In this episode, I am joined by Financial Planner, Aravind, for a deep dive into one of the most common (and misunderstood) questions for incorporated business owners: Should I pay myself a salary or a dividend?
We unpack the myths, explore the tax mechanics, and walk through real-life planning considerations that go far beyond the coffee shop advice of “dividends are better.” Spoiler alert: the answer is almost always “it depends"!
Our conversation included:
CONNECT WITH MY GUEST:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
In this episode of The Tax Chick Podcast, I am joined by my friend and fellow professional, Michelle D. Coleman, to dig into a topic that every executor needs to understand: the tax implications that arise after someone passes away.
Michelle shares her expertise on the common questions and pitfalls that executors face when navigating taxes on death. Together, we walk through the fundamentals of estate administration, tax filings, and why early planning and communication are so important.
We cover:
If you have ever wondered what happens from a tax perspective after someone dies, or if you have been named an executor and feel unsure where to begin, this episode will give you a clear roadmap of what to expect and why it is so important to get the right advice early on.
MORE ABOUT OUR SPECIAL GUEST:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
If you have been listening to my podcast for a while, you will know how much I value my involvement with STEP (the Society of Trust and Estate Practitioners). It is not just about the TEP designation. What I love most are the connections, the learning, and the high-quality professional development that STEP provides. Honestly, it is some of the best CPD I get all year!
So, I am taking a quick detour from regular podcast programming to share with you the exciting lineup of events we have planned for our STEP Saskatchewan Branch!
Attendance at STEP events is open to non-members and members. We are excited to launch the 2025-2026 Season for STEP Saskatchewan, and in this episode, I walk you through what is coming up this year! All sessions are available in person or on demand - and the topics for this season have broad applicability outside of just Saskatchewan practitioners. Here is the scoop:
RESOURCES DISCUSSED ON THIS EPISODE:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
This mini-episode is inspired by one of the most common questions I get from clients and advisors alike: “What is estate planning?” We hear about it all the time, but what does it actually mean?
Spoiler alert: it’s more than just writing your Will!
I break down:
- The core documents that make up an estate plan
- The "investigation" stage
- Understanding the "little" tax and the "big" tax
- Death folders
Estate planning is about more than documents. It is about communication, preparation, and making life easier for the people you leave behind. It is a team effort, and it is never too early to start!
For more information on this topic, check out Season 2, Episode 10 of the Podcast, "Estate Planning 101 with Christine van Cauwenberghe".
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
Welcome to a very special celebration episode of The Tax Chick Podcast!
This week marks five whole years since I hit “publish” on my very first podcast episode. That means the podcast is officially in kindergarten!!!!
In this milestone episode, I hit pause on tax talk and reflect on the journey of building the podcast from a simple blog during the early pandemic days, to a globally downloaded show with over 80 episodes and listeners in 75+ countries.
In this episode, I chat about:
Whether you are a longtime listener or just joining The Tax Chick Podcast community, thank you for being part of the journey. This episode is for you.
🎶 Special thanks to DJ CWC (aka my husband Craig) for five years of original podcast music!
In this special (and slightly chaotic) summer edition of The Tax Chick Podcast, I am joined by summer students Frank, Blake and Tone, and articling student, Nick, for a candid and fun game of tax trivia!
From weird historical levies to modern-day deductions, it’s law school meets game show in the most entertaining way possible!
WANT TO LEARN MORE ABOUT MY GUESTS?
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
As a tax lawyer, I spend a large portion of my day discussing difficult topics with clients - including discussions of death and dying. Often, I am one of the first phone calls after the death of a loved one.
In this episode, we delve into a deeply personal topic: the emotional impact of losing a long-time client. My special guest, Dr. Brian Chartier, shares valuable insights and strategies for:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
So you finished your estate planning... but do you have a Power of Attorney?
Check out this mini-episode for details on:
- What is a power of attorney? (2:13)
- When should you consider having more than one power of attorney? (4:00)
- How do you choose who to appoint as your power of attorney? (6:05)
- What are some tips/traps to consider? (7:18)
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
So often when completing our estate planning, we focus on what will happen when the last spouse dies. But what about after the death of the first spouse? In this episode, I outline some key planning considerations to keep in mind on the death of the first spouse, including: cash flow planning, access to credit, and practical considerations!
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
Switching it up today and chatting about a very specific section of the Income Tax Act... s. 160. This section can be used to assess one person for the tax debts of another person... it is typically applied between spouses and/or between parents and children. However, some recent case law has resurrected a discussion on this topic, including who is really a "spouse" for the purposes of this section.
RESOURCES DISCUSSED ON THIS EPISODE
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
A recent LinkedIn post of mine sparked some great informal discussion about responding to CRA "proposal" letters. So, it seemed like a great topic to chat about on the pod!
Do you know what information/documentation you can obtain through informal disclosure with CRA? Check out this episode to learn more about:
RESOURCES DISCUSSED ON THIS EPISODE:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
In this episode, we’re breaking down all the tax essentials for social media influencers, content creators, and anyone monetizing their online presence. From referral codes and affiliate links to brand collaborations and sponsored trips, we cover what counts as income and what you need to report. We’ll also talk about the tricky area of receiving gifts and how to handle barter transactions—yes, those fancy purses and free hotel stays could come with tax implications!
Join me and special guest, Jami Monte as we dive into:
Tune in to learn how to keep your finances in check while you grow your online empire!
CONNECT WITH JAMI:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
Season 6 is here!!!! Check out this short episode to learn a little bit about what you can expect on the pod this season and also for a refresher on some great episodes from last season! I also include a quick update on what I have been up to the last few months.
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
In this episode, I am diving into the must-have documentation you need to gather before tackling tax season. Whether you’re filing on your own or working with a professional, this episode will help you organize everything you need to make tax time a breeze. Tune in for tips on what documents to collect, how to stay organized, and avoid common mistakes that could cost you later!
RESOURCES DISCUSSED ON THIS EPISODE:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
You’ve filed your taxes—great job! But the work isn’t quite over yet. In this episode, I'm walking you through the essential steps you need to take after submitting your taxes. From saving and reviewing your Notice of Assessment to paying any taxes owed, and some tips on how to update your financial records and prepare for next year, this episode has what you need to stay ahead of the game!
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
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:
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:
CONNECT WITH COREY:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
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:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
I decided to switch things up a bit for this episode, and invite on 3 people that I have been hanging out with all summer this year - our firm summer students, Blake, Frank and Nick!
Don't worry - the word "tax" does get brought up at some point in this episode :) But the main purpose of this episode was to share a little bit about what it is like to work in a law firm (Hint: it is not like Suits!)
In this episode, we cover:
1. Why each of my guests chose to work at a firm over the summer instead of a different type of summer job during law school? (9:50)
2. One thing that surprised them about working at a firm? (12:35)
3. One positive thing about the summer/one negative thing (17:09)
4. Advice they would give to students who are considering applying to a firm for a summer position.
This episode is great for anyone in law school and wondering about the firm experience, and also great for lawyers who are working with law students - I am really grateful to Blake, Frank and Nick for their honesty in sharing the student experience! It was so much fun working with them this summer and I know they all have very bright futures ahead of them!
CONNECT WITH NICK, FRANK AND BLAKE:
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
Check out this episode for information on upcoming conferences where you can find me as a guest speaker, along with some information on the Tax Court of Canada, including the role of "discoveries" in a tax hearing.
RESOURCES DISCUSSED ON THIS EPISODE
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME: