LLC, S-corp, C-corp, tax treaties....for Canadian business owners, US tax can be confusing and intimidating. In Ep30 Brent Hoshizaki, CPA, CA, CPA (Washington) breaks all of this down for us, and more! Don't let US Tax rules intimidate you into not expanding your business into the US. Tune in to learn from an expert! 

Links:

LinkedIn: https://www.linkedin.com/in/brent-hoshizaki-cpa-ca-cpa-washington-0a916515/?

The majority of Canadians will be affected by major changes in the New Budget. And we're all curious about how will we be able to better understand this.

In this special episode, Mehul as a financial planner and a tax nerd discusses on the New Budget, what it means, and how it will affect the majority of Canadians. Mehul will also bring up the high-level points of reason budgeting and capital gains.

Tune in to this episode and find out more about The 2022 Canadian Federal Budget Recap!

Highlights:

(02:17) Are income tax rates going up? 

(03:23) The Small Business Reduction 

(04:12) All You Need to Know: ​​Capital Gains Inclusion Rate

(05:39) Details of the new registered plan

(10:44) Understanding The Homebuyers Plan

(11:29) What are the new deeming rules on the sale of a property?

(15:01) Personal Tax Credits: How does it work?

(16:56) The multigenerational home renovation tax credit

(19:23) Interest Rates (Bank of Canada)

Links:

The Mind Your Biz Podcast

Instagram: MIND YOUR BIZ PODCAST🎙️ (@mindyourbizpod) • Instagram photos and videos

LinkedIn: 

https://www.linkedin.com/posts/mehulgandhicfp_mindyourbiz-smallbusinessbc-sbbc-activity-6871518247460720640-deRu/

Are you an business owner or incorporated professional with "healthy" retained earnings? This episode is for you!

We are joined by Kim Moody, author, one of Canada's leading tax experts, and CEO of Moodys Private Client and Moodys Tax. 

Kim’s primary area of expertise is tax and estate planning for owner-managers of private corporations and executives, particularly those who have entered into the tax complexities that come with being affluent. 

Mehul and Kim get into the nitty-gritty details of surplus stripping and Kim shares his view on what entrepreneurs need to look out for when considering the strategy. 

In this episode, you will learn about our the Canadian Tax system, the difference between dividends and capital gains, and what to do with your retained earnings.  Kim does not hold back and it is refreshing for someone in his position to "tell it how it is"!

Highlights:

[01:56]How did he get into the World of Tax?

[09:39]Accounting 101: Surplus Stripping and Dividend

[17:18]The history of capital gains tax in Canada?

[19:06]How to Pay Yourself: Salary and Dividend

[28:05]2017 Proposal on Surplus Stripping

[40:07]Increasing Inclusion Rate: Potential Consequences

[44:02]Long-Term vs. Short-Term Capital Gains: What's the difference?

[44:13] The Idea of Having a Tiered Capital Gains Rate 

Links:

Website:https://moodysprivateclient.com/ 

LinkedIn:https://www.linkedin.com/in/kimmoody/?originalSubdomain=ca 

Facebook:https://www.facebook.com/MoodysTax 

Twitter:https://twitter.com/MPCLLP 

Book:Making Life Less Taxing: Pay Attention to Your Taxes So You Can Pay Less Tax and Build a Strong, Smarter Canada

Are you safeguarding your business or your bank? Make sure your debts don't hurt your pocket or your business!

Canadians, particularly business owners, must be knowledgeable about various insurances currently offered to them and take the information seriously; this will not only help them save money, but it will also keep their businesses from being jeopardized, and avoiding to risk their millions of dollars for a false sense of security.

In another episode of Mind Your Biz Podcast, Mehul speaks with Matthew Inglis, Founder of Creditor Insurance Watchdogs, a division of Mobile Advisors.  Matthew specializes in educating people and providing tools to help them get better rates and coverage on their creditor insurance. He will elaborate more on creditor insurance and how it can help you better your business.

If you are a business owner, this episode would be a BIG help for you! What are you waiting for? Hit that play button now!

Highlights:

[01:15] The Thought Behind MOBILE ADVISORS

[06:47] Creditor Insurance in a Nutshell 

[09:33] The Surface Issues of Creditor Insurance

[14:25] Understanding the Differences Between Life Insurance Policy and Creditor Insurance

[16:00]  Why it is crucial to get a Licensed Insurance Professional

[20:00]  The importance of fact-checking and who answered the forms correctly upon time of application

[24:10] How is Creditor Insurance Priced + Pricing of the Premiums for Creditor Insurance versus Traditional Insurance

[26:29]  What is the difference between “I'm going to lend you a million dollars, and I'm going to charge you a million dollars to ensure it”?

[28:41] One tier bank that offers more than a million dollars worth of creditor insurance protection

[33:09] Why should business owners develop a relationship with financial advisors, financial planners, and licensed insurance professionals?

[34:02] What should be your next step as a business owner?

[38:19] Take the creditor insurance. Get the loan. Cancel it: How does that work?

[40:48] Categorizing Creditor Insurance Products

Links:

Website: https://mobile-advisors.ca/about-us/

LinkedIn: https://www.linkedin.com/in/matthew-inglis-4b960069/?originalSubdomain=ca

Email: matthew.inglis@mobile-advisors.ca

Problems are unavoidable and can arise at any time, and business owners are no exception, but I'm sure you wouldn't want to deal with disagreements the size of a whale.

Even so, this should not be a daunting task because it only requires you to take the opportunity to address and even clarify issues through shareholder agreements. Not just that, you will also be able to avoid disagreements which makes it easier for you to succeed and improve with only minimal problems along the way.

In this episode of the Mind Your Biz Podcast, we are joined by Steve Parr, Founder of Parr Business Law as he talks about his journey in the law world and discusses straightforward shareholder agreements and why it is important in your business, plus he will talk about the Five D’s of why you should get this agreement.

Take some time to unravel the importance of shareholder agreements by tuning in to this episode and don’t forget to share it with your fellow entrepreneurs!

Highlights:

[01:44] Parr Business Law’s Origin Story

[08:28] Directional Shift: Rental Property Management to Business Law

[10:07] What caused him to create a practice that is flexible?

[13:57] Hiring for Remote Employees

[18:36] What is a Shareholder and Partnership Agreement + How it Differs from one another

[19:50] Consequences to Creating Partnerships

[21:20] The FIVE D’s

[23:55] Who needs a Shareholders’ Agreement?

[25:55] When is the right time to get a shareholders agreement?

[30:35]  How can a complimentary professional convince business owner clients to have a shareholders’ agreement?

[34:11] The Barriers Business Owners Face to Get the Shareholders' Agreement Done

[42:22] Rules of Intestacy from Shareholder or Business Partners

[51:20] Costs of a Shareholder’s Agreement

Links:

Website: Parr Business Law

LinkedIn: https://www.linkedin.com/in/steveaparr?originalSubdomain=ca

Twitter: SteveParrVic

In today's episode of Mind Your Biz Podcast we are joined by Jami Monte - CPA, bookkeeping coach and owner of Monte CPA. Jami empowers small business owners by coaching them on how to manage their own bookkeeping and how to leverage the financial data. We discuss how having a clear understanding of your business's finances can help owners make strategic business decisions. We also get real about write-offs and P/L reports. 

Tune in to this high-energy episode!  Be empowered and learn wholesome information and advice to take your business to the next level!

Highlights:

[1:55] What made her decide to become a CPA?

[05:10] How she ends up as a yoga teacher

[08:25] What was her stepping stone to entrepreneurialism?

[10:22] How long has she been doing yoga?

[14:17] Her reason for using her CPA license

[17:38] Bookkeeping: All You Need to Know

[20:50]  What are some of the ways that business owners can find or have more money now? 

[21:30] What is a Tax Write-Off?

[33:09] Why you should DO your own bookkeeping

[39:25] The Basics for Bookkeeping

[42:10] Why would you need a separate account for your business?

[45:15] What is reconciling for business owners?

[59:00] When should you outsource your bookkeeping?

Link:

LinkedIn: https://www.linkedin.com/in/jamimonte/

Website: jamimonte.com

Chillbooks (formerly Bookkeeping Bootcamp as referred to in podcast): https://jamimonte.com/chillbooks/

Instagram: https://www.instagram.com/jami.monte/

Having a good financial plan is crucial in the event of a critical illness.  Having sufficient finances to cover all expenses can make the situation less stressful for all parties involved. 

Critical illness insurance is never thought about enough: the stage of life, retirement decumulation, the different risks that come with it…  We listen from friends, neighbors, advisors, or even the web. Everybody has full access to information but it’s really important to slow down and let someone in that industry explain everything to you before making an informed decision. 

In today's crossover episode of Mind Your Biz Podcast we are joined by Dr. Yatin Chadha. He is the host of Beyond MD Podcast, which he launched in  2020, that focuses on financial literacy. The content is provided by subject experts but is steered by Dr. Yatin Chadha to ensure relevance to healthcare professionals in Canada. 

Tune in as we uncover more of Critical Illness Insurance!

Highlights:

[07:24]Demystifying Critical Illness Insurance (CI) and its difference with  Disability Insurance (DI)

[10:08]What is the coverage of Critical Insurance? 

[12:41]Living in Canada: Do I Need It? 

[17:47]Critical Illness: Personal, Corporate and Shared Ownership  (Dollar CI)

[20:44]Return of Premium (ROP): The Popular Feature of CI

[27:44]What is Loss of Independence?

[29:46]Two Different Types of Policies for Children

[33:45]Considering CI: Must-Ask Questions 

[37:35]Retirement: What is Sequence of Return

[43:02]Retirement: What is Longevity Risk

Links:

Website:http://beyondmdpodcast.com/ 

LinkedIn:https://www.linkedin.com/in/yatin-chadha-29074b109/ 

Facebook:https://www.facebook.com/yatin.chadha.3 

Instagram:https://www.instagram.com/beyond.md/ 

Twitter:https://twitter.com/yatinchadhamd 

Things Mentioned:

Ontario Securities Commission

Advisor’s Eagle

Mayor Hazel McCallion of Mississauga

This week we are joined by Jaxon Howell; owner and founder of Hats by Howell. Jaxon is a true artist in every sense. He is a professional photographer, carpenter, and hat maker who took on the adventure of turning his passion into a business by leaving his flight attendant career to become an entrepreneur.  

Tune in as we talk about how we can turn our artistic side into a business and listen to our guest’s inspiring entrepreneurial story!

Highlights:

[02:15] All About Hats by Howell 

[04:20] What do hats mean to him?

[05:41] What made him start a carpentry business? 

[08:00] What pushed him to go full-fledged on his entrepreneurial role and left the airline industry?

[10:06] How did he mitigate some of those turbulent times at the beginning of his transition?

[12:20] The Power of Asking in Entrepreneurship

[14:57] The Importance of Shifting from Scarcity to Abundance Mindset

[18:30] How did he start with the Hats by Howell? 

[27:50] Did he find a certain amount of courage making this transition based on the success of the previous transition?

[31:45] Why is it so important to understand finances and money as a kid?

[35:00] What would be that one piece of advice that he could give to someone on following their passion and turning it into a business?

[39:20] How can you mitigate any risk over and above that tolerance to still go and pursue what you want to do?

Link:

https://www.instagram.com/hatsbyhowell/?hl=en