You can be tax savvy too...Essential insights every business owner should know

10/17/24 • 31 min

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:

Here is a sneak peek of what we chat about:

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:

Previous Episode

Musings of a Tax Chick: Falling on bended knee... what you need to know about the Voluntary Disclosure program

Are you behind in your tax filings? I mean REALLY behind... like more than the last year or two?
Did you make a mistake in a previous filing?

Canada Revenue Agency's Voluntary Disclosure Program might just be for you! I have had a couple calls this past week about the "VDP" program, and I thought this might be a great time to dispel some myths.

In this episode:

1. I discuss what the program is, and when you would choose to apply.
2. Provide some insight into the criteria for a successful application
3. Talk next steps.

It is so important to remember that VDP does not get you out of paying the tax - in fact, you have to prepay the tax up front-when you make the application! It just offers amnesty from penalties.

RESOURCES DISCUSSED ON THIS EPISODE:

CRA: Voluntary Disclosures Program

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

Next Episode

Musings of a Tax Chick: Top 10 Tax Tidbits for 2024!

My Christmas gift to you this year is an episode full of tax tidbits that you can share at your holiday party - check out this episode for my rundown of the tax issues that made the news for me in 2024:

10. The Taxpayer's Ombudsman Report
9. Auditor General's Report - the CEBA Program
8. CRA New Audit Powers
7. Digital Services Tax
6. Where do we stand on Alternative Minimum Tax?
5. The GST/HST Holiday
4. Audits on COVID benefits
3. Bare trusts...
2. Capital Gains...
1. The Fall Economic Statement - stay tuned for December 16th!

Merry Christmas and Happy New Year! I will be back with Season 6 of The Tax Chick Podcast in March 2025!

RESOURCES DISCUSSED ON THIS EPISODE:

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME: