Legacy: The Business Succession Podcast
A bi-weekly podcast focused on helping business owners plan a smooth exit from their company. It covers exit planning and succession planning strategies, offering tips and guidance for building a lasting legacy. The host, Jared Pilon, shares insights for entrepreneurs preparing to transition their business.
Episodes
Pass Your Business to Your Kids WITHOUT GIVING IT AWAY
Your business may be worth millions today. While your child may be the clear successor, how are they supposed to buy at the value you have spent decades creating, without taking on a mountain of debt or forcing a rushed sale?In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LLP explains estate freezes to help your business transition. Done properly,
Waiting to PURIFY Your Corporation is a COSTLY MISTAKE
A buyer calls, and the offer is right. You're ready to sell. And then your accountant tells you your corporation doesn't qualify for the Lifetime Capital Gains Exemption (LCGE). It could end up costing you hundreds of thousands of dollars if you can’t fix it before closing.In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LLP explores corpo
The $1.25 MILLION TAX EXEMPTION Opportunity for Business Owners
You spent decades building a successful business and received an offer worth millions. Then you discover the most valuable tax exemption available to Canadian business owners isn't available to you.It’s because nobody checked whether your corporation actually qualified before the sale happened.In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LL
Get the MAXIMUM VALUE in Your Business Sale
In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LLP reveals what you need to do, years before you ever list your business, to put yourself in the strongest possible position to get paid more when the time comes to sell.The truth most business owners don't hear until it's too late is that the highest offer doesn't always go to the bes
Do You Actually Need a Holding Company?
Everyone seems to have an opinion on holding companies. Your lawyer mentioned it. Another business owner swears by it. You read something about it online. But nobody has clearly explained whether you actually need one.In this episode of Legacy: The Business Succession Podcast, I’m cutting through the noise on one of the most misunderstood topics in business succession planning. A holding company i
The Family Succession Mistake That Tears Businesses Apart
Splitting everything equally among your children sounds like the fair and reasonable thing to do. But in family business succession, "equal" and "fair" are not always the same thing. Assuming they are is one of the most common mistakes that breaks both businesses and families.In this episode of Legacy: The Business Succession Podcast, I tackle one of the most emotionally charge
People Are NEVER the PROBLEM in Management Buyouts
Handing your business to the team that helped you build it is the obvious move. But management buyouts fail more often than you expect.In this episode of Legacy: The Business Succession Podcast, I’m breaking down how management buyouts work, why they appeal to so many business owners, and, most importantly, the reasons they break down before they ever get across the finish line.The people are rare
YOUR SUCCESSION PATH: Family Transition or Third-Party Sale
A family transition or a third-party sale. Which succession path is right for you?Every business owner will eventually face this question. And the answer is rarely as straightforward as it seems.In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LLP explores the two succession paths available to most business owners: a family transition or a third-par
The HARDEST Part of SUCCESSION Planning
The numbers are ready. The structure is in place. Your team is ready. So why can't you move forward?In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LLP addresses the part of succession planning that rarely gets talked about: the personal side. For most business owners, the biggest barrier to a successful transition is not the tax structure or
The 5 Succession Mistakes That Cost Business Owners
Most succession planning failures are not technical; they’re behavioural. And they are avoidable if you know what to look for.In this episode of Legacy: The Business Succession Podcast, Jared Pilon of Legacy Accounting LLP walks through the five most common succession planning mistakes business owners make.Each mistake on its own is manageable. Together, they can quietly erode business value, comp
Why Five Years Isn't Enough Time to Plan Your Business Exit
When should you actually start planning your business exit?Most business owners assume the answer is five years before retirement. In practice, that timeline is almost always too late.In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LLP addresses one of the most common questions business owners ask when they first begin thinking about succession — w
An Exit Plan is Not a Succession Plan (& vice versa)
Most business owners use succession planning and exit planning interchangeably. That mistake can cost you everything you've built.In this episode of Legacy: The Business Succession Podcast, we draw a clear line between two business practices that look similar on the surface but serve fundamentally different purposes. One protects your financial outcome. The other protects your business. You n
Your Business Exit WILL Happen. Will You PLAN or PANIC?
Every business owner will exit their business. The only question is whether it happens on your terms or under pressure.In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LLP breaks down why succession planning isn’t optional, even if retirement feels far away.You’ll learn why waiting to plan cuts your options, reduces business value, and creates unnec
What They Don't Tell You About Business Exit Planning
Thinking about selling your business, but don't know where to start? In this episode of the Tax Talk Podcast, Jared Pilon from Legacy Accounting LLP sits down with Travis Koivula, Investment Advisor at Island Savings Wealth Management, to unpack everything you need to know about successfully exiting your business.Learn why most business owners wait too long to plan their exit and how that mis
Save 100+ Hours Every Month With AI | EP060
We’ve all treated AI like a fancy search engine and gotten frustrated with the results. In this episode of Tax Talk Podcast, Jared Pilon from Legacy Accounting LLP sits down with Taylor Arancibia, founder of Unveiling Innovations, to reveal how to transform AI from a basic tool into your business's secret weapon.Learn why treating AI like a human teammate produces exponentially better results
Trying to Beat “The Algorithm”? Do This Instead
Chasing hacks to “beat the algorithm” is a time sink. In this Tax Talk episode, Jared and Joe Whitbread cut through the noise and show you how small businesses actually win on social: by reverse-engineering their audience, showing consistent brand presence, and documenting the real work you do.We break down why there isn’t one algorithm, how platforms read your behaviour, and why separating person
Save on Taxes When Selling U.S. Property: For Canadians
If you’re selling a U.S. vacation home or rental as a Canadian, don’t let FIRPTA withholding, state taxes, and cross-border filings trap your cash for years.In this Tax Talk episode, Jared talks with cross-border tax pro Steven Flynn about how Canadians can sell U.S. real estate the right way. That means minimizing withholding, avoiding double taxation, speeding up refunds, and sidestepping CRA he
Your MONEY vs. INFLATION: Investing in Gold & Silver | EP 57
The Canadian dollar keeps sliding, and it’s hitting your long-term purchasing power. So how do you protect your savings when cash is quietly losing value? How to combat inflationIn this episode of Tax Talk, Jared sits down with investor and educator, Luke Spicer, to unpack why the CAD is weakening, how inflation really works, and whether gold and silver can serve as a practical hedge. We get into
Build Wealth With Your Mortgage | EP 56
Canadian homeowners: what if your mortgage could help you build wealth, reduce taxes, and help you pay off your mortgage sooner—without increasing your monthly payments?In this episode of the Tax Talk Podcast, I sit down with Nick Cox at The Smith Manoeuvre to break down how Canadians can convert non-deductible mortgage interest into tax-deductible investment interest using a re-advanceable HELOC.
Tax-Smart Investing Made Simple | EP 055
Confused by RSPs, TFSAs, and other investment opportunities but still want to grow your legacy of wealth? Join us as we break down Canada's key investment accounts and reveal tax-saving strategies that could save you thousands.What You'll Discover:RSP withdrawal timingTFSA optimization for tax-free growth and inheritance planningNew FHSA secrets for first-time homebuyersInvestment types
Corporate Life Insurance: 3 Questions You Need to Ask | EP 054
Corporate life insurance represents one of the most powerful yet misunderstood financial tools available to you as a business owner. While you may recognize its potential benefits, the complexity surrounding these policies often leads to poor decisions that can impact your business operations and estate planning.On this episode of the Tax Talk Podcast, we’re cutting through the complexity to deliv
Unlocking Your Employees’ Max Potential with the Six Working Geniuses | EP 053
On this episode of the Tax Talk Podcast, we are joined by Garth Epp, the co-owner of Your Limits Lifted and an expert on business coaching, mentorship and the provision of online, web-based tools. We are exploring the Working Geniuses model. Your team members can fit into the six Working Geniuses: Wonder, Invention, Discernment, Galvanizing, Enablement and Tenacity. We’ll look at how you can get t
The Hidden Opportunities in Your Side Hustles | EP 052
We’re joined by Joe Whitbread of Jo(e) Social Media to discuss how you can find the hidden opportunities in your side hustle. With inflation creeping up, its becoming more appealing to bankroll a cashflow. In this Tax Talk Podcast, we’re sharing unique ways to broaden your side hustle and see more cash in your pocket. Joe Whitbread jsm) – Joe Social Media whitbread@joesocialmedia.com 403-391-2553
Why Business Owners Regret Selling—And How to Ensure You Won’t | EP 051
In this episode of the Tax Talk Podcast, we are chatting with David Prowse about the emotional side of exiting your business. You will speak with your account and lawyer about the tax and legal side of the sale, but do you consider the emotional aspects that come with selling your business? Do you have a plan in place that will ensure that you are happy and fulfilled when you move on from that pro
Boost Your Real Estate ROI with Smart Strategies | EP 050
In this episode of the Tax Talk Podcast, we are looking at how you can build your financial legacy through smart real estate investments. Real estate investment offers numerous opportunities for you to accumulate wealth and gain financial independence. With careful financial planning and the assistance of a professional accountant, you can get the most out of your investment.We are joined by Bryce
Marketing: A Foundational Aspect of Growing Your Business | EP 049
Effective marketing is crucial to business success, yet many small business owners struggle with it. Marketing, like financial planning, requires expertise and a structured approach. In this episode of the Tax Talk Podcast, we are shedding some light on this topic. We are joined by Peter DeWit from EDGE Marketing & Design. We'll be exploring the most necessary marketing aspects for small
Maximize Tax Savings with an IPP: A Smart Strategy for Small Business Owners Over 40
You’ve spent years growing your company and building financial security. But are you maximizing your retirement savings? If you're over 40, an Individual Pension Plan (IPP) could be a smart strategy to help you secure your financial legacy while reducing your business taxes.In this episode, we are joined by Kit Richmond from MacDougall Wealth Management Group. We’ll break down what an IPP is,
Everything You Need to Know About Your Corporate Real Estate Portfolio
When managing a corporate real estate portfolio, the decision to move your rental properties into a corporation can have a significant financial impact on your rental operation. Understanding both the benefits and drawbacks of this process will enable you to make informed decisions suited to your circumstances and goals. Let’s look at the key insights and considerations of incorporating your real
2024 Tax Planning Tips | EP 046
As 2024 draws to a close, proactive tax planning is essential for individuals and businesses to optimize their financial outcomes ahead of the 2025 tax season. This year’s economic landscape, marked by fluctuating interest rates and persistent inflation, has underscored the importance of creating financial and tax strategies. By addressing tax considerations now, you can effectively manage tax obl
An Effective Business & Estate Transition | EP 045
Ensure your business continues on successfully and put a plan in place to preserve your legacy with estate planning.Topics Discussed:Determining who will take over your businessYour timeline for transferring your businessSet the purchase price for your businessDetermining the division of your assets upon your passingAre there charities you would like to include, and is tax mitigation important for
Plan For the Retirement You Want | EP 044
After you've utilized your business as a vehicle to generate wealth, it's time to plan for a pension. What does this mean for your business? You need to take into consideration several factors when you are planning for a pension and the different options that are available to you.Let's discuss pension planning for business owners who have generated wealth through your business. Topi
Using Your Business to Generate Wealth | EP 043
Turning business revenues into income that you can invest, leading to long-term wealth should be the goal of every business owner.If you're ready to take your business to the next level, you need to stop working as an employee within your business and start focusing on being an investor instead.Topics discussed on this episode:- Is there a need to incorporate your business?- Are you positione
Number One Reason Businesses Fail | EP042
You've heard these quotes before: 'cash is king', 'the number one reason that businesses fail is due to cash flow issues'.The first aspect of the 'Planning Process' looks at the fundamentals of your business and helps you ensure that you are building a strong foundation to work from and ultimately generate wealth.--------------------------------------------------
Donation vs. Taxation | EP 041
According to Investment Executive, individuals in 8 of 10 provinces face top tax rates exceeding 50% in 2024. In Alberta, income in excess of $355,000 in 2024 will expose you to the top rate of 48%.This podcast will look at the benefits of donation over taxation and how you can use donations to reduce your tax burden, support an organization that you value and take back some of the control that th
Airbnb: The Definitive Tax & GST Guide | Bryce Kander | EP 040
The opportunity to create additional income by renting your property or basement suite through Airbnb or similar platforms has become increasingly popular in recent years.If you are generating income through Airbnb, it is important to understand your tax & GST/HST considerations, reporting requirements and the expenses that can be applied against this income.This episode of the podcast will to
Capital Gains Tax | EP 039
On this episode, Jared looks at the Liberal government's proposed hike in the capital gains inclusion rate.- What does this mean for you personally?- What about your business?- Should you take action before June 24/24?- Steps you should take in response to the budget announcement.#legacytax #legacy #tax #cpa #accountant #familybusiness #reddeer #didsbury #trochu #alberta #buildyourlegacy----
6 Can't Miss Personal Tax Tips | EP 038
On this episode, Jared highlights some of the biggest items impacting your 2023 personal tax return.If you haven't filed your return yet (or you want some advice for 2024), you won't want to miss this episode.Discussion topics:- Working from home- Real estate cautions- Real estate possibilities- Increased interest rates- Underused Housing Tax- Bare trust reporting#legacytax #legacy #tax
Insurance = Generational Wealth | Colleen Gillam-Judd | EP 037
According to recent statistics, 22 million Canadians have some kind of life insurance policy in place.Are you one of them?On episode #37 of the Tax Talk Podcast, Jared sits down with Colleen Gillam-Judd with IG Wealth Management to discuss the importance of having the proper insurance policy in place to protect your business and most notably, your financial legacy.Some of the topics discussed are
Successful Succession Planning | Stephen van Santen | EP 036
According to recent statistics, nearly 70% of business owners do not have a succession plan in place.Additionally, over $2 trillion in business assets could change hands over the next decade in Canada.On episode #36 of the Tax Talk Podcast, Jared sits down with Stephen van Santen of Bridgeline Wealth Strategies to discuss the importance of having a succession plan in place.Some of the topics discu
The Planning Process | Business, Wealth, Pension, Estate | EP 035
Regardless of your age, how long your business has been operating or any other factor you can think of, you are in the PLANNING PROCESS journey. Everyone is at a different stage and has different goals.With that in mind, why not put a plan in place that helps you capitalize in the following four areas:- Business- Wealth- Pension- EstateEngaging in the PLANNING PROCESS can provide a wide range of b
2023 Tax Planning Tips | EP 034
As another year ends, it is important to review your finances and see if there are ways to improve your tax position heading into the new year. This year has been marked with significant volatility and rising interest rates & inflation should be top of mind in your tax and financial planning.Top issues to consider heading into 2024- Tax deadlines- Investment goals- Family situation- Retirement
Alternative Minimum Tax & Charitable Giving | EP 033
If you consistently make large donations each tax year and receive income via tax efficient sources (capital gains, employee stock options, etc.) or claim certain deductions (interest expense, certain employment expenses, etc.) you might be in for a unpleasant tax surprise in 2024 and subsequent years.On this episode, Jared explains how the Alternative Minimum Tax regime currently works, the expec
Business Mindset, Method & Motivation Part 3 | Garth Epp | EP 032
On this episode, Jared chats with Garth Epp.Garth is a growth-minded, strategic thinker, who never settles in the success of yesterday but always builds into the future.Life flows though Garth, to inspire and empower people who desire to move past their limiting beliefs to realize their true potential. Some of the topics discussed in the episode:🎙️ Motivation. Why it’s so important for business ow
LIVE: Estate Planning Seminar | EP 031
On Oct 18th I had the honour of co-presenting at an estate planning seminar at the Innisfail Golf Club.If you missed the event or want to review some of the information that was discussed, you are in luck as this episode of the podcast is live from the seminar!Myself, Stephen van Santen and Caleb Henry chatted about the 6 most significant estate planning pitfalls and steps that you can take to avo
Demystifying Estate Planning | Melanie Mitchell-Epp | EP 030
On this episode, Jared chats with Melanie Mitchell-Epp.Melanie asked to join the podcast in an effort to promote an estate planning seminar that Jared is co-hosting on Oct 18th at the Innisfail Golf Club at 7pm. She felt it was important to share her personal story with respect to a couple of estates she has recently been involved with to help listeners better prepare for when they experience a si
Better Mortgage Insurance Protection | Dan Anders | EP 029
On this episode, Jared chats with Dan Anders.Dan is a Certified Financial Planner and a Trust and Estate Practitioner through STEP Canada.After tragically losing his father in a fatal car accident at the age of 10, it is notable that Dan decided upon a career in the insurance and estate planning industry at the age of 25. He saw first-hand the struggles that inadequate planning can cause the famil
How to Value Your Business | Justin Lamb | EP 028
On this episode, Jared chats with Justin Lamb.Justin is a Chartered Professional Accountant, Chartered Business Valuator and a founding partner with Jones & Lamb LLP.Since 2014, Justin has been working in the field of financial litigation support and business valuation. In early 2022, Justin and his business partner, Mark Jones, started Jones & Lamb LLP in Edmonton, AB.Jones & Lamb LLP
The Importance of Having a Will | Stephen van Santen | EP 027
On this episode, Jared chats with Stephen van Santen.Stephen van Santen has been a wealth advisor with Bridgeline Wealth since 2020. He focuses his time working with families, private corporations, estates and family farms.He is always learning and educating himself to better serve his clientele and particularly likes helping people navigate the complexities of estate matters and planning for the
Business Owner Goals | Colleen Gillam-Judd | EP 026
On this episode, Jared chats with Colleen Gillam-Judd.Colleen is a Certified Financial Planner with IG Wealth Management.For over 15 years, Colleen and her team have been creating a space for high achieving Canadian families to find financial freedom, security and clarity.Colleen prides herself on clearly presenting financial options in accordance with client goals, while always working to preserv
Business Mindset, Method & Motivation Part 2 | Garth Epp | EP 025
On this episode, Jared chats with Garth Epp.Garth is a growth-minded, strategic thinker, who never settles in the success of yesterday but always builds into the future.Life flows though Garth, to inspire and empower people who desire to move past their limiting beliefs to realize their true potential.Some of the topics discussed in the episode:🎙️ At the core sales is . . . Are customers buying g
Building Wealth with Real Estate | Bryce Kander | EP 024
On this episode, Jared chats with Bryce Kander. Bryce is a realtor with Realty Executives Alberta Elite. He has been INVESTMENT MINDED and interested in real estate from a young age and can see future potential in land and people when others can’t. Bryce loves helping people find long term success, especially through purchasing suited properties. Some of the topics discussed in the episode:🎙️ I’ve
What does an Estate Administrator do? | Stephen van Santen | EP 023
On this episode, Jared chats with Stephen van Santen.Stephen van Santen has been a wealth advisor with Bridgeline Wealth since 2020. He focuses his time working with families, private corporations, estates and family farms.He is always learning and educating himself to better serve his clientele and particularly likes helping people navigate the complexities of estate matters and planning for the
Business Mindset, Method & Motivation Part 1 | Garth Epp | EP 022
On this episode, Jared chats with Garth Epp.Garth is a growth-minded, strategic thinker, who never settles in the success of yesterday but always builds into the future.Life flows though Garth, to inspire and empower people who desire to move past their limiting beliefs to realize their true potential. Some of the topics discussed in the episode:🎙️ Your business & life cannot outgrow the level
Why You Need to Talk to a Chartered Business Valuator | Justin Lamb | EP 021
On this episode, Jared chats with Justin Lamb.Justin is a Chartered Professional Accountant, Chartered Business Valuator and a founding partner with Jones & Lamb LLP.Since 2014, Justin has been working in the field of financial litigation support and business valuation. In early 2022, Justin and his business partner, Mark Jones, started Jones & Lamb LLP in Edmonton, AB.Jones & Lamb LLP
TFSA vs RRSP vs non-Registered Accounts | Colleen Gillam-Judd | EP 020
On this episode, Jared chats with Colleen Gillam-Judd.Colleen is a Certified Financial Planner with IG Wealth Management.For over 15 years, Colleen and her team have been creating a space for high achieving Canadian families to find financial freedom, security and clarity.Colleen prides herself on clearly presenting financial options in accordance with client goals, while always working to preserv
What To Do When CRA Comes Calling | EP 019
On this episode, Jared discusses what you should be doing when CRA comes calling. 🎙️ Topic 1 – responding to a CRA audit- Be prepared.- CRA’s audit powers.- Time period of an audit.- Deadlines.- How to treat an auditor. 🎙️ Topic 2 – proactive steps you can take- What is audit insurance?- Is it right for you?#podcast #TaxTalkPodcast #S
Bobcats, Bosses and Breakups | Chrystal Saxby | EP 018
Welcome to episode 007 of the Bobcats, Bosses and Breakups series.On this episode, Jared chats with Chrystal Saxby.Chrystal Saxby is a banking and loans specialist with ATB Financial. She focuses her time in the residential mortgage department.You will find that she is genuine and trustworthy and treats her clients like family. She is committed to providing guidance and education as you make your
Bobcats, Bosses and Breakups | Kelly Barber | EP 017
Welcome to episode 006 of the Bobcats, Bosses and Breakups series.On this episode, Jared chats with Kelly Barber.Kelly Barber is a certified professional bookkeeper and the owner of B^2 Bookkeeping Services. She has been providing full cycle bookkeeping to small and medium sized businesses since 2015.Jared has had the privilege of working with Kelly for a couple of years now on a number of client
Bobcats, Bosses and Breakups | Stephen van Santen | EP 016
Welcome to episode 005 of the Bobcats, Bosses and Breakups series!On this episode, Jared chats with Stephen van Santen.Stephen van Santen has been a wealth advisor with Bridgeline Wealth since 2020. He focuses his time working with families, private corporations, estates and family farms.He is always learning and educating himself to better serve his clientele and particularly likes helping people
Bobcats, Bosses and Breakups | Garrett & Chelsea Zimmerman | EP 015
Welcome to episode 004 of the Bobcats, Bosses and Breakups series!On this episode, Jared chats with Garrett & Chelsea Zimmerman.Chelsea & Garrett Zimmerman are a husband-and-wife team who have recently launched Team Zimmerman Real Estate through Century 21 Maximum. They work with both buyers and sellers, in Red Deer and across Central Alberta. Team Zimmerman was launched with the intent of
Bobcats, Bosses and Breakups | Caleb Henry | EP 014
Welcome to episode 003 of the Bobcats, Bosses and Breakups series.On this episode, Jared chats with Caleb Henry.Caleb Henry is an associate at one of Red Deer’s most prominent law firms, Johnston Ming Manning LLP. His areas of practice range from corporate commercial to wills and estates. Don’t hesitate to contact him with your questions, as he would be more than happy to assist.This episode will
Bobcats, Bosses and Breakups | Garth Epp | EP 013
Welcome to episode 002 of the Bobcats, Bosses and Breakups series.On this episode, Jared chats with Garth Epp, a professional coach.Garth’s passion has always been people. He is an engaging and energetic coach who is passionate about helping people press toward and realize their true potential. He has a proven track record of working with and developing people, teams, and businesses.This episode w
Bobcats, Bosses and Breakups | Lyneta Grenier | EP 012
Welcome to the Tax Talk Podcast and episode #1 of the Bobcats, Bosses and Breakups series.On today's episode, I chat with Lyneta Grenier, a Commercial Insurance Advisor with BrokerLink Inc. in Red Deer. She provides insurance solutions to address all of your commercial needs.As a broker, she feels that it's essential to not only provide you with the comfort of knowing you have proper pro
What is the Bobcats, Bosses and Breakups Series all About? | EP 011
Breakup, spring 2007. I was 22 years old, with lots of potential but no real direction.I had just finished another winter season of work in Alberta’s oil and gas industry and was looking for something to keep me busy until the snow returned, and the lease roads froze again.Luckily, I found a job working as a labourer in a flat work concrete business (mostly prep, place and finish of basements, dri
Probate Planning - Property Claims, Control & Beneficiaries | EP 010
On episode 010 we'll look at the following:🎙️ What are the implications of adding a joint owner as it relates to family law claims & division of property claims?🎙️ Can adding a joint owner open you up to control & creditor issues?🎙️ Will a transfer to joint ownership result in unequal treatment of my beneficiaries & potentially disinherit children in a blended family situation?Ins
Probate Planning - Estate Tax & Trust Options | EP 009
This is a special episode featuring Jared Pilon and his friend Alfred!In this episode, they look at the following:🎙️ Estate tax issues arising from transferring assets into joint title🎙️ Trust planning options that can be missed from joint title transfersInstead of completing probate planning in a silo, it is important to consider your entire estate when making decisions. This will allow you to pl
Probate Planning - Capital Gains Tax | EP 008
In this episode, we will look at the following:- Some common reasons why probate planning might be undertaken- Some common reasons why probate planning should be avoided- Adding a joint owner (joint tenants and tenants in common)- Capital gains tax - how this could apply to you- A case study that examines the transfer of a vacation property to joint titleInstead of completing probate planning in a
Estate Administrator Guide: Managing Your Loved One's Affairs | EP 007
Episode 007 to the #TaxTalkPodcast drops today!In life, it is said that the only two certain things are death and taxes.While both may be inevitable, penalties due to incorrect tax filings and stress stemming from not understanding the steps you are to take when a loved passes away, are not.If you have been named a legal representative of a loved one's estate, this guide is for you.#podcast #
Succession Planning: Is Your Business Ready? | EP 006
Building a successful business is difficult. Transferring that business to the next generation or to a third party via sale is even more difficult.While you may not be looking to retire or sell right now, your business succession plan should already be in place. A successful plan takes into account your family's dynamics, your retirement goals and numerous other important factors.#successionp
Is Incorporation Right for my Business? | EP 005
When deciding to open a business, there are a number of factors to consider when deciding on the structure of the operation.The factors are not always clear and the outcomes can vary depending on your unique situation.Having the right structure in place can help your business succeed both in the short and long-term.#incorporation #smallbusiness #taxtalkpodcast--------------------------------------
Transfer a Business to an Employee | EP 004
Episode 4 of the Tax Talk Podcast is live!This episode will look at the following:- Benefits of transferring your business to an employee- Options for transferring shares- Mechanisms that should be put in place to protect your interestsTransitioning your business to an employee can be beneficial for all parties involved. This decision also comes with risk depending on how the deal is structured. C
Farm Transition: What is Fair? | EP 003
Farm family estate planning only works if the plan is discussed among all family members, addresses all concerns presented and is flexible so changes can be made if required.No two farm families are identical. The same applies to estate planning options. Planning in advance will help your family avoid surprises, preserve family wealth and most importantly, protect family dynamics.#taxplanning #far
Is a Prescribed Rate Loan Right for You? | EP 002
Are you sick of Trudeau taking half of your income?Are you looking for ways to keep more money in your pocket?If you operate a small business and are looking for simple, yet effective income splitting ideas, this is the podcast for you.I explore two options on this episode:- prescribed rate loans- paying wages to family members#TaxTalkPodcast #IncomeSplitting #TaxPlanning--------------------------
Are you tracking your cash flow? | EP 001
5 important tips for small business owners!According to recent statistics, 82% of small businesses fail due to cash flow problems.82%!! Have I got your attention?You’ve heard the quote from Benjamin Franklin, “Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes.”Cash flow issues are almost the same.
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