Podcast I am sharing a conversation that I had with, JT Dhoot of Omnis Valuations and Advisory Ltd. We discuss: (1) the different types of valuations (7:04); (2) the information you should gather if you are looking to get a valuation (14:50); and (3) reasons why you might need to get a valuation (25:27).

RESOURCES DISCUSSED ON THE EPISODE

• Gary Vee Podcast: https://www.garyvaynerchuk.com/podcast/
• Appraisal Institute of Canada: https://www.aicanada.ca/need-an-appraiser/find-an-appraiser/
• Chartered Business Valuators Institute: https://cbvinstitute.com/membership-lookup/

MORE FROM JT:

• LinkedIn (Personal): https://www.linkedin.com/in/jtdhoot/
• LinkedIn (Omnis Valuations and Advisory) :https://ca.linkedin.com/company/omnis-valuations-and-advisory-ltd
• Website: https://omnisvaluations.com/
• Twitter: https://twitter.com/OmnisValuations
• Facebook: https://www.facebook.com/omnisvaluations247/

MORE FROM AMANDA

• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
• Instagram: @tax.chick
• Sign up for my Newsletter! http://eepurl.com/hNbXcb

Mehul and I met through social media almost a year ago - he is a financial planner and business owner that also believes in the power of collaboration, and promotes the importance of building your "team". He also happens to be a fellow podcaster, and so we decided it would fun to hook up our fancy microphones and record one of our chats!

We recognize that "estate planning" can seem very overwhelming. It is hard to know where to start, and often we just want to rip the bandaid off and get it done as quickly as possible. But we believe that estate planning is "cool", and can actually be an empowering and uplifting process - as long as you are open to the process and willing to ask the tough questions.
In this episode, we break down what you need to know about: (1) foundational estate planning documents (i.e., what is the difference between a Will, a Power of Attorney, and a health care directive, and what should you know about beneficiary designations on life insurance policies and investments) [14:30]; (2) how "fair" does not always mean "equal" in estate planning [31:31]; and (3) a discussion about what retirement planning should really entail, and how collaboration amongst your advisors can make all the difference in getting peace of mind during the planning process [34:17].

Mehul and I have the same goal when working with clients on the estate planning process - we want you to be able to sit down with your friends at the end of our meetings and be able to explain your "plan". You deserve to know what you own, and how those assets can be used for a comfortable retirement!

If you are struggling with how to "start" working on your estate planning, then this episode is for you!

RESOURCES DISCUSSED ON THE EPISODE:

• "All-in with Chamath, Jason, Sacks, & Friedberg" Podcast: https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393

MORE FROM MEHUL:

• LinkedIn: https://www.linkedin.com/in/mehulgandhicfp/
• Mind Your Biz Podcast Website: https://www.mindyourbizpod.com/
• Instagram: https://www.instagram.com/mindyourbizpod/
• Listen to the "Mind Your Biz Podcast" here: https://open.spotify.com/show/2MXapiWUSNcWUtYH76tYCI?si=3c0b6350982d43d9

MORE FROM AMANDA:

• The Tax Chick Blog - https://taxchickca.wordpress.com;
• Connect with me by email: [email protected]
• LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
• Instagram: @tax.chick
• Sign up for my newsletter: http://eepurl.com/hNbXcb

In this episode, I chat with special guest, Corey DeJean, owner of CJDJ Accounting Services and current Chair of the Association of Tax and Accounting Professionals ("ATAP"). Corey and I get to hang out in January every year at the ATAP Refresh Conference in Toronto - we have had so many great conversations about collaboration, sharing resources and the importance of educating our clients about tax. It was about time that I got her on the pod!

Corey and I dive deep into the crucial tax information every business owner should know to stay compliant, maximize deductions, and optimize their financial strategies. Whether you’re a startup founder or a seasoned entrepreneur, understanding taxes can make a significant difference in your bottom line!

Here is a sneak peek of what we chat about:

1. What is ATAP and how can it help you?
2. Your business is NOT you!
3. There is a huge difference between revenue and the $ in the bank.
4. Not everything is deductible.
5. There is no "one size fits all" strategy for compensation.

RESOURCES DISCUSSED IN THIS EPISODE:

• ATAP LinkedIn Account
• https://atapcanada.ca/
• Want to learn more about your numbers? Check out: https://thefinancecafe.ca/
• Need a laugh? Click here for the Schitt's Creek write-off scene :)

CONNECT WITH COREY:

• Corey DeJean (LinkedIn)

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website!
• Email: [email protected]
• @tax.chick (IG)
• LinkedIn
• Be a "Tax Chick VIP"