Discussing Philanthropy with your Advisor, with special guest, Shane Biehn

02/17/22 • 47 min

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:

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

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:

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

Previous 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

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

Next Episode

Three common tax audit flags... and how you can be prepared! (with special guest, Dean Blachford)

One of the pieces of my tax practice that I do not often highlight on this platform is my work in "tax controversy" or "tax litigation". A huge part of my practice is helping taxpayers navigate through audits, and appeals to the Tax Court of Canada. Sometimes, the world of audits and appeals can seem a bit "mysterious". There is also a huge fear associated with receiving communication from Canada Revenue Agency. The best way to combat fear is with knowledge. So in today's episode, I am chatting with my guest about three key areas that typically attract a lot of audit activity - and what you can do to prevent an audit in these areas (or at least prepare yourself should one arise). First, we tackle "shareholder loan accounts" (8:04), then we move on to the dreaded "net worth audit" (17:38), finishing off with a lively discussion on "input tax credits" and what you need to know about your GST filings (27:17).

RESOURCES DISCUSSED IN THIS EPISODE