A fireside chat with a valuator - featuring special guest, JT Dhoot

12/16/21 • 40 min

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

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

Previous Episode

Estate Planning is Cool! with Mehul Gandhi

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

Next Episode

Philanthropy 101 with special guest Lisa Sands

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