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