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*FPCBO 131 - Is Your Share Structure Making Your Business Sale Taxable?

https://youtu.be/hjLmFJAV-CU

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Tune in to ensure your hard-earned success isn't overshadowed by unexpected tax surprises. 

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In this episode of Financial Planning for Canadian Business Owners, host Jason speaks with Aaron Hector, president of the Institute of Advanced Financial Planners (IAFP), about the importance of finding qualified financial advisors in Canada. They discuss the Registered Financial Planner (RFP) designation, the IAFP's role in credentialing and supporting financial planners, and the rigorous process required to become an RFP. The conversation also covers the benefits of working with an RFP, the IAFP's symposiums, ongoing discussions among member financial planners, and tips for selecting the right financial planner. The episode aims to guide business owners and other individuals seeking reliable financial advice.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:22 Overview of the Institute of Advanced Financial Planners (IFP)

00:45 Understanding the Registered Financial Planner (RFP) Designation

02:15 Qualifications and Process to Become an RFP

03:50 The Importance of Peer Review and Feedback

05:57 The Role of the IFP in Supporting RFPs

08:43 Benefits of Working with an RFP

13:21 Tips for Selecting the Right Financial Planner

19:14 Conclusion and Final Thoughts

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In this episode of 'Financial Planning for Canadian Business Owners,' the focus is on finding credible financial advice. Special guest Tasha Batstone, President and CEO of FP Canada, discusses the role of FP Canada as a certifying body, emphasizing their mission to advance professional financial planning. The conversation delves into the standards and importance of the CFP designation and introduces the QAFP designation tailored for less complex financial needs. The discussion also highlights the education, certification, and ethical requirements involved in becoming a financial planner in Canada, and the stringent processes FP Canada employs to ensure public protection and professional accountability.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:39 Finding Credible Financial Planners

00:50 Profile of FP Canada

02:15 Importance of the CFP Standard

06:37 Path to Becoming a CFP

14:28 The QAFP Designation

22:01 Accountability and Enforcement in Financial Planning

28:46 Why Work with a CFP Professional?

30:05 Conclusion and Final Thoughts

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In this episode of Financial Planning for Canadian Business Owners, host Jason Pereira delves into the importance of seeking high-quality financial advice. He is joined by Julia Chung, the chairperson of the Financial Planning Association of Canada (FPAC), to discuss the goals and benefits of the organization. Julia elaborates on FPAC's commitment to advancing financial planning as a profession through education, community support, and advocacy for fiduciary standards. They explore membership requirements, the value of a psychologically safe professional community, and FPAC's role in elevating the industry. The episode concludes with guidance on seeking financial planning services and the significance of choosing a true financial planner.

00:00 Introduction to Financial Planning for Canadian Business Owners

01:05 Meet Julia Chung: Chairperson of FPAC

04:18 The Importance of Fiduciary Standards

07:12 FPAC's Vision and Membership

13:01 The Role of Financial Planners in Clients' Lives

19:56 FPAC's Community and Educational Resources

25:01 Finding the Right Financial Planner

27:12 Conclusion and Call to Action

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In this episode, we explore critical insights from industry experts on how to supercharge your career and drive innovation. Key topics include strategies for effective leadership, fostering creativity within your team, and the importance of continuous learning. The discussion also highlights personal anecdotes and practical advice on navigating challenges in professional environments. Listeners will gain valuable lessons to enhance their career trajectory and embrace innovative thinking in their daily work life.

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00:00 Introduction to Financial Planning for Canadian Business Owners

00:11 Gray Areas in Insurance and Tax Law

01:04 Historical Context of Insurance in the Income Tax Act

02:01 Critical Illness Insurance and Tax Code Gaps

02:59 Taxation of Corporate-Owned Insurance

05:06 Complexities of Borrowing Against Insurance Policies

10:45 Offshore Insurance Arrangements

13:56 Capital Dividend Account (CDA) Explained

17:05 Critical Illness Insurance with Return of Premium

20:43 Understanding Actuarial Valuation for ROP

21:06 Critical Illness Insurance: Real-Life Scenarios

21:56 Tax Implications and Full Disclosure

24:21 Group Benefits: Tax Outcomes and Gray Areas

29:14 Health Spending Accounts: Rules and Risks

33:43 Shareholder Benefits and Tax Risks

37:49 Agent's Obligations and Client Protection

41:52 CRA's Response and Tax Court Realities

45:11 Conclusion and Final Thoughts

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor

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In this episode of 'Financial Planning for Canadian Business Owners,' host Jason Pereira welcomes Steve McEwen from My HSA to discuss defined contribution benefits programs, specifically Health Spending Accounts (HSAs) in Canada. They delve into the differences between traditional benefits programs and HSAs, the flexibility and advantages of HSAs, and the insurance options that can be layered with these accounts. McEwen provides insights on setup, costs, and the use of technology to manage claims, fraud prevention, and the overall benefits for both employers and employees.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:25 Understanding Health Spending Accounts (HSAs)

01:39 Comparing HSAs to Traditional Benefits Programs

04:34 Catastrophic Insurance and Additional Coverage Options

07:52 Privacy and Legal Considerations for Employers

10:39 Setting Up and Administering HSAs

17:14 Cost and Tax Implications of HSAs

23:37 Employee Experience and Fraud Prevention

28:54 Conclusion and Final Thoughts

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Episode Highlights:

• 00:51: Jon shares his enthusiasm for being back on the podcast, reinforcing the collaborative nature of the conversation and evidencing the ongoing dialogue within the financial community on employee ownership.
• 00:57: Jon Shell discusses the context of the budget that introduced employee ownership trusts, identifying it as a standout positive in a predominantly negative financial announcement. His perspective sets the stage for an exploration of how this model can change the future of business ownership in Canada.
• 01:12: Shell provides a background on his role at Social Capital Partners, highlighting the organization's mission to democratize asset ownership and its focused efforts on advancing employee ownership as a vehicle for social and economic equity.
• 05:46: Tax incentives associated with employee ownership trusts are explored, providing clarity on the fiscal advantages for selling business owners, including significant capital gains tax exemptions.
• 06:11: The conversation shifts to the legislative nuances of employee ownership trusts and the substantial economic and societal benefits these structures offer, fostering job creation, economic resilience, and employee welfare.
• 08:18: Details on the specific rights and benefits that employees gain through participating in an employee ownership trust are outlined, offering insights into how this model promotes financial inclusion and workplace democracy.
• 12:12: The episode concludes with a forward-looking discussion on the potential expansion and long-term impact of employee ownership trusts in Canada, indicating a bright future for this innovative business model.

Key Takeaways:

• Employee ownership trusts offer a transformative model for business succession, aligning economic incentives with social benefits. - Tax incentives for business owners, including a substantial capital gains tax exemption, make this an attractive option for ensuring legacy and employee welfare.
• Employees gain not just from financial participation in the success of their company but also from having a voice in its governance, promoting a more democratic and equitable workplace.
• The introduction of employee ownership trusts represents a significant shift towards more inclusive capitalism, with potential long-term benefits for the Canadian economy and society.

Tweetable Quotes:

• "Employee ownership trusts redefine business legacy and inclusivity."
• "The transformative power of employee ownership trusts aligns profit with purpose."
• "Economic resilience is built on the foundation of employee ownership." 

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• Podcast Editing
• https://www.socialcapitalpartners.ca/ https://www.linkedin.com/in/jon-shell-8952491/ 

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Episode Highlights:

• 00:37 - Introduction of Andrew Evans and the background to the discussion on virtual assistants. Jason outlines the problem of operational efficiency and how virtual assistants could be the solution for financial advisors, facing staffing issues due to fluctuating workloads or regulatory demands.
• 01:24 - Andrew Evans discusses the founding principles behind ROffice, emphasizing the common staffing challenges within regulated firms and how virtual assistants can help right-size personnel needs. This segment highlights the innovative approach ROffice takes, likening their service to an "Airbnb" for professional capacity, allowing flexibility for businesses to scale up or down as needed.
• 04:16 - Andrew explains how advisors can identify the right time to engage a virtual assistant, using an example involving annual client outreach. This moment in the podcast emphasizes the operational pain points that could be alleviated by outsourcing specific tasks.
• 06:16 - The discussion delves into how businesses often overlook the potential of virtual assistants in optimizing workload management, focusing on the flexibility and cost-effectiveness of such arrangements.
• 11:01 - Andrew and Jason discuss how ROffice functions as a marketplace to connect advisors with virtual assistants, including how they manage security and compliance concerns. This part of the conversation is crucial for understanding the operational and security framework that encapsulates the virtual assistant offering.

Key Takeaways:

• Virtual assistants can significantly enhance operational efficiency for financial advisors, allowing them to focus on core activities and client engagement.
• Identifying tasks that do not require physical presence in the office is the first step toward integrating virtual assistants into your business operations.
• Working with a service like ROffice offers flexibility and cost-effectiveness, providing a scalable solution to staffing challenges while ensuring compliance and security.
• The decision to employ a virtual assistant should be preceded by a careful analysis of business needs and potential tasks for outsourcing, ensuring a strategic approach to capacity management.

Tweetable Quotes:

• "Leverage virtual assistants to right-size your personnel needs and focus on what truly matters in your business." - Andrew
• "Virtual assistants are the middle ground that allows advisors to scale up efficiently without the commitment of full-time hires." - Jason

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• Podcast Editing
• https://app.roffice.team/
• https://www.linkedin.com/in/andrew-j-evans-218a16265/ 

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Episode Highlights:

• 00:07: Jason Pereira introduces the episode, setting the stage for an in-depth discussion on the intricacies of selling and buying businesses, with insights from award-winning financial planner and entrepreneur Jason Pereira and Richard Parker.
• 02:11: Richard embarks on a discussion about the critical aspects buyers must consider, including the significance of understanding the future of a business from the seller's perspective, the potential for customer concentration issues, and the overarching theme of whether stability or growth presents a more valuable proposition for the buyer.
• 10:06: Important aspects like key employees and their potential impact on the business after acquisition are discussed. Richard sheds light on the necessity of identifying truly key employees and devising strategies to retain them post-acquisition.
• 12:22: The dialogue transitions to the operational challenges and pitfalls that might not be disclosed by sellers, emphasizing the importance of aligning the business's needs with the buyer's skill set and avoiding the trap of falling in love with the product rather than focusing on the profit.
• 15:48: Richard and Jason discuss the negotiation phase, debunking myths about deal-making and stressing the importance of approaching negotiations with a balanced perspective, focused on constructive outcomes rather than winning every point.
• 18:01: The conversation culminates in a discussion about realistic expectations regarding deal terms, the imperfection of businesses, and the potential for sellers to adjust their expectations based on real market feedback.

Key Points:

• Understanding the future of the business and uncovering hidden challenges are paramount for buyers.
• Key employees and supplier relationships significantly influence the stability of the acquired business.
• Effective negotiation requires a balance between strategic firmness and flexibility, focusing on establishing a mutual understanding rather than winning outright.

Tweetable Quotes

• "Growth is very sexy, but stability provides value." - Richard Parker
• "Fall in love with the profit, not the product." - Richard Parker
• "Deal-making is not about winning every point but achieving a balanced outcome that benefits the buyer while keeping the seller reasonably happy." - Jason Pereira

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• Richard Parker
• Diomo 

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Episode Highlights:

• 03:00: Recognizing the inadequacies of existing will templates, Tim and his co-founder envisioned an online platform, drawing inspiration from Microsoft Office's user interface to guide users through the will preparation process.
• 08:39: Tim talks about additional estate planning documents, including a Financial Power of Attorney and Living Will, designed for situations where an individual loses capacity, and decisions need to be made on their behalf.
• 11:32: Tim discusses the expansion of LegalWills to multiple countries and the challenges of adapting services for different jurisdictions. He introduces the concept of expatriate wills, allowing users to cover assets in different countries with complementary wills.
• 16:57: Jason reflects on the binary decision people face when choosing between affordable online services like LegalWills and more expensive options for complex legal matters.
• 22:31: Tim acknowledges the challenge of changing the perception that creating a will is only necessary when someone is about to die. He discusses the battle to disassociate the act of writing a will from thoughts of death, emphasizing that estate planning should be a standard part of financial planning.
• 24:28: Jason and Tim emphasize the emotional impact on families left to deal with disorganized estates and stress the importance of creating a will to prevent conflicts and contempt among family members.

Key Points:

1. LegalWills aims to simplify estate planning, catering to diverse needs, including those of blended families.
2. Tim discusses the challenge of balancing growth and service quality as Legal Wills has steadily expanded without external funding.
3. The platform has made a positive impact on users and charities, emphasizing the importance of organized estate planning for individuals and 

Tweetable Quotes:

• "Writing a will shouldn't be about dying; it's part of financial planning. Organize your affairs while you're well; it's a gift to your loved ones.”
• "We're on a mission to demystify wills. Losing the legalese can make the process more accessible. It's about clear instructions, not complex language.”
• "Every person who used our service is better off—over a million users and counting. Helping families and charities with organized estate planning is what keeps us going.”

Resource Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira's LinkedIn
• https://legalwills.company/
• https://www.linkedin.com/in/timhewson/?originalSubdomain=ca
• Podcast Editing

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Disclaimers

-“investment shop”

*Investment services are provided through Ironwood Securities, an approved trade name of Aligned Capital Partners Inc. (“ACPI”). ACPI is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and the Canadian Investment Regulatory Organization (“CIRO”). Only investment-related products and services are offered through ACPI/Ironwood Securities and covered by the CIPF.

-“I do full scale planning”

*Aravind Sithamparapillai is an Associate at Ironwood Wealth Management Group. Ironwood Wealth Management Group offers financial planning and insurance services. Ironwood Wealth Management Group is an independent company separate and distinct from ACPI/Ironwood Securities.

Episode Highlights:

• 03:20: Aravind acknowledges Jason's content on corporate topics and integration, highlighting the confusion around CPP savings and the realization that the after-tax impact needs closer examination.
• 09:26: Introducing a chart to visually represent net costs for employers, the conversation explores hypothetical examples across various income levels. Emphasis is placed on the significance of taking the entire tax scenario into consideration.
• 14:15: Aravind introduces the concept of the Canada Child Benefit and other income-tested benefits that can be impacted by the choice between salary and dividends. He emphasizes the importance of considering all factors in optimizing total wealth.
• 21:43: Aravind discusses the "light bulb" moment regarding CPP calculations. He explains that when an individual takes CPP, a bonus is calculated on top of the actual CPP rate for that specific year.
• 22:26: The emphasis is on the assertion that the expansion of CPP extends beyond inflation; it encompasses real income growth attributed to the additional growth linked to the average industrial wage.
• 25:21: Jason discusses the importance of considering Old Age Security (OAS) and CPP in retirement planning. He also addresses the common belief that everyone thinks they will live to 100, pointing out the statistical likelihood of living longer as one ages.

Key Points:

1. Jason and Aravind discuss the worst-case scenario related to CPP contributions and how the tax savings play a crucial role, reducing the total contribution amount by over a third.
2. The conversation delves into the considerations for business owners deciding between salary and dividends.
3. The discussion emphasizes the importance of benefits of the Canada Pension Plan, including survivor benefits and disability portions in situations where private disability insurance may not be practical.

Resources Mentioned:

• https://www.ironwoodcanada.com/aravind-sithamparapillai
• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn

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Episode Highlights:

• 00:39: Ron describes himself as an experienced mortgage broker with 29 years in the business, highlighting substantial mortgage volume.
• 05:10: Ron explains the impact of COVID, quantitative easing, and selling fixed-rate mortgages at 1.49%. He also talks about the upward trend in rates in 2019, coinciding with economic buoyancy and surging house prices.
• 09:02: Ron addresses the surge in mortgage debt during COVID, particularly with variable-rate mortgages starting at 1.45% and now at 6.2%. He describes the genuine consumer pain experienced by those facing mortgage payment increases, especially those dealing with income changes or additional financial commitments.
• 15:19: Ron mentions the impact of high immigration on the demand for housing and the challenges in obtaining permits for new builds. talks about the significant governmental costs associated with building houses today compared to 25-30 years ago.
• 17:30: Jason asks Ron about what people should be thinking about in preparation for upcoming renewals, 12-24 months out.
• 18:48: Ron advises those with variable rates experiencing negative amortization to make voluntary payments and lump-sum payments to avoid growing mortgages.
• 20:50: Ron highlights that despite talk about longer mortgage terms, the utilization of 10-year terms has never exceeded 3% in Canada, indicating the strong desire for low-interest rates.
• 21:53: Jason emphasizes the strain people put on themselves to negotiate for minimal interest rate improvements, showcasing the demonstrated preference for lower rates.
• 23:26: Ron explains that self-employed individuals often aim to minimize personal tax, resulting in reduced income visibility for mortgage applications. He mentions the government's emphasis on net taxable income as the primary metric for mortgage qualification, regardless of assets or retained earnings.
• 25:28: Ron and Jason discuss the tendency of business owners to prioritize accountants who reduce personal taxation, even if it comes at the cost of Canada Pension Plan contributions.
• 26:16: Jason acknowledges the complexity of tax planning and the compromises involved, such as lower reported income affecting personal borrowing capacity.
• 27:35: Ron encourages listeners to shop around for mortgage renewals, emphasizing the potential savings even if it's only a quarter percent, and cautions against giving the bank more money without reason.

Key Points:

1. Ultra-low interest rates led to a surge in mortgage debt, posing challenges for renewals in 2024 and beyond.
2. Business owners may face reduced borrowing capacity at mortgage renewals due to lower reported income for tax planning. Plan wisely.
3. Amid changing interest rates, shopping for mortgage renewals is crucial. Don't settle – explore options and save money in the long run.

Tweetable Quotes:

• Recognize that interest rates are dynamic, and lower rates might be on the horizon by 2025. Understand the potential impact on mortgage renewals.
• Don't settle for the status quo. Take the time to explore different mortgage options and lenders during renewal periods, even small interest rate differences can result in significant savings.
• If your mortgage is increasing, take proactive steps to avoid paying interest on interest. Consider prepayment and increased payments to maintain control over your financial situation during renewals.

Resources Mentioned:

• https://www.butlermortgage.ca/

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Episode Highlights:

• 01:55: Sandy introduces the concept of estate thinking and planning, emphasizing the need to differentiate between the two. She stresses the importance of careful consideration rather than a quick and efficient approach.
• 03:00: Jason shares his perspective on the urgency some people feel when addressing estate planning and highlights the misconception that writing a will is an ominous sign.
• 08:38: Sandy emphasizes the importance of understanding one's net worth, pointing out that many successful entrepreneurs are unaware of their actual wealth. She underscores the need to comprehend the composition of wealth and addresses illiquidity issues.
• 09:54: Jason adds insight into the delusion some entrepreneurs have about their business's value, emphasizing the significance of realistic valuation for effective tax planning.
• 13:36: Sandy acknowledges the honour of facilitating family meetings and emphasizes the richness that emerges from each generation's perspective, guiding the conversation towards the transformation of wealth into significance.
• 16:17: Sandy delves into collaboration, differentiating it from cooperation. She stresses the significance of sharing information among professional advisors for a holistic approach to planning.
• 21:59: Sandy recounts the importance of addressing family dynamics through personalized letters and meetings. She emphasizes the power of relationships, clarity, and understanding within families.
• 28:29: The discussion shifts to individuals who inherit wealth without having their own businesses. Jason wants to explore how this inherited wealth affects the estate planning process.
• 33:21: Jason expresses concern about the unrealistic expectations being fostered and questions whether people are led to believe that billionaires are lacking the minimum effort required.
• 35:13: Sandy introduces the emotional factors associated with estate planning, including guilt and shock. She emphasizes changing the narrative from "passing down" to "passing wealth to."
• 36:13: Sandy emphasizes the three keys to managing wealth: save some, spend some, and share some. She talks about the positive attributes of money and its potential to make a significant impact, such as eradicating hunger, promoting literacy, and providing scholarships.

Key Points:

1. Estate planning isn't just about passing down wealth; it's about passing wealth to the next generation with intentionality and wisdom.
2. Being a steward of inherited wealth involves not just managing it but also imparting financial fluency to the next generation.
3. Money has the power to do exceptional things; beyond financial security, it can create a lasting impact on society.

Tweetable Quotes:

• "In estate planning, it's crucial to address emotional factors like guilt and shock, not just financial aspects, fostering a healthy family legacy."
• "Financial literacy for young adults is essential; amidst misinformation, parents should teach about saving, spending, and the purpose behind wealth."
• "Estate planning goes beyond documents; it involves collaboration, communication, and transparency among advisors for client clarity and confidence."

Resources Mentioned:

• https://www.dontleaveamess.ca/

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Episode Highlights:

• 01:06: Scott provides an overview of his role and the services offered by Hoyes Michalos, highlighting their focus on personal insolvencies and their significant experience in the field.
• 02:52: Jason introduces the main topic, discussing the Canadian Emergency Business Account (CEBA) and its implications for businesses.
• 03:24: Scott explains the purpose of the CEBA and its role in providing financial support to businesses during the economic downturn caused by the pandemic.
• 07:02: Scott provides insights into the diverse range of businesses significantly impacted by the pandemic, highlighting sectors like restaurants, bars, entertainment, tattoo artists, and flight attendants.
• 12:19: Jason outlines the current challenges faced by business owners, including loans coming due, economic difficulties in specific sectors, and cash flow constraints.
• 13:12: Scott highlights the aggressive actions taken by the Canada Revenue Agency (CRA), freezing accounts, and putting additional pressure on businesses. He also mentions businesses using funds meant for HST or payroll to sustain operations during the pandemic.
• 16:30: Scott emphasizes the importance of seeking assistance promptly, sharing insights from their experience that individuals often take 12 to 24 months to reach out for help when realizing they're in financial trouble.
• 28:21: Scott introduces the concept of tribal knowledge derived from the US and emphasizes the inclusion of various unsecured debts in a consumer proposal, such as tax, HST, credit cards, personal loans, and more.
• 28:56: Scott compares the insolvency code in Canada to the U.S. He emphasizes that Canada's system is more gentle, less litigious, and cheaper.

Key Points:

1. Scott provides insights into the struggles of small businesses, ranging from restaurants and bars to tattoo artists and flight attendants, highlighting the diverse impact of the pandemic across different industries.
2. The discussion covers the economic uncertainty during the early days of the pandemic, the unexpected impacts on sectors like flower shops, and the challenges faced by businesses in terms of ramping up and letting go of employees.
3. Scott addresses counterproductive behaviours individuals exhibit during financial struggles and stresses the legal obligation of trustees to provide options.

Tweetable Quotes:

• "Time is the enemy of debt. Seeking assistance promptly is crucial. Waiting 12-24 months to address financial troubles can exacerbate the situation."
• "Consumer proposals offer a more inclusive approach, covering tax, credit cards, and more. Understanding the nuances helps dispel misconceptions about the insolvency process."
• "In the complex game of finances, early intervention is your winning strategy. Act promptly, seek advice, and navigate the challenges strategically to secure your financial well-being."

Resources mentioned:

• https://www.linkedin.com/in/scott-terrio/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&originalSubdomain=ca

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Episode Highlights:

• 02:12: Alexandra shares her journey of returning to school for a Digital Transformation Certification Program at Yale during the emergence of the Canadian government's Digital Adoption Program.
• 05:50: Alexandra clarifies her role as a certified digital advisor for the program and notes the underutilization of grant funds, encouraging businesses to access available resources.
• 08:55: Alexandra lists the areas covered in Stream 2, emphasizing the comprehensive digital strategy provided to businesses. She explains the digital roadmap, digital needs assessment, and actionable insights provided to businesses.
• 10:27: Jason asks about the time commitment involved for businesses going through the program, and Alexandra discusses the flexibility in timing and structuring calls based on the entrepreneur's needs.
• 11:46: Alexandra addresses the perception of value in the consulting work and emphasizes providing maximum value under the government grant.
• 13:13: Alexandra advises businesses to inquire about post-CDAP services, reimbursement rates, and references when selecting a digital advisor. She talks about the importance of making services financially feasible for small and medium-sized businesses.
• 17:26: Alexandra outlines the funding options, including 0% financing from BDC, a proposed budget, and the use subsidy wage grant for implementation support.
• 19:38: Jason summarizes the bottom line of the Canada Digital Adoption Program (CDAP), emphasizing that it provides funding for a comprehensive report from experts and supports the implementation of the plan.
• 20:03: Alexandra mentions that the funding covers 90% of the plan, with businesses responsible for the remaining 10%. She advises businesses to be mindful of the application process and recommends interviewing multiple digital advisors to find the best fit for their needs.

Key Points:

1. The Canada Digital Adoption Program (CDAP) supports businesses in adopting digital strategies through government-funded grants.
2. CDAP has two streams – Stream 1 offers the "Grow Your Business Online" grant, and Stream 2 provides a $15,000 digital strategy grant for a comprehensive overview of digital systems.
3. Businesses should be aware of the 90/10 funding split, with the program covering 90% of the plan cost. It's crucial to interview digital advisors to find the right fit for their needs.

Tweetable Quotes:

• "CDAP offers a $15,000 digital strategy grant, encouraging businesses to access the funds and expertise to strategically integrate digital systems." - Alexandra
• "In the digital age, small and medium-sized businesses face opportunities and risks. CDAP's role is to bridge the gap, offering comprehensive support for digital transformation." - Alexandra
• "CDAP isn't just about funds; it's a pathway to a digital roadmap. Small business owners get a clear plan, actionable insights, and support for implementation." - Alexandra

Resources:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• https://coachhousemarketing.com/

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Episode Highlights:

• 01.15: Luc explains that he specializes in compensation management and advises clients on various aspects of compensation programs, including salary structures and incentive design for both executives and salaried employees.
• 04.30: Jason mentions that in recent years, there has been a realization among many that simply matching salary increases to inflation may not be sufficient, especially when inflation rates are high.
• 10.03: Luc mentions that organizations are increasingly providing off-cycle adjustments to their employees, which are not officially included in the budget forecasts. These off-cycle adjustments are often provided to employees at higher risk or those due for promotions.
• 12.06: Luc notes that certain organizations are targeting the 75th percentile of the market to ensure they are highly competitive with specific roles. This highlights the efforts being made by organizations to attract and retain talent in a rapidly evolving work environment.
• 21.48: By focusing on employee engagement and the employee experience, HR managers can enhance job satisfaction and retention, even in situations with tighter budgets, says Luc. 

3 Key Points:

1. Luc highlights the impact of the great resignation during the pandemic, which led to increased employee turnover and job changes. However, he notes that attrition rates have decreased, with one study showing a drop from 21% to 18%, indicating more stable employment.
2. Luc provides an example of how changes in minimum wage, such as the increase in Ontario's minimum wage, can create ripple effects and competitive pressures in the labour market for more competitive pay.
3. Jason shares an example from the accounting field in the US, where large accounting firms in cities like New York and Washington, DC, began recruiting talent from across the country. This resulted in some smaller to mid-sized cities experiencing reduced operations or becoming less attractive for talent acquisition due to the significantly higher salaries offered in larger cities.

Tweetable Quotes:

• “The Compensation survey is conducted annually to gather information from participating organizations. Its primary purpose is to understand the organizations' intentions regarding salary adjustments, particularly for the year 2024” - Luc.
• “The differing salary forecasts between Canada and the United States can be attributed to various socioeconomic factors.” - Luc
• “While organizations are becoming more transparent about salary bands, they are generally not disclosing specific employee salary details or bonus information due to privacy concerns.” - Luc

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• https://www.linkedin.com/in/luc-lapalme-mba-96563239/?originalSubdomain=ca
• https://www.mercer.com/en-in/

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Episode Highlights:

• 4.12: Jason wants to know how family dynamics change as young families evolve into families with teenagers and adults, and ultimately as the older generation, the patriarchs and matriarchs, transition into their senior years.
• 4.38: Alex outlines his approach to classifying people into four distinct life stages like the wonder segment, the balance segment, the harmony segment, the wisdom or legacy segment within families and these stages are akin to being sorted into different houses like in Hogwarts.
• 6.45: Alex highlights that having a clarified vision is crucial for a sense of direction and well-being, regardless of one's age or life stage.
• 13.18 Alex says, maintaining a healthy, normal relationship with adult children and transitioning from a parenting role to a more peer-like relationship is an important challenge that needs to be addressed over an extended period.
• 29:02: Alex discusses the concept of passing on values and how purpose can be a unifying factor in families, especially in the context of family businesses.
• 32:02: Alex discusses the process of engaging with Total Family Management and outlines the steps clients typically go through to make the most of their time with the service.
• 34:04: Alex emphasizes the authenticity of their company and how everyone in their organization goes through the processes they advocate for, ensuring that they practice what they preach.

3 Key Points:

1. Jason and Alex discuss the challenges faced by business owners, especially when it comes to succession planning and family dynamics within the business.
2. Jason highlights several challenges and complexities that arise in family businesses when it comes to succession planning.
3. Total Family Management offers a transparent and straightforward process for clients to engage with their coaching services, with a focus on providing ongoing support and flexibility to address family dynamics effectively.

Tweetable Quotes:

• “Waiting until the final stage to address important family dynamic and communication issues may not be the most effective approach.” – Jason
• “Parents often possess the answers to the questions asked during the coaching sessions but may not have explored them before. The goal is to create a safe space for discussing important family matters. “- Alex
• “If parents care enough to participate in a conversation or coaching session about their children, it demonstrates a significant commitment, which is a crucial step in addressing family dynamics.” - Jason

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• https://totalfamily.io/offer

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights

• 00:43: John Stroud explains that AI Guides help organizations harness the power of artificial intelligence, specifically focusing on generative AI. He mentions that AI can benefit businesses of all sizes, even single-person operations, and there are various options available to improve business processes.
• 01:53: AI, particularly ChatGPT, is a hot topic and mentions its significant impact on technology. John highlights how ChatGPT quickly captured everyone's imagination and compares its impact to previous revolutionary technologies like the iPhone.
• 02:48: ChatGPT's impact has made artificial intelligence a hot topic in technology.
• 11:21 John explains how users can fine-tune the AI model with their own data for specific answers.
• 11:40: Jason and John mention using AI-powered tools like Chat GPT in Google Docs and Microsoft Office for writing blog posts, letters, and other documents. He emphasizes the time-saving benefits of these tools and how they can be easily implemented without intimidation.
• 15:48: John suggests treating the exploration of AI as a science experiment and considering the opportunities while managing the potential risks.
• 16:37: If someone wants to expand their use of AI, they can consider seeking outside help for advice, says John.
• 17:26: John mentions a system called "PDF or chat PDF" where PDFs can be uploaded, and questions can be asked.
• 18:35: John mentions the possibility of OpenAI developing more private containers for protecting information.
• 19:45 John discusses foundational steps and what people should be aware of before starting their AI journey.
• 24:00: John raises the topic of prompts and their importance in AI.
• 29:35: John advises staying ahead of the rapid pace of AI development and starting with small improvements.
• 30:31: John emphasizes the need for continuous learning and adapting to new tools and technologies.

3 Key Points

1. John and Jason discuss the potential risks, costs, and consequences of AI projects that are not properly planned or supported by the necessary infrastructure.
2. John and Jason explain how generative AI has made AI more accessible and easier to implement, addressing some of the challenges related to data stewardship and system integration.
3. There is a government grant in Canada that provides funding for digital strategies, making it easier for companies to explore AI opportunities.

Tweetable Quotes

• "Chat GPT can be a helpful resource in understanding AI and its applications." - John
• "Open AI is going to allow for more private containers where you make sure that your information will be protected." - John
• "You are creating a digital strategy. So, for companies that have a $500,000 in revenue. They probably qualify for this grant, and that gives them $15,000 towards the preparation of this strategy. So, if you got a hunch about how you might be able to use AI, then the vast majority of the cost is covered through a grant." - John

Resources Mentioned

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights

• 03:16: Jon Shell explains that the objective of the employee ownership trust structure was to provide access to ownership for those who lacked it in the economy.
• 05:12: In the UK, the concept of an Employee Ownership Trust (EOT) was established in 2014, allowing companies to allocate profit sharing to all employees and sell the company to employees at no cost. Jon highlights the success of EOTs in the UK, with numerous companies adopting this structure. 
• 06:20: Jon discusses the comparison between employee ownership trusts and employee share ownership plans or stock option plans.
• 08:11: Employee cooperatives, or co-ops, are another option in Canada. They involve democratic ownership, where all employees have the right to vote on decision-making processes. 
• 09:37: There is a well-known example of a massive Spanish company called Mondragon, which operates with a structure similar to Athenian democracy. 
• 10:49 Jon talks about the incentive for the owner who wants to sell their business to an employee ownership plan.
• 11:11: In the UK, there was a structure that allowed people to use a leveraged buyout on behalf of employees. 
• 15:23: For the vast majority of businesses, the concern about gaming the system or preventing certain types of businesses from benefiting doesn't hold true. Most businesses do not fall into the category of high-end consulting firms where only the wealthy benefit. 

3 Key Points

1. Jon shares the success story of the employee Stock Ownership Plan (ESOP) in the US, which has grown to include 6,500 companies and 14 million American workers.
2. Jon explains how co-ops can be effective forms of employee ownership, but they are typically applied to smaller firms.
3. The lack of tax incentives beyond deferral is a significant drawback. It creates a situation where there is no real incentive for owners to consider employee ownership beyond personal benevolence.

Tweetable Quotes

• "Employees get access to shares at a certain price and can exercise them later to participate in the company's growth." - Jon
• "For larger companies with hierarchical structures, owners may be concerned about the risks associated with selling to a co-op, especially if the company has not operated in that manner before. Co-ops can be effective forms of employee ownership, but they are typically applied to smaller firms." - Jon
• "Setting up a worker co-op with more traditional governance and committees can be burdensome and costly. In larger companies, it may be challenging for employees to afford the shares necessary to buy the company." – Jon

Resources Mentioned

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01:38: Braden shares how he switched his field and how he joined PWL Capital where he was tasked to answer complex problems that the firm is having. 
• 07:16: Braden defines the problem while he does all the research, he explains to people everything which is foundational.
• 08:56: Jason and Braden talk about the different approaches to income as a starting point.
• 14:43: The final paper investigated over 7,000,000 financial planning outcomes, says Braden.
• 19:47: Planning should be around keeping the passive income below 150, because that's when the general corporate kicks in and then you are still in that sweet spot of the transition zone for Ontario and New Brunswick residents.
• 20:49: When the calculation comes up the IP contribution would be less than the equivalent RSP contribution, they can choose to contribute the full RRSP contribution room.
• 21:31: You can basically transfer your RSP assets into the IP and then if any additional corporate funding is required to purchase that service, then that opens up an additional contribution room from the corporation into the IP.
• 40:05: If you are primarily an equity investor, you are generating more capital gains, which is more CDA credit, which is tax free. 

3 Key Points:

1. Braden explains how he is trying to solve the key issues around compensation and retirement savings because dividends versus income are one thing versus notional account-type distributions.
2. Braden shares how the net personal cash is higher in the transition zone than it is with either the small business rate or the general corporate.
3. The longer the CDA sits in there, or the longer those tax refunds sit in those notional accounts, the lower the purchasing power becomes over time.

Tweetable Quotes:

• "For me being relatively new to the world of finance was not a trivial task, because especially with things like IP's, you can't just Google that that information is not readily available." - Braden
• "The problem, as we could starting from the very high level of an individual would come to us with the question of how much can I sustainably spend over the course of my lifetime and then how much net worth will I be left with on average at the end of the day and what's the best plan to get me there and to maximize those." - Braden
• "For those folks that want to maximize consumption, we found that the IP with the maximum salary was the best route." – Braden
• "The lower return than the pension also resulted in a lower return within the core, but also less efficient dynamic income." - Jason

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Website – Braden Warwick

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 02:30: Aaron talks about the restrictions in the FHSA account. You can put up to $40,000 in your lifetime. But you can only put $8000 per year.
• 03:07: Jason explains how housing is a bigger concern in Canada than in US.
• 03:52: One of the things that always happens when new accounts come out is that invariably people don't understand the rules.
• 06:40: Aaron talks about the penalty and additional expenses associated with the FHSA account. 
• 09.26: Before opening the FHSA account it is extremely important to read the small prints, eligibility criteria and guidelines, says Aaron.
• 11:05: If you start with making fresh contributions to your FHSA, maybe you marry someone who has a house already, that's hour on buying a home for whatever reason that homeownership gold doesn't come to fruition.
• 12:38: There is a lot more nuance than people are giving credit to the FHSA account, says Aaron.
• 15:22: You could look at again going into your RRSP and then just deferring that tax, says Aaron.
• 18:44: You can name a beneficiary successor holder, so successor Holder can only be your spouse or common law. If you pass, then your spouse assumes the count as an FHSA, rather than just liquidating the account and getting the money, but on the beneficiary side, this is interesting.
• 22:04: As per Jason if he had FHSA, he would use that option to roll it over into a rift.
• 22:58: If you have to be a first-time home buyer when you open the account the only other time that it makes a difference is when you try and make it tax free.
• 24:49: If you had money in it's like how you get a double deduction so you get a deduction when you make an RRSP contribution and then the same money you could in theory withdraw through the home buyers plan.

3 Key Points:

1. To open an FHSA account you need to be a Canadian Resident, not a Canadian Citizen. You have to be at least 18 years old, and you can't be older than 71.
2. Aaron shares few horror stories of kids in trust for accounts going sideways. He also shares the nuances and concerns of people that one should be aware of.
3. If you name someone who's not your spouse, as a beneficiary of your FHSA they get the money, but they pay the tax too. The tax leaves the original account holder not dealt with in the final tax return of the deceased. The beneficiary pays the taxes, so it's kind of the opposite tax treatment.

Tweetable Quotes:

• "FHSA works both as an RRSP and a tax-free savings account." - Aaron
• "FHSA is almost like the HSA in the US. The health savings account and it's tax deductible." - Aaron
• "The timeline for FHSA is really the same timeline as an RRSP 1871 and you need to be deemed a first-time home buyer." – Aaron
• "For someone who maybe doesn't have a lot of spare cash, that's a way to use the FHSA program without making kind of brand-new contributions." – Jason
• "If I do an RFP transfer cause maybe that's what I want to do, then I don't get 40, I don't get an additional deduction." – Aaron
• "I am not big in putting money in the hands of young adults until they've proven that they can handle it." - Aaron

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01:04: Cloud advisors use the Canvas employee benefits marketplace. Matt explains how they show employers how their benefit plans stack up.
• 1.20: The number one reason why employers have benefits in the first place is to be competitive and what Matt has done is democratized access to benchmarking data.
• 02:23: Every advisor got their own limited pool of experience regarding different sectors, different types of companies.
• 04:58: Employers go through different stages where they don't need benefits perhaps when they very first started, they can't afford benefits and then they quickly start adding people and they get into a world where your benefits become table stakes. So, they become that checkbox.
• 06:35: Matt explains how their system has options for employers that have no coverage, they can get a sample plan.
• 07:17: Matt explains how their system intakes the benefits plan and breaks it down into hundreds of different variables that one can then compare by industry, region and group size.
• 09:57: Matt explains how they developed the bar score, and it stands for benefits, action, retention, and it's like a credit score.
• 17.14: Matt talks about the type is benchmark that they do. There are basically 2 types, he says.
• 19:41: Matt talks about the database that they have built and how they segregate problems and solutions.
• 22:30: Matt says that they recognize that business owners are busy, and they have got businesses to run, and insurance is only a small component of that needs to be done efficiently and effectively and conveniently.

3 Key Points:

1. Matt talks about the big determinants, basically how benefits programs get structured in terms of, different industries or different careers, different development stages, what are the big factors implemented that should be impacting, and how a plan is designed. 
2. Cloud Advisor has been in the marketplace coming up eight years and when they first developed the database, they had a very limited amount of data in it to perform the benchmark. Matt shares how they achieved about 15,000 employee benefit plans.
3. Matt talks about the client output and how they visualize the actual results.

Tweetable Quotes:

• "We show them how their current programs stack up by industry, region group size as well as how they can improve their program." - Matt
• "When I started in the industry, my dad had spent most of his career working for a public crown corporation with the incredibly robust union." - Matt
• "We will connect not just with the vendor and the vendors; information will actually perform an instant quote and an instant proposal so that the employer has everything they need to." - Matt

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 07:16: We think of ourselves as kind of thoughtful, critical thinkers. But the fact is that the main elements of the brain are designed or evolved to basically regulate all the different biological or physical systems inside of us, says Brian.
• 09:19: We see good financial planners enter their practices in day-to-day is dealing with people as who they are, as opposed to who in economics textbook said they should be, says Brian.
• 11.21: Brian says that their brain is a gas guzzler, and it soaks up a ton of energy. It doesn't want to work that hard because we are constantly trying to be efficient, and in the way we use energy, it produces specific outcomes, especially in the context of our decision-making that are quite consequential.
• 12:34: The brain tends to seek out information that merely aligns to what we were thinking before, says Brian.
• 14:41: Jason has read in multiple places that the brain, when under stress performs worse and our IQ gets dumber when we are under prolonged stress and our ability to process information just diminishes.
• 19.50: We need to stop pathologizing normal human behavior and just work with the people who show up in all their messiness and complexity, says Brian.
• 21:27: Brian explains what they are doing with Shaping Wealth and how they are trying to move beyond that general construct of just understanding dump of information checklists.
• 24:29: Each of us is born with a certain level of emotional intelligence, just like we have a certain IQ, and emotional intelligence is just not a trait that we're born with, it's a skill.

3 Key Points:

1. There is a whole stack of evolutionary remnants that are built inside of us that really do not map to the traditional economic man model.
2. One of the unsung tasks of modern behavioral finance is that advisors get to know themselves as well or better than they are getting to know their clients and stop acting like some diagnostic expert.
3. Positive psychology is a distinct field of psychology and the science of happiness. It's basically saying what are the inputs to a life well lived.

Tweetable Quotes:

• "Behavioral finance is basically a science and a discipline that sits at the intersection of economics and psychology." - Brian
• "One of the key assumptions in traditional economics is that more is better, and from an empirical point of view, that's not the way we are wired." – Brian
• "If someone is coming to you because they think that you can pick investments better than the next guy, I think you have a competitive problem. But if they think that you are better at structuring the estate just perfectly, it's hard to distinguish yourself on those sorts of things." - Brian

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• https://www.shapingwealth.com/
• https://www.linkedin.com/in/brianportnoy/

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights

• 02:56: Through her teenage years, Christine's daughter went downhill, and she ended up going through some really terrible stuff.
• 03:52: Christine realized how hard it is for young people who are aging out of the system, they don't have the proper support.
• 09:41: Christine shares an example of a woman who did her disability tax credit with Benefits 2 on January 31st.
• 11:09: The hard part for everyone involved in tax refund is that nobody has ever taught anything about this in school.
• 12:02: Christine explains how her platform helps people qualify for disability tax.
• 12:45: The government tried to bring in the disability tax motors restrictions act and fix the fee at $100. 
• 17:08: Christine thought the disability tax credit promoters were really predatory in nature, taking that big percentage.
• 19:10: Christine is a huge advocate for diversity, equity and inclusion, and he is also a huge advocate for people with disabilities.
• 24:18: The Canada Caregiver credit, medical expenses, and disability supports deductions home buyer's amount.
• 25:09: 60% of all people who have the disability tax credit are over the age of 55, and the RDSP is not even a benefit for that.
• 26:22: It's not a disability tax credit. It's really an enabling for people with ordinary everyday impairment to their activities of daily living.

3 Key Points

1. Christine shares her daughter's ordeal and how her teacher called her out in front of all of her peers at the age of 6.
2. Christine developed Benefits2 to leave more money in the hands of persons with disabilities and their supporting family members and to ensure Canadians have an option that complies with the disability tax credit promoters restrictions act.
3. Christine explains how they created a platform, a complex algorithm in the background that once you have answered your questions related to your particular impairment, they write the application for success for you, you get a code and the PDF of the application and e-mail.

Tweetable Quotes

• "My eyes are really wide open around the disability taxpayer." - Christine Brunsden
• "If we look at what happens with incontinence, well, somebody who suffers from incontinence is likely going to impair on their physical activity because of the whole leakage issue. They are probably not hydrating properly because of the leakage issue and that they will basically cause some other sort of disabling condition." - Christine Brunsden
• "Our marketplace will have diversity, equity inclusion, calendars that support all the different awareness dates throughout the country and internationally." - Christine Brunsden

Resources Mentioned

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• https://www.benefits2.ca/
• Podcast Editing

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 05:17: As per Jamie one must take care of basic level of financial planning, cash and flow, budgeting, debt management before one can move on to more complex financial planning, pictures, and strategies.
• 07:21: Jamie shares his background story and the motivation behind writing the book.
• 08:06: Jamie explains how they challenge people to write their eulogy.
• 10:03: If you would change your whole life if that was the case, it probably means you are doing the wrong thing, says Jamie.
• 10:32: Early childhood development is a lot more impactful than we probably give enough credit for, says Jamie.
• 11:03: It becomes harder and harder to change people's behavior. We must change the environment or the situational factors around them to then develop actual change, says Jamie.
• 13:31: In his book Jamie talks about scarcity that changed his view on money.
• 15:29: Jamie explains how he and his mom encountered different experiences post his father's demise.
• 16:35: Jamie talks about his childhood trauma and how he learned to handle money.
• 17:22: Focus on the amount of money, you need to save, there isn't enough money. You can go to the richest person in the world, and they are still trying to save and accumulate more that will never go away.
• 20:17: When saving money, if the focus is on accumulating, you can't get to an end number. It doesn't top out, but when you can start thinking about the impact you can have, you will find it to be meaningful.
• 21:04: Community is such an important aspect of our lives in the world and there are great books and research and experts just on the aspects of community.
• 28:16: Our purpose gets taken away from us, but we don't have to let that happen, says Jamie.
• 32:09: Goals are mile markers along that way to your aspiration, says Jamie.
• 32:31: Aspirations can change too; you don't have to be permanent on that.
• 32:59: If you do not feel freedom in your life today, you don't feel financial freedom.

3 Key Points:

1. Jamie explains how people's upbringing around money can really impact the way they see the world around money going forward in their adult life.
2. Jamie shares how important purpose is and how it affects different people and how people can take steps to prevent that gap in their life from existing purpose.
3. Community is important, but it can also be very negative and draining and it can subtract from your life if you are not purposeful on it.

Tweetable Quotes:

• "If you are living on the street and you just need to figure out where your next meal is, you're not worried about climbing Mount Everest." - Jamie Hopkins
• "You can just literally Google Carson group and blueprinting guide and you will be able to grab it and download it." - Jamie Hopkins
• "It's my legacy and when you remove that from somebody, it can take away a lot of their purpose, and if you're not intentional on replacing that purpose." - Jamie Hopkins

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Website - Jamie Hopkins 

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 03:57: Ask yourself these two key questions. The work you are doing, does it have some sort of technological or scientific innovation, and the code of your business? And are you experimenting with new ideas and approaches to solve problems?
• 05:34: One of the key principles that must be involved in your work is the use of scientific process. The way you work should involve formulation of a hypothesis, testing the hypothesis and arriving at a conclusion.
• 07:00: Imagine one employee is working on three projects. Two of them are routine quality testing market research, but one in Australia, that portion of the expense can still be claimed.
• 07:33: Most business owners are to start off having no idea where to turn. This is which Fred Consultancy comes in the picture to help. 
• 08:53: Vipul explains the process they follow and what documentation is required. 
• 10:22: The CR that currently is promising a timeline of 90% of schemes will be processed within two months.
• 11:10: You can get your money in 60 days, and then you can use it for literally whatever you want, like invest in a business, build a jacuzzi if you want.
• 12:29: If you are smart about it, you think of that money coming in first and you basically float.
• 13:46: If you are a start-up and if you are going for funding for you. They are basically venture capitalists, so you have to show the work you have done at different stages.
• 15:41: Vipul explains the audit process of the SR&ED program.
• 17:16: If you are claiming six month's worth of salaries, show me six month's worth of work.
• 18:11: We might go a little bit back and forth with the CR, and everything is good. Usually it can pass through, but Vipul has seen teams come down anywhere from 20 to 40%. 
• 19:53: There are three key questions the CIA asks, which is in the right form that you have to define what technological uncertainty you had.

3 Key Points:

1. SR&ED, or the Scientific Research and Experimental Development program, is a Canadian tax incentive program developed to encourage businesses of all sizes and in all sectors to conduct research and development in Canada.
2. Vipul shares what makes you eligible and ineligible for applying to the SR&ED program. 
3. If you have a scientific process, that's the biggest chunk of you to prove what technical work you did, and how do you prove it?

Tweetable Quotes:

• "Most government programs are typically focused on benefiting those who are actual resins." - Vipul Jain
• "Keep in mind when your tax here and you still have 18 months to file the team, and you can file it with your T2 data." - Vipul Jain
• "If you think you have a budget of 60,000, could technically hire somebody for 100K, get 60% back and your net cost is 40K." - Vipul Jain
• "I know many organizations where basically they have already factored it in as a line item on their revenue." - Vipul Jain
• "You can't pay yourself if you own more than 10% of the shares of the company as a contractor." - Vipul Jain

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• https://vipuljain.ca/

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01:43: Tanis explains how he built three data-driven tech companies over the course of the 10 years with his best friend Stephen. 
• 05:07: Tanis shares what people should consider at an early stage before starting any kind of partnership.
• 06:37: Self-assessment is important, the first one is looking at yourself very deeply. Tanis has a product, and the Co-founders have called the self-assessment, and they walk people through the most in-depth self-analysis. 
• 11:12: People just seem to think that friendship is important, and, therefore, it will solve the problem.
• 13:19: Communication and being intentional with the partner is the biggest insurance policy.
• 14:00: Scaling is a big issue sometimes. As a company grows faster and faster, it gets bigger and bigger.
• 16:58: If you can put the business as the central figure in your relationship, then emotional decisions have less bite.
• 18:15: Be clear, having that Depersonalized question doesn't mean that both people are going to agree to that some.
• 19:25: There are contracts and agreements and clauses that one can put into a partnership agreement, and you do that in the very beginning.
• 21:17: Tanis' friend Tom Dean's has written a book called Every Family's business, and at the end of it, there are some 12 questions that you should be asking yourself on an annual basis.
• 25:23: If you encapsulate everything you do what you know, what are the key pieces of advice you are trying to sum it down to when it comes to basically getting involved with the co-founder.
• 27:40: Tanis shares his views on what's involved when the partnership goes wrong, and someone wants out.

3 Key Points:

1. Tanis explains how he conducted a detailed survey and launched the book the CoFounders Handbook. 
2. Tanis advises people to have a very clear picture of what they bring to the table and to really analyze how this will affect the partnership.
3. Tanis recommends building a trust in your partner where they know without a doubt that the person is getting things done as well, and they don't have to question and go what they do today.

Tweetable Quotes:

• "I get asked to advise on frequently, and what happened was I was approached often by founders who were in partnerships, and they said, look, you've got a track record how is it that you and your partner are still friends?" - Tanis Jorge
• "People invest a lot of money into their businesses, and you really don't want to just offhandedly jump into something where they will be a key factor in your success." - Tanis Jorge
• "As much as I love to see successful entrepreneurship, I hate to see things blow up, which can happen too often." - Tanis Jorge

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• cofoundershub.com

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01:07: Grant has been in the industry for 33 years, he now focuses on practice management and all facets of practice management.
• 01:35: He is going to share a story of one of the advisors he has worked with and their mastermind group, how to build it, and how to manage it.
• 03:24: We are all business owners, at the end of the day, working on our businesses together. 
• 04:30: Every business has different issues that they are working with.
• 07:35: Grant talks about processes and running effective processes and how do you map with the process.
• 09:53: The HR piece is fascinating, and it's invaluable there because you probably have multiple real time experiments going on, says Grant.
• 11:04: The more time you give something without a deadline, the less like it is going to get done, you give it a deadline and it gets done.
• 12:32: Grant explains how he works through the succession and transition issues.
• 15:11: Grant talks about various priority changes in any business.
• 15:47: Grant talks about the different success stories.
• 16:58: Everyone thinks their baby's pretty, especially when it comes time to put a price tag on it and get the entire endowment effect to play there. But reality is, it doesn't matter people are going to judge it for their own what they consider beautiful.
• 21:02: This is the long game where you are trying to find the ideal clients, and you are trying to find your ideal niche, which would be probably business owners that are selling their practice, and it's the long game where you are getting to help solve the problems.
• 22:30: Benchmarking is used for financial advisors, but we also use benchmarking for business owners and you could look at how benchmarking is used as a tool to help people guide them as well.

3 Key Points:

1. Jason and Grant talk about succession and transition
2. Grant shares what is a very common challenge for most business owners today in the economy.
3. Grant shares how mastermind group is contributing to bring together a bunch of people who have walked a bunch of different paths. It may or may not be relevant to what you are looking for, but can definitely help.

Tweetable Quotes:

• "We are going to talk a bit about today is the growth aspect of growing your practice." - Grant
• "I have a weekly poker match with a bunch of buddies from university, and they are at different executive positions, and you listen to the different changes in the work life during COVID, and the entire remote work thing saw a massive productivity spike." - Jason
• "God knows the statistics on succession are not great. I remember, even in our industry, I have heard statistics in the US say the average successful session takes about seven years to nail down and get completely done, start to finish out the joke that failure Is a lot quicker than that." - Jason
• "Some people are spending a ton of money on marketing and SEO and different Internet strategies." - Grant

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• advisorproductmanagement.com
• advisorpracticemanagement.com
• https://mobile.twitter.com/davideedey

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.47: Dennis and his partner Tom and own a small boutique firm and we work predominantly in the financial services industry, helping practices, financial planning practices, create more client value by innovating around customer experience and design and layout. 
• 03.28: Most people in business confuse service with experience. Service is all about saving customers time and effort. Whereas experience is about creating engagement through surprise, emotion and at times even providing transformational value. 
• 7.56: Dennis gives an example of his dry cleaner and how he has a flourishing business even though he has a tiny little shop. His customer service is good. He knows every person who goes in. He knows all his customer's name. 
• 09.53: As per Dennis it is important to know who your client is. Slow time down, don't think efficiency, think memorable. 
• 14.12: Every one of us that owns the business is living in the age of Amazon and anything anybody wants, including a hammer from the hardware store can be delivered to their house by 8:00 o'clock tomorrow morning. We as consumers are already spoiled rotten. We live in magic times, says Dennis. 
• 17.19: Consider your client's journey from before they ever come to your business to entering your business to engaging with your business to the end of the engagement, the transaction and finally extending afterward when they are reflecting on their visit. 
• 18.18: Ask yourself through time of your client journey. What do you do really, really well or well enough? And how could you do it a teeny tiny bit better?
• 22.02: Dennis shares different customer experiences and how different service provider can improve their processes.
• 24.38: Efficiency is the enemy of experience. As a business owner we always just do some basic math and calculate time and money. Efficiency is the enemy here because it results into crappy commodified experience.

3 Key Points:

1. Dennis shares some examples of some delightful engagements that he has seen on things that people wouldn't normally expect.
2. Dennis talks about the types of loyalty by fear and obligation as well as by connection and identity. 
3. Dennis shares 3 important questions that you can ask yourself so as to make your client experience better.

Tweetable Quotes: 

• "The guy that owns the hardware store is trying to pick a totally generic business, believes that the smartest and best thing that they can do is make it easy to get in and get out with a hammer." - Dennis 
• "There are frameworks, there are frameworks that you can use for experience design."- Dennis.
• "If you go to Disney land, you should be able to extract the principles of what they have done and apply it to what you have done 100%." – Dennis
• "It doesn't matter what your business is. I could literally create revenue in it without having to spend any money just by having you change the way you look at time." -Dennis.

Resources Mentioned

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

1.01: David is a certified Executive Advisor. He has been in the financial planning industry for over 35 years in Montreal. He is an author of a book, Executor Help - How to settle on a state - pick an executor and avoid family fights.

2.30: The executor is going to be the individual who's going to make sure that the person who has written will, their wishes that's written in the will is going to be carried out.

4.16: As per David you want to prepare your executors as much as possible, but you also have to have the conversations with them. You have to let them know what your wishes are, and you are going to make sure that you help them with a bunch of professionals around them.

6.10: When there is a death in the family or there is a death, people are traumatized, and you can be fumbling around looking for things when you are traumatized.

08.20: As per Jason, people's perception of what's fair can change over time and he finds that in the end of the life of a parent you never have an equitable split in terms of time supporting that parent amongst the kids.

10.24: People lose their minds and there's a sense of entitlement all of a sudden when it comes to an estate.

12.06: As an executor, you also have to understand that there is legal liability for you to make sure that the estate gets settled, make sure that the taxes are being taken care of, and also to keep yourself from being litigated by the beneficiaries.

13.35: Don't pay any beneficiaries until you've taken care of all of the debts and the taxes, because if it comes back that the estate owes money, try to get that money from the beneficiaries. 

18.15: As a business owner, if you don't think about what is going to happen to the business in case something happens to you suddenly, you are leaving your family in chaos. You are leaving them disorganized.

20.32: As a business owner you need to have some sort of plan in terms of what would happen if something happened to you. You need to create an estate plan. You need to create a succession plan and update it regularly with lawyer and accountant.

3 Key Points:

1. David talks about the role and responsibilities of the executor and what needs to be done to make sure that this is a success.
2. David talks about preparation of the estate and how we basically set the stage for success.
3. It's very important to make sure you are working with an accountant that is professional because they can make sure that the taxes and debts are paid first before you start going out any of the cash.

Tweetable Quotes:

• "99% of the individuals who are left to be an executor have absolutely no idea what to do or where to start." – David
• "The reason for the book is to get people to make the moves, to have the will and also have the conversations with the executive." - David
• "You really don't know about somebody until you have to share an inheritance with them." - David 
• "While the individual is still alive, I would suggest having a conversation with their executor, but also have the conversation with the beneficiaries or family members. And this is probably a touchy point for a lot of people because people don't want to have those uncomfortable conversations." - David

Resources Mentioned:

Facebook – Jason Pereira's Facebook

LinkedIn – Jason Pereira's LinkedIn

https://www.davidedey.com/

https://mobile.twitter.com/davideedey

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 2.30: David says that he works with business owners who realize it might be faster and easier to grow through acquisition. Another pool of buyers are people who work someplace and don't like it and typically these people are sort of in the Middle age group where they have got mortgages and families and maybe children and they realize that if they want to pursue their entrepreneurial dream the risks of a startup may just be too great, but if they buy a business, they can become an entrepreneur without the risk of starting up. 
• 06.04: In the world of acquiring businesses, we often hear about EBITDA earnings before interest, taxes, depreciation, and amortization. We hear about EBITDA multiples, and in the mid-market space people toss around ideas of what businesses are worth various multiples 4,5,6 times or what have you. In the world of main street businesses, we use a different level of cash flow is called SDE - Sellers Discretionary Earnings and it is the total amount of cash flow available to an owner manager who works full time in the business.
• 14.36: If you double the size of your business by buying an equally sized company in another city and you double your volume of purchasing, you might not increase sales, you might not increase margins, but you might be able to increase your leverage with suppliers. 
• 18.46: When there is momentum in the transaction, when the buyer is eager and they want to make a deal, it benefits the seller to be ready to feed that desire with all the information they're looking for so that you can move quickly.
• 25.02: The reason someone is buying the business, the reason someone is going to be willing to pay some amount of money towards the goodwill that's been built into the business, is because they want to avoid the risk of a startup, says David. 
• 31.02: When you go to do the due diligence on that business, what you do is you, you check the bank statements to make sure the deposits are all correct and then you go through the box of invoices from all the suppliers, and you add them all up and you compare it to your income statement. If it looks kind of closely then you can be reasonably certain that the financial statements are likely close, but they are never exactly correct.

3 Key Points:

• David explains the details between EBITDA (Earnings Before Interest, Taxes, Depreciation, And Amortization) and SDE (Sellers Discretionary Earnings).
• David talks about the factors that prompt a seller to sell their business. 
• David shares how a buyer has to be ready to be able to deal with the unknowns and a lot of the times those unknowns are managed through the structure of the deal.

Tweetable Quotes:

• "Economics of buying a job is different than the economics of - hey I have got an enterprise already in place I am buying your client list right at you know will be preferred to as a strategic buyer." - Jason
• "I have also had clients who have mailed out letters in more than two years later, people have picked up the phone and reached back out to them." - David
• "A properly prepared buyer knows that there are always going to be these unknowns within the diligence." – David

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.09: Aaron is a financial planner. He works with CWB wealth, and the majority of his time is spent serving private clients and helping them out with their retirement planning and taxes.
• 1.55: Aaron has been one of the few who spent time writing about old age security topic that is an overlooked benefit compared to the Canada Pension Plan.
• 2.12: Old age security pension is a government pension. You need to be at least 65 years old to begin to receive it and it's for those who have residency within Canada, either current residency or former residency, you need to have lived in Canada for at least ten years after you are 18 years old, says Aaron. 
• 5.04: You get an extra .6 of a percent by choosing to postpone your starting point. If you start at age 66 instead of 65, you get an extra 7.2%, says Aaron. 
• 7.37: For every dollar above your net income exceeds, government will take away 15 cents of your old age security. Technically it is a recovery tax and people refer to this as a clawback, says Aaron. 
• 10.27: Aaron explains what are some of the ways that a family or couple or an individual can minimize their exposure to all these security paybacks?
• 12.13: For people who have their own corporations, especially for small businesses who don't have revenue over 500K, they are going to be paying dividends to themselves as a non-eligible dividend, says Aaron. 
• 17.06: If you have got a lot of health issues prior to making the decisions, then it's kind of hard to make decision for OAS, says Jason. 
• 18.13: For every year that you live, your life expectancy increases because you are part of the survivor pool.
• 19.42: Aaron talks about some of his better or favorite tricks or unique planning opportunities that are uncovered when it comes to deferring past 70.
• 20.26: The whole amount to the lump sum plus the ongoing monthly payments that you begin to receive after OAS is taxed in the year you get the money, says Aaron.
• 22.36: If you are at 71 and you forgot your OAS all the way through 70 and now you are going to apply retroactively, your one-year reach back is going to be at the age 70, says Aaron. 
• 28.23: The government did increase the amount payable to people of age 75 and older by roughly $80 roughly per month from October 2022 and this was the first meaningful change to OAS payments amount in very long time.

3 Key Points:

• Once your net income exceeds a certain threshold government begins to take away your old age security benefit and that threshold for the year 2022 has been set at $81,761 per person, says Aaron.
• Clawback is something that grinds people because there is a disproportional amount of time relative to the amount of dollars that can be saved spent on planning around all day security.
• If you think you are going to live to 75, don't postpone OAS, take it at 65 when it's on offer. If you think you're going to live to 90 you are probably wise to postpone it to 70.

Tweetable Quotes:

• "You need to have at least 10 years in Canada to qualify, but 40 to get the regular payment." – Aaron
• "Effective rates of tax are more important than marginal rates." - Aaron
• "You also have a one-off strategy around how to structure your estate in some cases, speak about that." - Jason

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• https://www.linkedin.com/in/aaronhector/?originalSubdomain=ca
• https://www.cwbwealth.com/en

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 2.06: Doug started his consulting career 10 years ago on Canada pension and all the age security, but primarily Canada pension.
• 03.38: You pay for Canada Pension Plan if you have earnings from employment or self-employment. Those are the only two incomes that you can make in CPP contributions.
• 07.34: Talking about the CPP rates, Dough says that the benefits were going to go up from the 25% earnings replacement formula to a 33.33% earnings replacement formula. And that's what has resulted in the most recent increase basically being staged over five years. From 2019 through 2023 an increase of 1% for each of employer and employer, up from 4.95% to 5.95%.
• 13.10: If a person is working from the age of 18 to 22-23 in school, barely earning any money, and that is counting against his/her average, that's not great, says Jason.
• 17.07: If you are going to stop working and you would have drop out. You can end up with a better calculation of your average income by following few simple methods.
• 18.29: The first step in the process of the calculation is to bring all of your lifetime earnings up to a current year value. In the way that occurs is whatever year your benefits start, you take the average YMPE for the five years ending with the year that your benefits start, says Doug.
• 20.25: A pension is 50% higher if you wait five years. That is, government backed and guaranteed for life.
• 22.52: If you have worked five more years until 70, you can take those five years of maximum earnings, replace five years of zero or lower earnings and increase your average lifetime earnings significantly, says Doug.
• 31.27: The CPP retirement pension, as we say started at 65 or as early as 60 prior to that. If you become disabled while you are working, there is a disability benefit under CPP. 
• 35.00: If you have got your own corporation and you have the choice to pay yourself a salary or pay yourself dividends, then if you pay yourself. Salary. You are paying the CPP contributions both as the employer and as the employee, so you are paying both halves of it out of the company somehow. But if you pay yourself dividends, you don't pay CPP contributions, then you don't have a pension at the end of it, says Doug.

3 Key Points:

1. Dough talks about the contribution rates in the Canadian Pension Plan, what are the contribution rates today and where are they scheduled to go?
2. Doug explains if you want to take your CPP earlier than age 65, there are a couple of things happening. First of all, your calculated CPP, meaning your 25% of your lifetime earnings are calculated at the time you take your benefits.
3. If you don't take your CPP and you keep working beyond age 65, you can use each year of earnings to replace one of your earlier years of lower earnings, explains Doug.

Tweetable Quotes:

• "The contributions are the only incoming money to the fund except for the reinvestment of those contributions and that's all managed by us." - Doug
• "Even if you are paying a fairly high tax rate on your CPP because you are still working. And you are the sources of income. Doesn't mean you still don't take it early." - Jason

Resources Mentioned:

LinkedIn – Jason

Facebook – Jason Pereira's Facebook

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Jason talks ESG (Environmental, Social, Governance) with Daniel Jacob, Founder of Changing Habits Solutions; a market leading ESG Consultancy that helps businesses incorporate ESG and sustainability strategies into their business model.

Episode Highlights:

• 0.57: Daniel says that they help companies integrate Environmental Social and Governance metrics into daily corporate operations and develop strategies to improve their ESG performance over time.
• 3.01: The "E" in ESG stands for Environmental and it takes into account how a company uses natural resources, like water for example, as well as the impacts of its operations on the environment and the communities it operates in.
• 10.44: Diversity, equity, and inclusion matrix are associated not only with the gender profile of the organization, but by category or by seniority within your organization, says Daniel. 
• 13.07: Investors are increasingly looking to de-risk their portfolio and businesses developing more ESG practices typically means a better investment opportunity, says Daniel. 
• 14.58: "For every risk there is an equal opportunity. If you take climate change as a risk perspective and start to assess, how can I reduce my emissions into carbon credit this is a potential revenue generating scheme"
• 22.01: There are over 1000 different metrics or issues under ESG combined. You want to make sure that you focus on the top ten or twenty on which you can have a material impact, says Daniel. Daniel talks about how you establish and use ESG metrics and how they are different from any other business key performance indicators that they may utilize. 

3 Key Points:

1. There are over 1000 different metrics or issues under ESG combined. You want to make sure that you focus on the top ten or twenty on which you can have a material impact, says Daniel.
2. Daniel talks about how you establish and use ESG metrics and how they are different from any other business key performance indicators that they may utilize.
3. Daniel talks about the actual net reciprocal benefit of ESG. He shares what is the feedback cycle on this underlying business metrics that really matter to business owners which is profitability, costs and revenue?

Tweetable Quotes:

• "If you are going to do something about sustainability in your own company, your suppliers need to get to the same level as you." – Daniel. 
• "We have been operating in a way that doesn't consider the environment. Sustainability includes our economy's long term ability to survive" – Daniel.
• "As investors, we should be empowered with as much information as possible to make decisions for someone who might invest in." - Jason

Resources Mentioned:

• LinkedIn – Jason Pereira's LinkedIn
• LinkedIn - Daniel Jacob's LinkedIn
• Website - Daniel Jacob
• Visit Changing Habits: Changing Habits Solutions - ESG Consultants
• Book A Free ESG Consultation: Calendly - Daniel Jacob

Full Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.05: Exit planning is an emergent specialization in management consulting. It is particularly being driven by the saying that time is running short for a lot of business owners.
• 1.54: The whole idea behind exit planning is to maximize value and basically get the most successful exit plan or exit from your business as possible, says Jeff. 
• 3.42: Exit planning institutes have done tons of research on the numbers of companies that don't successfully exit, and it's a pretty shockingly high number.
• 6.11: You can't manage a 25-to-35-person company the same way that you can manage an 8-person company, and that is one of the first steps where owners may run into problems, says Jeff. 
• 6.57: Jeff shares how he starts assessing business to understand where the holes are. What does his process look like to understand what's going on with that business?
• 7.11: The business assessment method that Jeff uses is a lot more holistic. They have three-legged tools which are basically the business, the financial plan for the individual and their family and then there is also the personal side.
• 10.04: The assessment is done in a way that everything is kind of transparent and there is a logical progression where most owners know how they are performing, says Jeff. 
• 12.33: When you do exit, it's not a disaster. If any exit happens unexpectedly, the company can survive, says Jeff. 
• 13.42: Jeff shares in terms of fixing gaps, how much resistance does he sees on an average to acceptance by business owners?
• 15.29: As the biggest business starts to run better, become more systematized and the owner moves into a more of a strategic leadership position frustration gets reduced, says Jeff.
• 19.32: If an owner doesn't have a financial planner or if the financial planner, they have is someone they have been using from their 20s and not working as desired Jeff would probably raise the idea of, we want to connect you with somebody who is a bit more sophisticated.
• 26.06: Jason advises everyone that do not deal with generous lawyers. Deal with specialist lawyers who do or handle the expert cases all the time. 

3 Key Points:

1. Jeff explains how exit planning is for the most cases is no different than business planning.
2. Jeff talks about the gap analysis that he conducts and how he explains to business owners what it takes to go from the two to the 4X multiple and how they assess those gaps.
3. Jeff answers how many people in Canada take well to the fact they are telling their baby is not pretty if baby is business?

Tweetable Quotes:

• "Everybody exits at some point. You can either do it vertically or horizontally, it's your call." – Jason
• "Being in control, getting the outcome you want and not having to compromise significantly can be defined as a success." – Jeff
• "There are any number of times where professionals will outgrow the advisors that they are dealing with, whether it be financial advisor or account boy." – Jason

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Jeff Cullen – Website

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.06: Watt trains financial planners and he was never a financial planner previously. He was in the military till 2006 then he entered the family business.
• 1.58: Watt says that they had a pretty good transition as far as family businesses go and in 2018, he became CEO of family business. There was no friction back and forth about control from the elder generation to the younger generation or any of that kind of stuff.
• 4.33: The due diligence process must have alerted Jason Watt to issues and deficiencies that he had and that he needed to get cleaned up prior to any kind of sale, says Jason.
• 7.15: There was a very short meeting in January 2020 with local company Yardstick and Jason Watt talked price a little bit just to kind of get a feel for whether it would be enough money for them to consider a deal seriously and whether the price would be right for the buyer to make a deal work. 
• 12.37: The working capital is important to business as any talent they have or any equipment they have acquired because it is also a part of the factory process.
• 15.36: Jason Watt talks about the negotiation of the deal. What is the methodology of price negotiation, its timeline and how that goes?
• 18.38: Jason Watt doesn't have a big product liability concern or anything like that and in fact there was a sort of pro buyer reason for the share sale because there are a bunch of regulatory approvals that go along with business.
• 20.10: Jason Watt shares after the negotiations stage, how long does it take to come to the final contract. 
• 23.01: It took six and half months from negotiation to final conclusion and Jason Watt thinks that is a reasonable time frame. It should have closed a month earlier than that if they hadn't had that sort of shareholder reorg snag.
• 31.20: Jason Watt faced some complicated tax issues where his accountant helped him to resolve the issue.  
• 32.59: The due diligence process is a two way as much as you should be, you know going through and providing a lot of information about your business, you should be learning about the business that's acquiring you, says Jason Watt.

3 Key Points:

1. If the parents are deeply entrenched within the business operation or the value relative to cash flow is not something that's going to work out over a reasonable amount of time then you do have to consider a third party, says Jason. 
2. Working capital adjustment, shareholder loans and all similar things were things that Jason Watt wasn't as prepared to deal with because they were pretty good about sort of operational metrics.
3. Deal with specialist lawyers and people who have been there and understand the process well before.

Tweetable Quotes:

• "When it came time to talk about their retirement meaningfully, we really had to look at a third-party acquirer." – Jason Watt
• "You wouldn't sign the letter of intent if you are not seriously intending to proceed." - Jason Watt
• "As long as you are earning income going forward at a reasonable level, you actually get that credit back." - Jason Pereira

Resources Mentioned:

Facebook – Jason Pereira's Facebook

LinkedIn – Jason Pereira's LinkedIn

Full Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.19: Cato says that early this year, they launched Loop card which is a multi-currency card that allows users to spend in different currencies. Then more recently they launched the loop accounts product which allows users to open accounts in different currencies so a user can do business more seamlessly around the world.
• 5.48: If you get paid in the US dollars with bank account in Canada, bank will convert the money at that point, and they will often add markup as much as 3% on every dollar that you earn. 
• 6.33: We do a digital onboarding process like many other Fintech products. We collect information on the company, fill online application forms, and have business names and address. We collect information on any directors of the business as well, explains Cato.
• 7.12: When you fill some information on the form, and we say you are approved and then once you are approved and once you have the ability to access an account with us you can then go and click on a button and get access to international account details all through platform, says Cato.
• 7.35: Loop card is a multi-currency card that allows you to spend money in different currencies, and one of those currencies is the US dollar.
• 8.10: We allow you collect your money in the US dollars that you can keep as US dollar revenue in USD and then you can use your loop cards to go and spend those US dollars for your expenses in USD, says Cato.
• 9.32: When people encounter the problem, they can go to go to your website, set up an account, get a card and deal with all their American currency build business needs on one end of the border and then bring it back over whatever is left over.
• 11.38: The four products we have are multicurrency accounts product, multicurrency card product, our payments product and then we also have capital product, says Cato.

3 Key Points:

1. In the pandemic companies were thinking to go into local bank branch to get them to open a US account but bank told them, we have a branch in the US however, to open up this account, you are going to need to drive to our nearest branch in the US, says Cato.
2. Cato talks about a multicurrency card. He explains how that works and how it ties into your account. 
3. We call ourselves kind of a bundle banking platform and the reason we use that terminology is we kind of try to do everything in one place. We try to make all the different products and services that a company needs available to them through Loop, says Cato.

Tweetable Quotes:

• “Canadian companies do not set up to get their domestic branches to basically be foreign branches of American banks.” – Jason
• “We allow you to collect through US dollar revenue and if you need to make $50,000 wire payment, we can convert the money to RMB for you and allow you to wire that money to anywhere in the world.” - Cato

Resources Mentioned:

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Cato Pastoll – LinkedIn | Website

Full Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.41: Terry’s responsibility as one of the private wealth managers is to work with typically private clients and individuals with cross-border issues.
• 4.29: In Canada, if you die and do not leave things to your spouse, you must pay all reliable due taxes. Whereas in the US, it's not the same.
• 5.08: In the US, most of the folks who in prior years would have been exposed to the significant estate tax are now off the rules because the tax exemptions have crept up over the years.
• 13.51: Whenever you are over the $60,000 threshold, that's your barometer in the US to determine whether you are filing a requirement. There may not be a state tax at the end of the day, but there may be a requirement to file, says Terry.
• 15.37: The closest counterpart to the tax-free savings account in Canada from the US perspective would be a Roth IRA.
• 16.13: If you do anything like an American in Canada, like setting up a bank account or tax-free saving account, additional compliance requirements must be dealt with on the US side, says Terry.
• 21.03: Framing taxes as a cost-benefit is a way to get around where the breaking point is or where the client wants to make the call for assets, says Jason.
• 26.43: If you are an American Canadian and you have got some property, and if there may be some tactics closure on the US side or you remotely cell it, it's good to keep track of any improvements and receipts when you did it.
• 32.09: We need to think from the IRS and CRA perspective that there is going to be withholding tax requirement that could come into play here when a Canadian ultimately sells their property, and that process can be very, very timely, says Terry.

3 Key Points:

1. If nothing changes on the gift and state rules and other tax rules that were put into play here, from the end of 2025 to the beginning of 2026, the estate and gift tax exemptions and income tax rates will go back to what they were ten years ago, says Terry.
2. Terry talks about the fact that Canadian citizens who never have been American could also find themselves on the subject of the US estate tax.
3. Some people decide to go to Florida, Arizona, or wherever and want to buy a place. Terry explains what should they be concerned about, and what are the best practices to do that?

Tweetable Quotes:

• “Snowbirds or non-residents in the United States have a non-resident state tax imposed on them if they own certain kinds of defined as a US set of assets.” – Terry
• “People don’t realize that assets are not just stock. It can also be Canadian-based mutual funds and ETFs that qualify as US assets.” – Jason
• “Sometimes, it may make sense to hold assets on a joint base and then have transferred death deeds after that.” – Terry

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Terry Ritchie - terry@cardinalpointwealth.com

Full Transcript

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Episode Highlights:

• 1.15: Shane is a corporate currency specialist which means he helps SMEs who get exposed to international business and FX dealings on a regular daily business.
• 1.44: We are reducing the margins that the big banks are typically known for and providing services or advising when the rates may go in the company's favour and when there is an opportune time to do an exchange, says Shane.
• 4.09: The exchange which is in labor intensive and there is no material cost is quite excessive. You can get well under 1% depending on your volume and its better ease and convenience type situation, explains Shane.
• 4.26: The exchange rate is what it is, but if you are losing 3.5% on hundreds of thousands or millions of dollars each way from your profit that should be going to your pocket to reinvest in your business is not good.
• 5.33: On the minimum about $10,000 per transaction is a point where you are going to start saving 2 to $3 per transaction using a broker from FirmaFX, says Shane.
• 06.00: Shane talks about the challenge for business owners in international wire transfers and how he helps them with that. 
• 10.12: The currency hedging is the idea to guarantee you price point for at least some of your exchange so that you have the peace of mind of knowing exactly what you're going to pay or exactly what you're going to receive. 
• 15.24: Jason explains that you don't have to be able to calculate all the stuff in hedging transactions because in principle the contracts are very straightforward for people.

3 Key Points:

1. Shane talks about the costs associated to the consumer or the business owner when making a currency exchange.
2. Hedging is basically a process where you eliminate risks. Shane talks about what can be done to mitigate the risk of fluctuation of currency when you have business in one country, and you are delivering stuff in another country.
3. Hedging strategies change depending on every single client's position and need like what are your potential waters or what is your actual margins. If you're a tight margin business, Shane recommends hedging a good portion of your FX.

Tweetable Quotes:

• "We are able to save companies not just money, but time also that they can then put back into their business and doing what they do best and help them grill in a multiple of ways." - Shane
• "Some businesses consider hedging like gambling, but it's the exact opposite. But the general concept is you are exposing yourself to sometimes millions of dollars throughout years on a FX rate and they are budgeting this FX rate for your currency exchange." - Shane 

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Shane Slater – LinkedIn | Website 

Full Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01:10: Different provinces have different amounts. Today, on top of that, anywhere from zero to 4%, depending on what province. One will actually apply that zero percent rate up to 600,000, but for all intents and purposes, the half $1,000,000 mark represents a small business's income. 
• 03:40: $500,000 is a business limit or exemption. So, for the first $500,000 you get to pay the lower rate, but if you have more than $50,000 investment income. They start taking back the amount they start, reducing the 500,000 at a rate of $5 for every $1 earned in passive income.
• 08:14: The first national account is the general rate income pool. You may realize that there are actually 2 different tax rates payable on dividends in Canada.
• 08:33: There are three depending on where they came from. The third one is that foreign dividends that are not considered eligible for dividend tax credits. So, they are basically taxed as income.
• 09:58: The general rate income pool is a calculation of the money that you pay tax on or the income that you pay tax on at the general rate. So, anything that wasn't the small business rate is the pool of money that you can distribute as an eligible dividend. 
• 11:53: Any insurance proceeds from the death of an individual above and beyond the adjusted cost basis are considered a game. They flow into the CDA. Why does the CDA matter? Because the CDA is an amount that the individual can draw tax-free from the corporation. 
• 19:05: RDTOH allows you to take money out at a tax preference because you've already paid some of the tax and get some tax refund.
• 21:19: Why does this number matter? This number matters if you have a corporate structure in place. If you have two corporations, one corporation owning another, and you want to transfer money between these corporations, you can transfer by way of intercorporate dividends.

3 Key Points:

1. In 2018, there is a tax change that happened that basically will change your tax rates corporately for passive income. Total passive income or what's known as aggregate investment income exceeds $50,000 and it will increase. You will pay an increase straight up until about $150,000, which will go back to normal.
2. Why would the government allow you to take money tax for you to be a corporation? Let's look at investment capital gains. Half of it is tax free, there is no real difference there. It's going to result in you paying the same tax that you would otherwise. So, if you take a capital gain and pay 100% of the proceeds out and you end up paying at most 26%, Insurance is different.
3. The purpose of RDTOH is to extract the corporation of the companies, the government, extracting more income from you corporately now than they would if you paid to yourself personally. If you pay it to yourself personally then they refund you the difference.

Tweetable Quotes:

• "The eligible dividend is basically the dividend paid after tax income that paid the general rate that paid the higher the two. So, if I pay a higher rate corporately, I pay a lower rate personally, if I pay a lower rate corporately, I pay a higher rate personally." – Jason
• "Insurance is different because the CDA is a mechanism for flowing out the gains tax-free to the shareholders." – Jason

Resources Mentioned:

Facebook – Jason's

LinkedIn – Jason's

Full Transcript

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Episode Highlights:

• 03:16: Profits are priority, not the leftovers. You have to have your expenses controlled such that you hit your target profit because all too often most businesses look at profits. They wonder why it doesn't grow, it doesn't grow because you are now focusing on growing the revenue and shrinking the expenses relative to that. 
• 04:09: Jason suggests you should be pulling money into four other accounts that are earmarked for money that is not actually yours. What are those four counts? The first is profit. It is your money down the road. But what they are saying is whether it's once a month or twice a month. Whenever you get paid, you get to move over whatever percentage of profit you're trying to make into that. 
• 05:43: Something is broken with your revenue model, something is broken with your operating with your expenses, but your product, you are going to hit the target profit. You have to make that work. This is a methodology that is also investing called reverse budgeting. You are taking all the savings and investing. In this case the profit off the table. We're also taking it off the fixed expenses.
• 07:31: Jason gives his insights on how much cash needs to be invested in the business in order to make sure you can operate? How do we answer that question? How do we move, modify working capital? Start off with the current assets, consider what's there, Cash is the goal. So short term investments in deposit accounts, financial savings accounts, money market funds, whatever else it is in order to basically help you meet those needs, that's ordered a little bit of interest. That's fine inventory.
• 11:08: Your current portion of your long-term debt and interest payable, is the money that is due in the next 12 months. You can work to minimize that by reducing. You can't work to minimize that by potentially refinancing. If you can stretch out the loans that you were taking out, you can basically reduce that which reduces your need for cash, and you need cash investment.

3 Key Points:

1. Jason explains what basic accounting tells you. It tells you that your revenue minus your expenses equal your profit. 
2. Working capital or net working capital is the difference between your current assets and your current liabilities list, it's a measure of the company's quality and operational efficiency as well.
3. Accounts receivable is the money that's owed to you. The shorter the payment terms on accounts receivable, the faster that money converted to cash, the longer the slower.

Tweetable Quotes:

• "You should have your payroll account. Have a separate bank account just for payroll. You make sure you move the amount for payroll over there every month." - Jason 
• "You don't want a lot of good sitting around. You can make sales, but not so much that you are taking six months to sell it all if it's something small. If it's something big, you may not have a choice, but optimize inventory accounts receivable." – Jason

Resources Mentioned:

Facebook – Jason Pereira's Facebook

LinkedIn – Jason Pereira's LinkedIn

Full Transcript

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Episode Highlights:

• 1.58: Liquidity ratios measure how effectively the company can repay both short- and long-term obligations. The most important ones tend to focus on current long-term liabilities.
• 3.22: When you sell a product from inventory, you sell out a profit that is not reflected on the balance sheet.
• 4.23: The cash ratio carves all current assets except for cash and cash equivalents compared and devised by current liabilities.
• 5.45: The leverage ratios measure the amount of capital that comes in the form of debt. It’s basically how much leverage you are employing in the business relative to some other important metrics.
• 8.28: The debt service coverage ratio looks at your operating income, but it looks like your total debt service, not just the interest but also the principal payments.
• 11.45: Accounts receivable turnover measures how effective you are at collecting your receivables. The bigger the credit sales number and the smaller the average means that you have a very effective means of collecting money as fast as possible.
• 15.00: The EBT margin tells us how much our profit margins were before taxation, which is the metric for how your business will deal.
• 15.48: The net income divided by shareholder’s equity is the return on equity ratio. It is valuable because this tells you what your actual ROI is on the investment made in the business and not given.
• 17.46: The book value per share ratio takes the shareholder’s equity minus preferred equity. This may not apply to private businesses, but in public, it does.
• 19.24: The earnings per share ratio is truly a metric of how much of the business’s profitability belongs to each shareholder. You take the net earnings or net income and divide that by total shares.

3 Key Points:

1. Instead of looking at current liabilities from the lens of your current assets, the operating cash flow ratio looks at operations. It takes your operating cash flow and the cash generated from operations. 
2. The interest coverage ratio measures your interest obligations on all your debt, like your operating income divided by your interest expenses. The interest coverage ratio is an important one in the short run.
3. The gross margin is your gross profit divided by your net sales. Gross profit margin is looking at the direct cost of unit sale like the cost of goods sold, cost of services rendered, whatever that related specifically to that sale.

Tweetable Quotes:

• “The current ratio looks at current assets and divides them by current liabilities. It tells you that you have enough cash and convertible assets in cash.” - Jason
• “The debt-equity ratio is taken from your total liabilities and divided by your shareholder’s equity. This is a metric of how you finance your business essentially.” - Jason
• “In many cases, businesses can rely upon lines of credit that do not require anything much more than interest payments at least every month.” - Jason

Resources Mentioned:

Facebook – Jason Pereira’s Facebook

LinkedIn – Jason Pereira’s LinkedIn

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Today is the second part of the continuation of a series that Jason is doing on understanding financial statements and some of the data. Today, Jason will move on to a couple of other less common reports and is going to look for the cash flow statement; this is not required for tax purposes, but every accounting software should be able to produce one of these. 

Episode Highlights:

• 01:25 A cash flow statement gives you an understanding of what happened to your company’s cash and how you got from the starting position at the beginning of the year to the end position at the end of the year.
• 01:39 There are three different categories or changes within the business that will impact your cash. 
• 02:28 The first area that the cash flow statement looks at is operating cash flow. It is simply a change in your income statement and balance sheet that came from operations. 
• 03:43 If your accounts payable went down, it means you have converted more of your accounts payable to cash. Therefore, you increase your cash and vice versa.
• 04:04 Jason: Any expenses that count payable are positive to your net cash and any reduction is negative, leading to the change in current liability.
• 07:11 If you issue any new debt, that new debt increases the cash on hand that you pay off in long-term debt and the reduction results in a lower amount of cash.
• 09:31 Cash is important because it is the lifeblood of a business. You can be totally profitable with cash being the lifeblood, but you can have negative cash flow. 
• 15:01 You have to be careful with your inventory because if you carry too much, it’s just money waiting to be converted that could be in your pocket, and if you carry too little, you could lose it on sales.
• 16.49 The current liability, like loan payments, you don’t have much control over things. But, again, this is not an area that you are going to be able to reduce because if you have a loan, and you typically have scheduled payments.
• 18:28 COVID has taught us that you need to access the cash when everything goes wrong, but there’s a difference between having cash in the bank and accessing the capital.
• 19.06 If you don’t maintain enough working capital when you sell the business, it will impact your valuation. Working capital is an asset of the business. Too much of it, you can clear that out. Too little of it, you need to invest.

3 Key Points:

1. Cash flow from investing activities reflects any investments you made in your business, specifically your business’s fixed asset component or balance sheet. 
2. Investment in general matters because that investment can either be used for working capital or other business needs, or personal consumption of the business owners.
3. If you could increase the duration of your pay and turn your short-term liabilities into long-term liabilities, you would reduce the need for working capital.

Tweetable Quotes:

• “When you total up all aspects of cash flow, the difference should equal the change in value in your cash balance over the year.” – Jason
• “Having a healthy amount of working capital is vital because you need to keep your business afloat, and there are ways you can optimize around this.” - Jason
• “If we can reduce your pay, current assets, and inventory, you can reduce the need for working capital.” – Jason 

Resources Mentioned:

Facebook – Jason Pereira’s Facebook

LinkedIn – Jason Pereira’s LinkedIn

Transcript

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Episode Highlights:

• 01.26: The balance sheet is a document that summarizes everything you own and owe and where the equity came from in the company.
• 01.52: Current assets are liquid assets meant to have a turnover period of less than a year. All assets on balance sheets start with the current assets.  
• 03.20: Fixed assets are the things that are physical products or physical assets. We can have long-term investments in fixed assets things.
• 04.10: Equipment, vehicles, land, and buildings show up as the net number, which is the cost of acquisition minus the depreciation.
• 08.38: Retained earnings are not a number you can draw out of the business unless the assets exist.
• 09.42: Subtracting current assets from current liabilities gives you the net working capital. Net working capital is the amount of money you have invested in the business to keep it going.
• 10.53: The income statement tells you how profitable your business was for the year, and this is where all your sales transactions get summarized.
• 12:51: Subtracting the cost of goods sold or services rendered from the gross revenue gives you what is known as the net revenue or net after your direct expenses.
• 13.10 Fixed expenses are not directly tied to one thing, but it’s paying for the general apparatus of the build of the business to enable you to allow for incremental sales.
• 15.06 Interest is a funding cost based on your capital allocation strategy, and taxes are solely based on your net profit.
• 17.23: Working capital is current assets minus current liabilities, and that is an investment in a firm because you have to have that money in the company. Reducing your need for networking capital increases the amount you can pull out of the business or reinvest in the business.

3 Key Points:

1. Capitalizing on the purchase will reduce the amount that is going to get deducted, it will be reduced to a set amount per year based on one of a couple of schedules.
2. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) allows you to compare business operations in terms of essentially what their top line is and how much they can convert to their bottom line. 
3. Reducing your need for networking capital, increases the amount you can pull out of the business or reinvest in the business.

Tweetable Quotes:-

• A cash flow is like water. It’s the life of the business, too much cash flow will make you drown, and too little will make you die first.
• Anything that gets spent on the business directly not attributable to unit sales is a general fixed overhead expense.
• Just because you spend the cash doesn’t mean it’s an expense for tax purposes and is a good thing or bad thing that’s debatable.

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn

Transcript

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Episode Highlights:

• The first big change is the addition of the tax-free first home savings account. This new account will help Canadians over 18 who have not owned a home in the current or last four calendar years. 
• You can also move money from an RRSP to a first home savings account, but you cannot combine this with the existing RRPS first-time home buyer’s plan.
• If you are buying your first home, you were entitled to a tax credit previously that is now increasing, so it used to be 5000, and now it is doubling to 10,000, giving you a total tax credit maximum value of $1500.
• Home accessibility credit has been doubled. It used to be 10,000, but now, it’s 20,000, and this helps pay for renovations and alterations such as wheelchair ramps, walk-in bathtubs, chairlifts, or anything to help you get around the house if you physically need to.
• There is a change in the alternative minimum tax credit. They haven’t announced what it is, but they have started setting the stage for taxing Canadians with the highest income. And to support this, they released a chart that showed that 28% of people earning 400,000 were paying less than 15% in taxes. 
• Previously if you sold an assignment to someone else, GST would typically not apply, but now it does, and in addition to that, it’s not capital gains. It’s fully taxable income.
• There are many changes in corporate taxes, and the most impacted is the small business tax deduction. As a result, Canada’s first half-million in active business income is taxed at the lower small business rate, and then anything interactors taxed at the general rate.
• There are specific credits now available for those who are using carbon capture utilization in storage.
• Critical mining exploration tax credit is basically targeting shares that flow through exploration expenses down into your personal tax rate.

3 Key Points:

1. In the new residential property flipping tax, if you hold a home by home as your principal residence and live in it for less than 12 months before selling it, the principal residence exemption does not apply and qualifies as full income. 
2. Surrogacy is becoming more of a need in Canada. If you are using a surrogate, you will now be able to cover and claim those expenses under the medical tax revenue in Canada.
3. In the intergenerational shares transfers process, they are extending the consultation process to figure out how to fix this and hope to have a report by June 17th.

Tweetable Quotes

• “There is a system in Canada called the alternative minimum tax, which is there to test and prevent people from gaming the system too well.” - Jason 
• “They are going to increase the capital tax from 10 to 15 million, and it will phase it out now over until it is 50 million.” - Jason
• “One of the things that got popular since the small business tax measures of a couple of years ago was what is known as non CCPC planning.” - Jason

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn

Full Transcript

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Episode Highlights:

·  You don’t need to be doing something wrong to be selected for an audit or free audit to go up really bad.

·  The CRA has upped their game in the last three or four years. They got a lot of money for it, and we see that money working.

·  Typically, in the first step for audit, you will get a brown envelope that nobody likes to receive in their mailbox, and it will identify what they are looking for.

·  Audits start with an auditor’s letter introducing him or herself as telling a taxpayer that they are being audited. This is the period we’re looking at, and these are the questions we will have for you.

·  Many software and resources are available for managing your financial information. Using those, the more prepared you are and the easier it is for you to survive the audit.

·  Communication is key, and auditors have a lot of power. We get to dispute their decision later, but it’s going to cost you a lot of time and money, and it’s not fun to do.

·  If you did something wrong, you’re accountable. But auditors not going to be a big brother on every transaction we ever have because that’s not how they’re supposed to operate.

·  At the end of the day, it’s meant to catch the bad guys, but at the expense of our privacy and expenses, CRA always has an opportunity to start a fishing expedition for every audit they do.

·  Explanatory notes to the new rules say that we have broadened the scope to provide the new realities with the digital world.

·  Auditors used to interview neighbors before in their defense, but the neighbors had the right to say no, we are not interested, and we’re not talking to you.

3 Key Points:

1. Computers don’t know that you are a good and honest person. Computers may pick you up for an audit, and you will be caught, and you will have to go through the not very pleasant exercise together with people who did something wrong.

2. Jason and Anna discuss that are the best practices for surviving an audit, and what other pieces of advice she would give to the listeners.

3. Auditors get to inspect personal documents or documents of any other person if they relate to a targeted person or his tax liability.

Tweetable Quotes

·  “It’s funny the level of disdain and contempt some people have for the nation’s tax authority and thinking that they are not very smart people.” - Jason

·  “There are chances that you may not need to provide everything they ask for, which can help you in the future.” - Anna

·  “I think the audit in the future will be more effective, faster, and more accurate, but it’s going to be invasive.” – Anna

Resources Mentioned

·  Facebook – Jason Pereira’s Facebook

·  LinkedIn – Jason Pereira’s LinkedIn

·  Anna: Website | Linkedin

Full Transcript

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Episode Highlights:

• 02.00: Islamic finance is finance before interest, and that is the difference in terms of what we see today. Islamic finance’s main principle is that money has no value, says Sawwaf.
• 04.25: Jason says that as a Muslim, you can’t borrow, and that is incredibly restrictive from a business owner’s standpoint. He asks, about the other means for accessing capital to buy homes or even start your own business?
• 12.21: Mohammad says that they are starting to see a real growth spurt in the Islamic Fintech space regarding innovative solutions, especially in the digital area that allows financial transactions to be much more simplified and accessible.
• 13.32: When you consider diversifying your investments as a Muslim investor, especially when it comes to the fixed income market, Islamic bonds are available, and they are called Sukuk, says Sawwaf.
• 15.37: Jason asks what does that look like if any Muslim in Canada, looking for a new business or building a manufacturing plant and wants to do things in a Halala method?
• 22.51: Today’s people are renting and avoiding homeownership because they want to sleep at night peacefully, knowing that their financial affairs are in order from an Islamic perspective, says Sawwaf
• 26.24: Federally, all meat out of New Zealand and Australia are halal because they export more than they consume and export to neighboring countries like Malaysia, Indonesia, and Singapore that require, says Sawwaf.
• 29.08: When you are trying to diversify an economy, and if you want to stick with primary industries, you have to create some specialties, says Sawwaf.
• 31.24: As per Sawwaf, nothing stops us from creating product industries except the capital required to bring it out into the open. There is no shortage of demand for anything.

3 Key Points:

1. Sawwaf says that for inventory financing, as long as there is the element of shared risk in a moment and the asset-backed or asset-based transaction principle is fulfilled, we are good to go.
2. The bigger issue is the infrastructure. It just hasn’t gained mass adoption around the world the way it needs to supplant or replace the needs of the Islamic community, and traditional banking would otherwise provide if they could do it, says Jason.
3. When you look at Census Canada, you see that Muslims have the lowest participation rates of homeownership and capital markets. It is not because of our balance sheet. It is because of a lack of power and rights, says Sawwaf.

Tweetable Quotes

• “Multiple mechanisms allow you to do larger types of transactions, like buying a car or home, all happening under the pretense of Islamic finance.” - Mohamad
• “The halal meat industry is a $2 billion industry in Canada that the FDA of Canada entirely regulates.” - Mohamad

Resources

• Facebook – Jason Pereira’s Facebook
• Mohamad Sawwaf: Website 
• LinkedIn – Jason Pereira’s LinkedIn

Transcript

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Episode Highlights:

• 01.35: Robb has run the Boomer and Eco personal finance blog since 2010. About six years ago, he started a fee-only financial planning service to help regular people approach big-burning financial stages of their lives.
• 02.48: Jason asks Robb, as per experience as a DIY advocate, what are the common person triggers for someone with a simple situation for the need to seek out advice in the first place? 
• 05.00: According to Robb, there is a bit of inherent bias in the type of people seeking him out because not many people know about fee-only or later fee-for-service financial planning. 
• 07.03: Robb talks about passive investing. He set up his couch potato portfolio seven years ago before these new kinds of solutions came on board, and being aware of the other products on the DIY spectrum is important. 
• 09.07: As per Jason, there is a marketing lesson for any advisor out there, and there is also a marketing lesson for any clients seeking advice and finding someone who speaks an advisor’s language in marketing. 
• 19.43: Putting your message out transparently is important, says Robb.
• 23.00: People lose clients because you didn’t engage the spouse, the spouse that was engaged died, or the other person felt they are not heard, and it is a challenge, says Jason.
• 25.50: Advisors should be transparent about what they are going to be doing with your money so that you can now move on to the other important factors, says Robb.
• 27.33: Fee-only planning is not something you can scale because every situation is different, says Robb.
• 35.35” Robb suggests that at some point in your life, a little voice in your head will go, “Am I doing the right thing?” If that little voice is telling you that maybe it is time to reach out and get the conversation started with an advisor and see where that can add some value for you.

3 Key Points:

1. The larger sums of money could come in a couple of different scenarios. One is someone taking the commuted value of their pension when they leave their work workplace, and another one, like an inheritance or maybe you sold the rental property or your primary residence.
2. Robb answers, what happens if old males don’t have the mental capacity or expire before their partner does? They don’t want their spouse to go and walk into the big bank and hand over investments or portfolios of stocks to the mutual fund portfolio.
3. In the validator model, people do the right things. They want a second set of eyes just to walk them through and make sure there are no holes to poke through the plan. 

Tweetable Quotes

• “Many advisors struggle in explaining their value to clients, and it may be because those aren’t the clients you should be having, and maybe that service doesn’t match up with them.” – Jason
• “Refining who my client is is really important as well.” – Robb
• “Based on US research, 60 to 100 is the range for a number of engagements on a planning level that you can maintain in the course of a year.” – Jason

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• Robb Engen – Website 
• LinkedIn – Jason Pereira’s LinkedIn

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David Pullara is a senior business leader with over 20 years of diverse experience in marketing strategy, brand management, and product innovation. He's spent 12 years of his career to date working with four world-renowned, consumer-centric, Fortune 500 organizations: Starbucks, Yum! Brands (Pizza Hut), Coca-Cola, and Google. David is recognized as a Chartered Marketer by the Canadian Marketing Association (CMA). He serves as an advisor to two technology start-ups (LeapGrad and Spiffy), an Advisory Council member for the American Marketing Association's Toronto Chapter, and a member of the CMA’s Customer Experience Council. David is currently focused on consulting, advising, teaching and facilitating, speaking, and writing through his work as Principal of dp Ventures. He also serves as a part-time marketing instructor for the SchulichSchool of Business at York University.

David's LinkedIn Profile: www.linkedin.com/in/pullara

David's website: www.davidpullara.com

David's Consulting Services: www.davidpullara.com/consulting

David's Blog: www.dpthoughts.ca

For more resources, full show notes, & transcript.

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Episode Highlights:

• 01.00: Betsy talks about how she enjoys talking about how people protect their assets and explain what digital assets are because they are all over the place, and most people are unaware of them. 
• 03.08: The implication of having your digital footprints all-out means that someone can easily impersonate you, and they do it all the time. 
• 04.43: Betsy says that there are other thefts that happen when people are not aware of their digital assets.
• 06.33: As a Google user and as in Facebook user we have to sort of work our way into their applications to figure out where we actually put the email address and name of the person who can access our account, says Betsy.
• 10.06 Betsy says that due to Covid, over 700,000 people have died, and many of them were on LinkedIn. 
• 12.40: There is a disconnect between customer service, the fiduciary, and the family and a major poor part of what our company does is an advocate for the family and when we have winds as we did with Apple with Google and with Facebook, says Betsy.
• 13.35: Betsy says it took Facebook 15 months to release five years’ worth of data of a decedent and deliver it on a flash drive to the family.
• 14.43: Betsy points out that apple assigns a person who they are paying over $100,000 a year to talk to the fiduciary to physically look at documents. 
• 19.42: Jason asks Betsy, “Talk to me about what your service does to solve the problem for people.”
• 24.21: The minute we start a process of locking accounts we have to use the procedures and follow through with them as they were as of date of death, not as they are today, says Betsy.
• 25.00: Betsy explains, we first of all convince companies that this is a problem for them, not for us. They are wasting time and money and they are being cruel. They cannot have people in charge of this process. They must have what is called an API, an interface.

3 Key Points:

1. The digital footprint includes data and documents on your phone on your tablet, under laptop, in your desk, computer and many other computers that are controlled by others. Betsy raises very important concerns, who has access to your digital footprint? 
2. As a person is approaching 70, they should start to create an inventory of what’s important.
3. API interface the companies like legacy concierge, it notifies companies through a piece of software and that piece of software goes into their legacy applications and marks the file is frozen or deleted or transfers the assets from an existing account to another and then report back to us, explains Betsy.

Tweetable Quotes

• “When people are grieving, they want to remember the decedent in positive terms.”- Betsy Ehrenberg 
• “Impersonating is against the law, federal law and state law” - Betsy Ehrenberg
• “In digital asset, Bitcoin is its challenge if you don’t have both the wallet ID and the private key.” – Jason.

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• Betsy Ehrenberg – LinkedIn | Website
• LinkedIn – Jason Pereira’s LinkedIn

Transcript

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Episode Highlights:

• 01.40: Jason inquires, “What is this abstract concept vision planning in actuality?” 
• 01.50: Kyley has been in business for seven years, building and scaling her businesses from scratch. And on a huge journey of personal and professional development, in line with that, and really go deep into that, she has invested a ton of time. She has read probably closer to 400 books in the last 7 years.
• 03.14 Kyley: Vision planning is deciding what it is that you really want in the three domains of life like health, wealth, and love.
• 04.56: Chaos is a really great word to describe what happens in the home a lot of the time, says Kylie.
• 08.29 Kyley suggests visualizing the life you want and planning out what you want to do. 
• 11.20: Asks yourself, “What is most important to you, why you are doing, what you are doing? What areas of your life demonstrate and show that these are important to you and why you are doing them are the top driving forces in life?
• 14.34: Jason asks, sometimes people have deeper medical issues. How do they tackle those issues? 
• 17.00: Kyley can certainly shift things in a productive direction to even give them an awareness of where they are and then help someone think about what they want to look like in the future. 
• 20.01: Jason asks, “Talk to me about how you help people center in on what’s important for them in the aspect of love?”
• 25.07: It is so fun to take things off my own list and do experiences with the kids and get to see their experience with it and let them enjoy and flourish and choose goals for themselves and us to execute on them, says Kyley.

3 Key Points:

1. Kyley’s company coaching with Kyley is built around vision planning. She has been extremely effective in organization and planning and how that drives her ahead, and it allows her to accomplish her goals and drive forward. 
2. The number one cause of divorce in my practice is emptiness syndrome. When somebody’s identity is wrapped around the need to support someone else, and then that need disappears because of their certain level of maturity, says Jason.
3. The more activities you have around your driving forces, the more productive you are going to be, the better you will feel about yourself, more confident you are going to be all this stuff because it’s in line with what is most important to you.

Tweetable Quotes:

• “You take care of yourself, and it’s funny that you say that.” – Kyley
• “Your thoughts will be directly related to your actions, and actions are directly related to your results.” - Kyley 
• “The reality is that we get used to a certain lifestyle, and it’s nice to think and dream about.” - Jason 

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01.06: Tom acts as a financial business partner or planner for the companies that he has worked for. 
• 01.54: When Jason talks about corporate financial planning, he is basically talking about how the corporation fits into your life and the monetization of it, how the cash flows come out of it, and essentially how it impacts your personal life. 
• 03.31 Jason says the programs that basically came up around the country and around the world that were there to support business very much required a lot of data, information, and calculation.
• 04.05: Tom explains, what happened in COVID is, many businesses that were likely coasting along or operating just fine pre-pandemic ended up in survival mode.
• 04.41: Tom has typically focused on creating forecasts or budgets within the organization to try to lay out how and when things are going to happen in this budget or forecast that we ultimately create is really just a financial articulation of a whole series of operational items that we aim to truly understand and then translate into financial results. 
• 06.20: Jason says you start up a business typically to do something not to do accounting and planning strategy. To be successful, you really have to master or at least get the right people to master and listen to their advice. 
• 06.52: COVID 19 gave people an opportunity to actually exit the pandemic in a much, much stronger place as an organization. Tom suggests improving operational mechanisms if people choose to do so, and we have talked a little bit about this in advance, but great opportunity to ultimately drive Businesses forward, should you continue to operate in an enhanced fashion.
• 07.50 While talking about owner-managed business Tom says, “Through writing down your plans and focusing on understanding the operations, not just yourself, but driving it into your organization you do naturally build a bit of succession plan.”
• 09.12: Tom focuses on understanding what people do, and he takes a genuine interest in understanding their business. What makes some tech what they are excited about? Risks and opportunities? What sort of challenges they faced in the past where they could use extra help and support?
• 09.35: Early conversations are usually predicated around truly understanding the operations of the business from them.
• 10.55 Jason remarks in a job company own you, but owning a business, you own the company, and if you are gone, the company continues on, and that is something that most people have a hard time getting too.
• 12.30: Tom says you can’t give exactly what somebody is looking for, but you have to make sure there are still some wins in it for them so that they want to come back to the table the next time you look to engage. 
• 13.14: Tom says data is a unique concept because there tend to be many issues with it. 
• 14.52: Nobody would come to me if they needed surgery, go to a surgeon. You have other professionals who deal in data every day and can help you distill it into a consumable fashion, says Tom. 
• 15.01: Talking about the resignation letter Tom inquires - how do you distill back what the impact is on different levels of attrition within the business? Is it going to ultimately cost you more because salaries are higher in the market due to inflation compared to your current headcount? What do you do to try to retain those folks? Could you run a strategy in which you pay more in order to reduce attrition and ultimately not end up going down a path of paying more or higher market-based salaries? It can take different forms depending on the need or the outing you’re undertaking with the business.
• 18.01: People love excel, live and die by it, and then it is a source software in the market.
• 19.07: Jason says no matter how many times spreadsheets are engineered and protected all but a couple of single cells that are highlighted, people still find ways to do things with those cells.
• 19.43: If it is structured and engineered properly, the feedback you should be receiving is that business owners own their own budget. 
• 21.07: When you think about any business that has that kind of structure in place, talk about designing the absolute worst incentive system imaginable, says Jason.
• 22.41 Tom: Sometimes the world changes, sometimes there is a need to adapt and change, but the whole spirit is we should be running a business that’s firing on all cylinders, not stuck to some plan that happens to be 9,10 twelve months old. That was built at a time before we had the information we have today. 
• 23.01: The intent is to be constantly agile, change and adapt as appropriate, make sure your business is driving in the right direction, and align with your stated strategy. 

3 Key Points:

1. Jason asks Tom to talk about the importance of how COVID-19 basically brought financial planning to life for many people and why it’s just so important not to put this off.
2. When you think about the operational perspective, the obstacles within the corporation are finite resources, so cash is a finite resource.
3. In the next couple of years, we’re going to see all kinds of software that plugs into your accounting software and other packages. This gives you this giant data framework that’s user-friendly and hopefully no more difficult to use than social media.

Tweetable Quotes:

• “Personal finances mean anything having to do with the city, corporate reorganizations, tax policy, distributions.” – Jason
• “It is an old saying about never letting an opportunity or crisis go away.” – Jason
• “An organization really is only valuable, shouldn’t operate as an organization, and part of that means it’s not contingent on just one person.” – Tom
• “When you go through budgeting cycle, everybody wants more than it is available.”- Tom

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Tom Seegmiller: LinkedIn 
• Woodgate.com – Sponsor

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.10: Fabio is going to talk about what the realities are when it comes to cryptocurrency transactions.
• 2.08: Fabio says this is a new asset class, and in essence, it relies on something called blockchain technology, which is a network. It is a network of computers that double-checks each other’s work to ensure that everybody who says they have this currency has it and a transaction has occurred. 
• 3.16: Taxable residents of Canada are taxable on their worldwide income. That means any money that you make anywhere in the world or any transaction that can be measured in Fiat currency and Canadian dollars is potentially a taxable transaction. 
• 4.41: Jason says, the crypto currency that is accepted in the most places are a Bitcoin, which makes it the most relevant to the topic of taxation.
• 5.13 The next pure tax concept that we are looking at is the concept of business income versus capital gain, says Fabio.
• 5.20: You are left with two types of classification for income in Canada, and that would be a business type of income or also known as an adventure in the nature of trade, which is essentially taxed at 100% of your marginal tax rate.
• 6.47 Fabio recommends that if you open up the Income Tax Act, you are not going to find it when you look up Bitcoin. If you look up to cryptocurrency, you are not going to find it; we don’t have specific laws dealing with these types of asset classes yet.
• 7.10: Fabio explains what they are looking for in a business activity: you are carrying on an activity for commercial reasons. In a commercially viable way, you undertake clear businesslike activities in a businesslike manner that could include preparing business plans and acquiring capital assets or inventory.
• 8.32: Jason says CRA leaves it open to interpretation based on the actual fact pattern of what happened with the asset in the first place, and there is a couple of presidents around this. 
• 9.14: The interpretation of whether something is a business, or an investment is something that is very commonplace in different places of the law, and it does befuddle some people, says Jason.
• 10.05: Fabio explains, you buy 100 shares of any Canadian bank stock in a taxable brokerage account. You collect the dividends in, and you reinvest them in a drip. You hold that stop for ten years. You never traded again, and then after 10 years you sell it. You are not a stockbroker. You are not in the securities industry. You are pretty likely to get a capital gains treatment.
• 11.04: The first thing that people need to understand when it comes to Bitcoin and other cryptocurrencies is that there is actually and putting aside, over counter derivatives. 
• 12.28: From a mining perspective, Fabio doesn’t think any individuals nowadays are truly mining Bitcoin. 
• 13.11: You are providing a service and maintenance of the Ledger in exchange for a possible windfall, which essentially, Jason means it is not guaranteed but nevertheless it is a business, there is no way to make money on unless from some business. 
• 14.23: Fabio says there are a lot of incentives available here like tax incentives, and these are indirect. It is because you want to classify this business income. 
• 15.32: Fabio suggests, if you are going to accept Bitcoin in a transaction, no matter how anonymous the transaction is, it really doesn’t matter if you are going to accept Bitcoin if you are going to accept seashells, if you are going to accept diamonds, what is happening here is the CRA will go to in essence, the barter rules.
• 17.25: Bitcoin transaction is the same as any other transaction. The issue is because it is not recognized as an actual currency; it is recognized as almost as a commodity under the eyes of tax at the moment. 
• 19.04: If you’re doing something shady, or you are trying to extort people, or you are trying to do a CRA scam that is the currency of choice, says Jason.
• 19.30: From a speculative standpoint, personal tax liability on Bitcoin is incurred when cryptocurrencies are either sold and realized as currency or exchanged for another cryptocurrency. 
• 23.50: The more knowledge or expertise you have and security for crypto in those sectors, the more the CRA will lean towards business income. 
• 26.19: The more we use financing the more it looks like a business income rather than long-term speculation. 
• 27.15: Fabio says that we don’t necessarily need to be taking Google ads and paid acts in advertising. But you are advertising to the public that you are doing this, and you are looking for other people possibly to put money in order to finance your trades.
• 28.06: Jason says there are other examples of digital currencies around the world that have worked, not necessarily Bitcoin.
• 31.44: Fabio recommends going through the checklist, and then you have to make the determination along with competent somebody. You know you’re primarily it’s going to be an accountant if it’s a huge transaction, it could be attacked, specialist accounting or tax specialist lawyer, but that is the methodology that this CRA is going to utilize. And that is what people who trade in big points utilize as well. 
• 32.57: The thing about Bitcoin is there is an immutable Ledger showing every transaction. 

3 Key Points:

1. Fabio explains how the CRA looks at your transactions regarding business income or capital gains? 
2. Fabio talks about the buying and selling of cryptocurrency from an investment or speculative standpoint. 
3. At any given second, you can really get a quote in Canadian dollars on Bitcoin. Fabio explains if somebody pays me for my service in Bitcoin or buys a product from you. In Bitcoin, that transaction will simply be measured in the equivalent Canadian dollars.

Tweetable Quotes:

• “Business losses are 100% deductible at the margin, whereas capital losses are only half deductible, but only against capital gains.” – Fabio
• “We established that if you want to have a game, you are going to want it as the capital game.” – Fabio
• “Everybody knows page stocks, and that fact pattern can switch over to Bitcoin. It can switch over to anything real, estate, anything really, but that’s just the basics.” – Fabio
• Theoretically, when you mine in cryptocurrency when you mine Bitcoin, you have this supercomputer, and it is verifying crazy mathematical transact problems, and you are rewarded for doing this work.” - Fabio

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Fabio: LinkedIn 
• Podcast Editing

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.01: Ellen supports employers with HR issues in the workplace that range from onboarding, management of the relationship, including disability issues, leaves of absence, performance management, compensation issues. She also helps when things go wrong, and the relationship ends for various kinds of reasons.  
• 1.46: Ellen answers when someone is looking to hire someone. What are the best practices from HR law standpoint when it comes to onboarding them? 
• 1.53: When hiring an employee, the most important thing is to have a well-drafted employment agreement that the employee sees and signs before starting work. That can be a template that you get reviewed periodically by your lawyer. Still, it should be something that is initially drafted by a lawyer who practices in employment law, not just your general commercial lawyer.
• 2.48: Ellen says more than 50% of her practice is dealing with terminations where the employment agreement is non-existent, poorly drafted, out of date. The law has evolved, and the employee has not signed a new agreement with every promotion or every change in salary that is considered for the agreement, and those things are constantly evolving. 
• 3.15: The big issue with an employment agreement is that it doesn’t have to be in writing under the law, so you will have an employment contract with someone you employ, even if you never present them with an agreement in writing. 
• 4.08: People are typically surprised by termination clauses, so how specifically they have to be drafted to be compliant with the law with respect to minimum entitlements, not contracting out of the minimum entitlements, as well as what the law fills in when the clause is not drafted effectively.
• 4.32: The bulk of litigation that relates to employment contracts comes up for essentially, one reason there is someone who has been let go who has not been worth making an investment in to manage performance. 
• 7.46 Ellen says lawyers draft agreements to bring people together, keeping in mind that at the end is when everything becomes important that we’ve written down.
• 8.14: In hiring, you are making sure those terms and conditions and the clauses, and then the general schedule contract is done by somebody knows what they’re doing, but specifically the biggest area looking after what happens when this relationship ends, so it is your work employment prenup for lack of better term on, says Jason.
• 8.51: You want to know, just like any consumer, you’re a consumer of services, and so you want to know as an employer what you are getting for your money. But you can be accused of using information for inappropriate purposes if you get too much information, says Ellen.
• 9.10: Ellen affirms, information with respect to medical issues, disabilities, alcoholism, which is the disability, marital status, family status all those kinds of things that is why you get that sense out there in the marketplace that there are certain questions you can’t ask in an interview. 
• 10.06: At the end of the day, humans have a right to our own privacy in medical situations, and we have a right not to be discriminated against for it, says Jason.
• 12.16: There is absolutely no point in creating a sense of security that should not exist. Ellen avoids using words like, not a good fit because not a good fit creates a sense of otherness in people who already have a sense of otherness.
• 13.30: Ellen suggests, if you have a well drafted employment agreement probationary period matters less from an actual liability perspective because you will have limited their persons entitlements on termination in such a way that you are comfortable exit in them at any time.  
• 15.26 Ellen explains there are two lenses applied to consider whether someone is an employee or contractor, one under employment legislation and one with the CRA.
• 15.50 Ellen says, if you think of a pure contractor relationship, you engage a third party to build an app for you, and if that third party it can be an individual, or it can be like an app producing mega-company that has 100 developers working for it. 
• 18.35: You always have the possibility of an audit from the Ministry of Labor under a Conservative Government in the middle of a pandemic that is not really what they are focusing on right now in terms of where they are spending their enforcement dollars, but back when the Liberals were in power and before the pandemic hit, it was very big economy focus and that legislation and those kinds of enforcement measures were around.
• 21.23: People get scared when there is a huge surprise, and that is when you end up with the union organizing drives or workplace sort of uprisings that you may not want or just people that aren’t really happy, and you have a talent retention problem, says Jason.
• 22.50: If you are not going to go down the performance management route, then don’t say performance reasons at the time of termination because you are just going to make somebody mad that they didn’t get a chance to meet your expectations. 
• 28.03: If you purported to temporarily lay someone off in accordance with the temporary layoff provisions of the Employment Standards Act and you did not have the Employment Employees agreement to do so, whether in an employment agreement or at the time of layoff, then that was constructed dismissal outlaw, and that meant that you had effectively terminated the person even though you’re ported to keep them on layoff, and they were entitled to wrongful dismissal damages. 
• 28.28: During COVID, the government changed the rules with respect to temporary layoff and said essentially, if you can’t work because of COVID, whether it is because of your own exposure, needing to quarantine, or because of a loss of business, then it became infectious disease leave.
• 34.52: Ellen answers what vaccine mandate means? Does that mean you are saying you will lose your job if you don’t get vaccinated because it is probably not just cause, which means you are paying out this termination package? 

 3 Key Points:

1. Jason brought Ellen on this show specifically to tackle best practices and policies from an HR standpoint. They both will look at it through the lifecycle of an employee. 
2. Ellen talks about the “Probationary Period” what that is and what that cannot be? 
3. One thing that has come up quite often in Jason’s practice with some people is basically dealing with employees versus contractors. When can someone or a candidate consider a contractor? and when is there an employee-employer relationship there that the employer needs to recognize contractually otherwise, they could be in trouble?

Tweetable Quotes:

• “The law of employment agreements is one of the most heavily litigated areas of contract law.” – Ellen
• “The law typically protects the ones that considered weaker of the two in any endeavor.” – Jason
• “You can make your probationary period as long as you want. The only caveat is that you cannot let someone go without notice or pay in lieu of notice if the probationary period extends.” - Ellen

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Ellen Swan: Website
• Podcast Editing

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 00.56: John has been an advisor for 28 years. He has written a couple of books and articles. He is a proponent of professional, transparent financial advice in a way that is consumer centric. 
• 1.46: Jason asks, “Consumers looking to hire an advisor, what should be their first steps? What they should be doing and how that can go in and out.“
• 2.01: John says, the first thing that consumers should think about hiring an advisor is what your expectations are from that advisor and find an advisor who works in your snack bracket with the specialization that might respond to whatever specific concerns you have. 
• 3.18: Many people tell you that they deal with business owners or executives or people with money. Jason recommends you go further and ask questions about specific services that are tailored to those people. Ask the advisors to prove it by telling you what you do for me that is different than others.
• 3.44: John says, you can't ask questions if you don't know what questions you should be asking. 
• 4.19: Jason always recommends, “Don't just take your friend's word for it because your friend could be happy with someone terrible.” 
• 4.52: John says, if the advisor is only giving product recommendations without thinking about strategy or fit or planning and specifically if those recommendations are being made without doing anything to really determine what your circumstances are in the first place, then people might assume, well, this is a person who is just fresh out of university and starting out and needs to do some work with budgeting.
• 6.39: The conversation or the desire for advice is driven typically by the perceived need around a product or solution. 
• 7.26: Many people when the penny drops, and they realize they need something. They rush out to find someone to help them deal with that one thing they have determined they need help with.
• 9.27: John suggests, “Look for a person who when start asking you questions, asked to follow up questions first derivative questions that the next question is not on their pre-existing list of questions to ask but close directly out of the answer that you gave and because you said something that triggered something in their mind, they then went back to you and said so tell me more about this to make sure that they are understanding the situation and determining whether or not you might need more help with that thing.” 
• 10.18: Jason inquires, “Can you speak to the kind of credentials individuals should be looking for when they go and seek advice?” 
• 10.23: John says, “The first thing that I would say is you might want to look at licensure. About 85 or 90% of the people who give advice are not licensed to sell individual stocks and bonds. They only have a mutual fund license and or a mutual fund insurance license.” 
• 11.59: Everyone has to be fiduciary, but if you are working with a portfolio manager, all portfolio managers are also fiduciary by virtue of being a portfolio manager are also fiduciary and that's one thing that provides comfort to many people.
• 12.49: Jason asks, “When it comes time to ask what is all costs? Where are the red flags? Or what should people expect?” 
• 15.02: John says Industry has not been consumer friendly because there are certain lobby groups within the industry. The total cost for the client is the sum of the product, the advice and those additional transaction charges in custody fees. 
• 16.32:  If an advisor is telling you verbally and they don't have like a fee schedule spelled out in front of you then it's another issue here that a lot of people don't think about it.
• 17.11: Jason points out that, “You can't be assured that you are getting as good a deal as everybody else that this person is dealing with and that's something if you don't have someone who's got a clearly defined fee schedule that they can lay out in front of you, you are a danger to that.” 
• 20.15: The saying that we all have heard that price is what you pay value is what you get, says John
• 21.22: If you are getting good advice and paying for it and but you are also using expensive products and paying for that and those products are not adding value, then the sum total of the value add or subtract is going to be convoluted because it will take more than one factor into it. 
• 23.33: We don't know how good a job we can do for someone until we actually start doing the plan and that's the reality of the real estate industry, says Jason.
• 26.25: John says, a lot of implementation revolves around trade-offs, because there is only one course of action and that is fine. But almost always you have to decide about whether we will travel less or work longer, but we don't retire early and still travel as much as we wanted to.
• 29.49: As per Jason another red flag that comes up quite often is the telling – “You need to do something with your investments before they even understand you.” 
• 30.53: Jason says, it is really easy to score a bullseye when you paint the circle around the arrow wherever it landed. But the reality is that short of being able to prove they would do that, those comparisons are nonsense, and no one should ever take him to credibility with them. 
• 33.09: There is a book that came out about two months ago called noise. The concept of noise is one of the main concepts something called decision hygiene, which is basically being clear, inconsistent and purposeful in your decision making. 
• 33.25: If you are going to interview multiple candidates for the job of being your advisor, it might be worthwhile to at the outset at the beginning of the process before you interview any of them. Think deeply about what you hope to accomplish, think about the questions that you heard us talk about, write them down, and make sure that you asked all the candidates you are interviewing the same questions so that you can compare them. 
• 36.15: If the client wants a comprehensive service and all you care about is investing their money in mutual funds, that is a relationship doomed to failure.

3 Key Points:

1. Find an advisor who will step back and encourage you to do a holistic assessment of your actual needs so that the response you're given can be as fulsome as necessary. 
2. There are multiple levels of fees, and if the advisor is not clear about the multiple levels of fees, then there is a concern. What you should ask is a breakdown in writing. This should not be a surprise if the advisor doesn't have an answer ready for you and in writing right there because it's a basic question.
3. If you have a question about, what kind of return should I expect? You should speak to multiple advisors. In most instances it's a reverse indicator, and the advisor who sets the expectation the lowest is likely the most credible. 

Tweetable Quotes:

• “Don't presume and don't work with advisors that are quick to person.” - John 
• “If the client wants to negotiate, that would be a red flag for the advisor, because the client wants someone who is less than professional and more sales.” – John
• “The media is largely beating up on fees because cost is a simple story to tell people that gets people enraged and gets clicks. Media, in general, is a terrible job of explaining to people the value of money in this industry.” - Jason 
• “The competency of a planner is very difficult to gauge in advance, and that requires a lot of conversation and questioning as well that people may not be ready for.” – Jason
• “Somewhere in the spending or the goals there is a malleable goal that is not important, and that thing can be shifted around for the sacrifice of everything else.”
• “Having a purposeful process is a good way of imposing discipline on your decision-making.” - John 

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• John DeGoey - https://standup.today/ | https://advisor.wellington-altus.ca/standupadvisors/
• Podcast Editing

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01.38: Matthew is a life and health insurance advisor. He has been in the industry for a long period of time that just has bones to pick with specific industries. He finds the best way to express myself through Insurtech Technology. 
• 01.53: Matthew explains - creditor insurance - in a nutshell, is a product that is offered by financial institutions to make sure that your loans are taken care of and paid off in the event of a death. It is typically sold through all types of different financial lenders and institutions within Canada.
• 03.20: Depending on what financial institution or mortgage broker or mortgage organization you are borrowing from you will run into products like creditor life, creditor critical illness and creditor disability insurance.
• 05.27: Most Canadians don't know when they are purchasing greater insurance products when rates are blended. This means that male and female blended smoker nonsmoker translates into is that non-smoking female who is paying the same mortgage as a male who smokes in packet day. 
• 06.11: Matthew says that creditor disability insurance is blended so male female smoker, non-smoker it is blended but what is even worse is that all of all clauses are blended as well. 
• 6.43 Jason explains that a female accountant that's in office all day is going to be paying the same to protect her mortgage payment from disability as a guy that is swinging a pipe wrench with a smoking as well standing on the rig floor as a roughneck. 
• 7.42 Jason points out that, when you go and apply for an insurance policy through a licensed insurance agent, you basically have to go through the underwriting process that can mean medical questions.
• 9.09: Matthew says underwriting is black and white. If you get it right, it's good, but it's not about whether or not we get it right in front of professionals that help me get it right now and the seriousness of the simplified questions that these people are answered. 
• 10.38: Referring to the strengths and weaknesses to the contractual insurance strengths and weaknesses so it could be 99% of the consumers out there are going to make a switch based on saving money, not contractual obligations.
• 11.42: Matthew says some mortgage creditor products are portable, most aren't. You switch your mortgage and upon time of application for your creditor insurance on your first mortgage you were insurable, but you aren't moving forward as you switch mortgage carriers. 
• 12.25: Jason talks about the bottom line of paying less. If anybody decides to move their financial situations because they are getting a better deal, he is back to square one.
• 15.35: The first opportunity that a Canadian consumer has to learn anything about life, critical illness, or disability insurance is being taught to them by a banker who knows nothing about it, says Matthew
• 16.01 The real big problem is that people will often go to their banker, mortgage broker, automotive dealership, whatever, and be offered life and health insurance products prior to a Canadian consumer actually understanding what the process is. 
• 18.14: A person needs to take into consideration the traditional criticalness insurance side, carriers are constantly evolving their definitions so that they are more competitive and more attractive, says Mathew.
• 21.55 Matthew explains how Canadian consumers, all they know is their credit or insurance. They know absolutely nothing about traditional life and health insurance space. Because their bankers and lenders, which doesn't make any sense at all about, says Matthew
• 22.52 Matthew points out about the rule of thumb - the more your debt, the older you are, the more you're going to be spending on creditor insurance problems. 
• 24.04 Matt suggests identifying the primary product and then when you have identified the primary product that you want to replace your client, go start digging up the secondary stuff so likelihood of them having primary or creditor insurance on a primary loan is going to be a skill off. 
• 25.24: Matthew suggests, when we are comparing traditional disability creditor disability insurance were actually using a product that takes all class into consideration, which means your disability insurance is priced on the risk of your occupation. 
• 26.45 Matthew says that the creditor critical illness insurance only covers three illnesses and at age 55 it would be increasing in price every year.
• 27.45: The policy along time of claim pays you, not the bank. You can determine how much or how little of that goes to paying off said loan based on the factors of your life, says Jason.

3 Key Points:

1. In today’s episode Matthew is going to explain the concept of creditor insurance, where the flaws and gaps are in the current normal credit insurance people get daily basis is and how to do something better and actually protect yourself with a high degree of certainty. 
2. CUMIS creditor insurance certificate states that if you have not made your critical illness claim given in a specific number of days from the date of your critical illness, they could literally say it right there contractually declined, says Matthew.
3. Jason inquires, how does disability differ from a typical disability policy we get from an advisor or even the group insurance policy plan?”

Tweetable Quotes:

• “Underwriting is black and white. If you get it right, it is good” - Matthew Inglis
• “If you're clean, healthy, you've never had a problem you check those underwriting question boxes and you got no problem whatsoever, but these are very loosely open to interpretation.” – Jason
• “The big things other than beating up the price are those portability, declining balance and conversion option.” - Matthew Inglis
• “There comes a point in time in everyone's life where it is no longer about renting insurance and protecting debt. it is about buying insurance and protecting its stated legacy.” - Matthew Inglis

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn’
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Matthew Inglis: LinkedIn | Website 
• Podcast Editing

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights: 

• 1.16 Chris is a lawyer working with a team of lawyers, accountants, financial planners, and state planners at Macmillan Estate Planning Company in Calgary. Primarily McMillan serves entrepreneurial families throughout Western Canada. 
• 1.58 Chris says it is not a situation where they find themselves going into their account and having a discussion that needs some advice taking that advice and trying to interpret that invoice for their lawyer. That is what kind of unique from my perspective about McMillan is that all those experts bring brought under one roof. So as per Chris, it really helps to facilitate a positive result in relation to something like an estate freeze.
• 2.44 Jason says we all in our own industries get caught up in jargon and our level of what we consider based on proficiency or base understanding, but that’s not what the average person thinks. Sometimes it is easy for us to get carried away, and sometimes it translates into something that is very simple and powerful.  
• 3.05: According to Chris, Estate freeze is sort of a revenue Canada taxation of your state. What you’re doing is you’re freezing the tax liability. That will be imposed upon your passing and transferring that value deferring that taxation into the hands of your children or successive generations. In a nutshell if we want to stop the increased taxation of your estate while still providing you with access to that value, should you happen to need it. 
• 4.45: Chris says that the revenue Canada recognizes with things like the succession of a business, one of the challenges is the tax building comes about on passing. This can be a way to help transfer between two successful successions within a family. 
• 5.35: In most cases, the conversation on estate freezes typically gets started, probably by the accountant or the advisor, and then the lawyers get roped into it. Jason asks Chris to talk to about the first steps or requirements they brought to the table in this estate freezer. 
• 5.55 Chris explains that the estate freezes can be used in relation to a wide variety of assets. It can even be used for things like publicly traded securities or investment accounts. So, it is not necessarily just restricted to the use of the transfer of shares or the freezing of the value of a corporation or qualified small business.
• 6.48 Chris says as a first step, we must have a value. Whether it is an investment account that is the subject of the freeze, whether it is a real estate portfolio that contains primarily passive assets, or whether or not it’s an active company qualified small business corporation. We need to have some sort of valuation.
• 8.35: As per Chris, entrepreneurial families don’t want to give up control. They always want to have some control over the business and its future going forward.  
• 10.23: There are a couple of provisions in the tax code of section 85 which allow us to roll over assets. There are others like 51, which allows us to exchange, but these are all recognizing the tax code is being non-taxable events, they are basically tax-deferred events. 
• 10.56 Jason asks Chris, “You mentioned two options you had, either held by the next generation or held by a family trust. Could you talk about the positives and negatives of both those strategies?”  
• 11.05 Chris highlights the huge negative around the transfer or the direct transfer. It is like having the children as individuals subscribed to the grocers, a huge downside of that is that the children actually own shares. If the children own shares, that means Mom and Dad can’t be in control.  
• 13.14: Another huge advantage with the family trust from my perspective, especially for your qualified small business corporation, is the ability to multiply your lifetime capital gains exemption or the lifetime capital gains exemption that applies for the business, says Chris.
• 15.29 Jason says, let’s talk about what happens when you establish the estate freeze, and for whatever reason, you wanted to send your kids or whatever it might be, and you want to undo the estate freezes. So, what’s involved with something like that? 
• 16.02 Chris: One reason that the unwinding of the estate freeze comes about is because the vast majority of trusts have a 21-year deemed disposition, so we do the estate freeze. We have given the growth value to the family trust 21 years in the future. Revenue Canada in essence, gives you one of two options. You can pay the taxes on the capital gains; the family trust can pay the taxes or roll their shares out to one or more beneficiaries. So, it is not uncommon in families to see a freeze done maybe at least a couple of times during their lifetime.
• 17.48: At the end of the day, what you are doing is you are transferring the shares to one or more of the beneficiaries, and it is a relatively simple exercise, says Chris
• 19.06 Jason request Chris to explain the concept of a wasting freeze.
• 20.05: Chris explains no one has a continual ongoing valuation of their business, so once you have got that fixed value, you quite conveniently redeemed and then wither away those capital gains. Typically, what we are doing is we are stopping future capital gains and getting rid of some of the historical capital gains that have been built up in the estate.  
• 21.09: Talking about section 208, Jason inquires how does the misery, that is, the complications of that section of the act, impact? How is it to be approached at this point?
• 21.27: Chris explains bill C208 is the law. It is not finalized. Revenue Canada has made it clear, or the Department of Finance has made it clear that they are going to propose amendments to Bill C208. What Chris likes about Bill C208 is that, in a sense, there is maybe a recognition that business succession planning is a long-term exercise. 
• 24.40 As per Chris’s observation about an estate freeze, especially when they utilize things like family trusts, is that unfortunately. They are often looked at as an accounting exercise. They looked at it from the perspective of how do we minimize tax? At the end of the day, we have got a business valuation. We have got a share swap. The question is that professionals assisting you understand all of the potential complications that can come about in these types of scenarios.
• 27.10: Jason says estate freeze is simply an accounting strategy. This is not a taxation exercise at its core this is a financial planning exercise. This is a family dynamics exercise. This is an entrepreneurial succession planning exercise. 

3 Key Points:

1. The one thing unique about McMillan is that all professionals need to be involved in accountants, lawyers, experts, and things like business, succession, etc. So, all of those individuals have been brought under one roof. From Chris’s perspective, the advantage of that is that it is not the sort of situation where maybe a client identifies, and we hear something about the concept of an estate freeze and how that might be advantageous.  
2. The kind of first level of an estate freezes it is about limiting capital gains on passing and then where it really becomes powerful. We can really create value, or at least minimize the taxation that is going to be imposed upon events like the sale of a business.
3. The problem historically around succession planning was that there was a penalty if you happen to sell your shares to your children. It was treated as a dividend. With Bill C208, ultimately, what we are going to be able to do is facilitate transactions where there is actually an intergenerational transfer of the company shares, and you will be able to utilize that lifetime capital gains exemption. So, it does work in conjunction with an estate freeze. 

Tweetable Quotes: 

• “In a nutshell, the bottom line about Estate Freeze is we are stopping the growth in one person’s name and passing it on to another generation’s name.” - Jason Pereira
• “Family trust is often the preferred method.” - Chris  
• “In cases where the freeze happens, and there’s an amount, especially in excess of the capital gains exemption amount, a lot of clients who speak, they plan on taking a given an income from the company for the rest of their lives.” - Jason Pereira
• “We know the Department of Finance is going to come in, and they are going to fiddle with the bill, and of course, their concern is surplus stripping. They don’t want abuses of the Income Tax Act in order to allow people to extract value at a non-dividend tax rate at the capital gains rate.” – Chris 
• “Bill C 208 once cleaned up it still stays true to the actual spirit of what you trying to do, would actually maybe eliminate for that would allow that deemed dividend on a wasting freeze to become a capital gain.” – Jason  
• “When it comes to things like business succession when it comes to controlling issues when it ensures that at the end of the day other than just saving tax, the estate freeze meets the goals and objectives of the family.” – Chris 

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Chris Sabat: Website | LinkedIn  
• Podcast Editing

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.19: For the last few years, Alexandra has focused on providing quality content; this is the new word that people use now. 
• 1.30: Jason says, basically, the retirement income question or making sure that you do not run out of money when you are retired. This sounds like a simple premise, but frankly it has been called by Bill Sharp, Nobel Prize winner, that is the dirtiest problem in finance. 
• 1.40: We are dealing with a problem that is nothing but variables except for one constant, and that constant is that you need wealth to consume, says Jason.
• 1.46: The variables are how long you live? what returns look like? what are you going to spend? and how does that expenditure vary? and then on top of that, what is the inflation? do we have to plan for it?
• 2.28: In the list of variables tax always think about planning for retirement and specifically longevity. The other issue with longevity is that it is what we call multiple; it multiplies all the other risks, says Alexandra.
• 3.31: Retirement is still a relatively new concept in western society. In the past most people worked until they were decrepit and died. And just to let further proof that, the first state-sponsored pension modern society was the Germans under Otto Von Bismarck, who basically set up pension date of 65 and was later move the 67. The pension was designed to basically pay you money when you were old so that there was no possible way that you could continue to contribute to society and continue to earn income. 
• 4.20: Alexandra explains that when we talk about longevity, we actually lose a billion different number of billions? She says there are several different ways to measure it; there is life expectancy at birth. So, if somebody is born in 2021, they are expected to live well. 
• 5.03 Alexandra says, “One of the things that you need to understand longevity is at what point are you measuring it?” She explains, If I look at life expectancy at age 65, you will notice it is five or six years longer. 
• 7.03 Alexandra says we talk about life expectancy that is 50% probability but let us talk about how we are encouraged to use life expectancy? 
• 08.17: Jason says we look at the impact of the decision if we are wrong. Do you want to die on your deathbed with more money in your account than you spent, or do you want to literally be worried about it prior to burning out on money?
• 11.35 Jason predicts, if you were not a smoker, your gains and mortality are minuscule. However, if you were a smoker, a large percentage of the population than yours were increased. 
• 12.54: Alexandra says that the numbers in tables are actually quite different from what we call population life tables, which is the life expectancy for the entire population. This includes people in poor health. So, as a rule, people who seek out retirement planning advice are people anticipate living long lives and who are positioned to live long lives they have money they have asked for seeking out advice.
• 14.09: Jason talks about the various ways we can protect ourselves in longevity. So purely planning for that and preparing for that is important, but there are various tools we have to use for the planning. 
• 14.25: Jason says that the downside to all these longevity gains has been that the timeline that we keep on planning keeps on getting longer and longer which basically means that - You need more and more capital to take care of it. 
• 16.01 Alexandra suggests, “Your working career might only be 30 years. So just as a very basic math problem analysis - How am I saving and meeting my goals during my working life? How am I saving sufficiently to fund another 30 years? Doing nothing is actually fairly cheap compared to what we expect to do. 
• 17.48: There are the old standbys of income annuity when you are transferring the risk to the insurance company in exchange for your one-way lump sum; they promised to repay you for as long as you’re alive. 
• 21.24: The generic advice is delay because it is the cheap guaranteed lifetime source of income. It’s waiting for you when you turn it on, and that is amazing. It is just that it may not apply to the individual well. 
• 24.54: The annuity is actually a solution through a better version. Because what we are talking about for the person align – “I should have taken CPP earlier, I would have had more to spend so they would have had more certainty of income.” That is what actually annuity provides. 
• 27.15: Mortality credits is very simple; you put money in the pool. Alexandra says we can talk about it with PPP for example or any kind of longevity product that doesn’t provide a large debt. She says, If “I die even before taking a single payment. What happens to my money? Well, I only get $2500 out, and the remainder is left, and the sponsors or supporters then withdraw the money by other means through what is called mortality credits.” 
• 30.45 Jason recollects about a product called Guaranteed Minimum Drop Benefit Fund. Those guarantees were so rich they caused some problems for insurance companies. And to this day, I still have clients who have a bunch of those are paying out very high guarantee rates. 
• 32.22 Jason says from a business owner standpoint, and this is very convoluted by the fact that we start throwing in holding companies and other structures into place. Then the tax implications of these products or the number of different ways we can hold these things increase substantially, so there’s a lot of different options there.
• 34.34: As per Jason, longevity planning is problematic. There are a lot of variables. There is a ton of decisions. 

3 Key Points:

1. If your returns are substandard, but your life is short, then there is a chance that inflation is high. But if you only live a few years in retirement, inflation doesn’t have the chance to eat away at your retirement income or your savings.
2. During the COVID pandemic, we have seen many newspaper articles about how average life expectancy has decreased. The layman understands what is meant when we say average life expectancy decreases because COVID is called period life expectancy. If the conditions that prevail now in this period continue, then life expectancy will be impacted. 
3. Now Canada Pension Plan (CPP) doesn’t actually formally use mortality credits. That is a kind of insurance. But the underline concept is contributions go in, and not everybody will make it to average longevity, so those who die early their premiums are then spread among the remaining people in the pool, which is what we call mortality process. 

Tweetable Quotes:

• “Retirement is still a relatively new concept in Western Society.”- Jason
• “Life expectancy increases as you age.” - Alexandra
• “To say that the changes to mortality are going to stay our state permanent presumes that nothing changes now.” - Jason
• “The average information is absolutely useful in informing our decisions, but we all still look at the distribution and where you fall on that on the spectrum of various factors that affect you.” - Jason 
• “Now the stakes are so much higher when the numbers that big, which is why a lot of people may make the wrong choice when it comes to pension commutations.” - Jason

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Alexandra MacQueen: LinkedIn | Website 
• Podcast Editing

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.44: Parham Nasseri worked for a company called investorcom, this company is around since 1992. Fundamentally their RMO in the market is to help wealth advisors comply with regulations.
• 02.00: Jason asks Parham, “Tell us about the client-focused reforms; what is this and where did it come from and what’s to try to accomplish?”
• 03.10: “Western world modern sort of economies that have a Securities Act and awaited sort of capital markets from around the world they have been trying to increase their attention on reforms that improves investor protection,” says Parham.
• 04.00: Parham suggests, let’s move forward from just the plain disclosure model and ensure and mandate specific regulations that required investment advisors and wealth management firms to act in their client’s best interest.
• 04.45: Talking about the imperfections, Parham says regulators aren’t trying to clean up every single run that’s going on in the industry; but what they are trying to do is raise the bar and say - how can we ensure or mandate that the advisor has to act in their clients’ best interests?
• 07.35: As per Parham, there will always be challenges in the industry and the consumer advocates or investor advocates, and that world is never going to be 100% perfect.
• 08.21: Parham explains before you make a recommendation for a client, not only does it have to be suitable, but it also actually has to be in their best interest and are qualified in a principled manner. 
• 09.30: Jason says,” The entire industry is based on client trust; it is 100%; without trust, the entire financial history doesn’t exist.” 
• 10:20: In the industry, there’s a delineation between what is truly a financial professional who’s out there trying to act in your best interest, quote-unquote, traditionary versus someone who’s out there just Selling products, says Parham.
• 12.05: Parham says, post-December of 2021, there is going to be an added level of pressure on firms to act in a more align manner to their clients.
• 14.00: Jason says, “Risk tolerance according to academia is your ability or your personality around risk. How much are you willing to tolerate risk? But that’s a kind of a personality trait, typically measured by psychometric profiling questionnaires, which most industry uses absolute garbage questionnaires developed by their marketing department and don’t even aren’t even truly calculated properly. But there’s a number of really good and another expanding number of third-party tools that are tested rigorously in academia.”
• 14.31: Jason inquires, “Without a financial plan testing for someone’s ability to absorb the loss, how is it possible to measure capacity?”
• 15.20: Jason says, “What is it called wages and our risk profile? How often is that going to be expected to be updated under other new CFCF rules?”
• 17.00: Jason says, “You all are going to get your financial advisor calling you and saying, hey, tell me what has changed? Tell me what is going on. Tell me about your total assets to liabilities. You’re going to feel like that’s a little bit. The infringement of your privacy or why is this person asking me this again and again, but again the intention behind the regulation is for the financial advisor who is giving you investment recommendations for them to truly know, how your circumstances have changed?”
• 19.00: Parham recommends, “As a consumer, you should expect your client advisor to be bugging you more for this information on a regular basis. If they’re not and they’re just leaving, you know there is nothing being updated. They’re not living up to their recommended requirements.”
• 20.10: Parham says, “KYP stands for knowing your product as per the new obligations a firm that you’re dealing with the financial institution working with has some process in place. The individual financial professional has to do some additional diligence around the products that they are making that they are recommending for you in your portfolio. Fundamentally, think about this KYP piece as this gatekeeper function. Under the days where a financial advisor can recommend the product to a client to an investor without the firm knowing what the heck that product is all about, how that product change is that product is in my client’s best interest.” 
• 22.09: Jason says, “The second I read the reform I thought to myself, well, this is going to lead several institutions to basically block anything but proprietary products.” 
• 25.44: Parham and Jason discuss of digitization of processes. They also give detailed insight on the gatekeeping process.
• 30.07: Parham affirms,” Regulators are now going to firms and saying show me your process for considering a reasonable range of alternatives.”
• 32.40: Parham says suitability is fundamentally a matching exercise. If your investments are at high risk, then register for it. It is like Lego pieces coming together.
• 35.39: Jason reiterates, “The reality is where is the thought process methodology? How often should you be able to get all those answers? And frankly, I would encourage any advisor listening to this to get ahead of this and document that for yourself in the next couple of months.”

3 Key Points:

1. Jason and Parham will talk about the implementation of one of the biggest regulatory changes that will happen in the investment industry in Canadian history. 
2. Jason asks Parham to share his views on the major tentpoles to the client-focused reform.
3. Gatekeeping functions, KYP process are fundamentally good, and it is going to have a long-term benefit to clients, says Parham

Tweetable Quotes:

• “There is always this one world that is ever-expanding in this universe, or one part of the financial industry is ever expanding in this universe – It is compliance.” – Jason
• “The client-focused reforms specifically have to be implemented by the end of this year whoever is thinking about them.” - Parham
• “I am a big believer that financial advisors and planners should have a fiduciary responsibility to their clients.” – Jason
• “The majority of the industry is salespeople; they do not want to be called salespeople, and they want to have the auspice of being a professional.” – Jason
• “Capacity is one’s ability to absorb risks.” – Jason
• “Most financial professionals are going to have or should have a good idea of what time series ability and willingness to take the risk.” - Parham
• “Suitability is fundamentally a matching exercise.” – Parham 

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Parham Nasseri: LinkedIn  | Investorcom
• Podcast Editing

Full Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01.14 Kim talks about Bill C-208 that has been in the news recently. He explains what it is, what it is trying to fix, and how this has gotten so twisted? 
• 01.40 Kim: In 1985, the Government of Canada introduced the capital gains deduction, and most business owners know the capital gains deduction. It started off with $500,000 if you own shares of a qualified small business corporation, which generally means active business, not a lot of passive assets, or qualified farm property, and you disposed of that, then you would be able to claim the 1st $500,000 of gains tax-free so, that first came in 1985. Back then government was smart enough and introduced some anti surplus tripping rules around capital gain deductions.
• 02.25 Kim says that to understand surplus tripping, you first need to understand the only way you can remove after-tax corporate retained earnings or what we call surplus? So, it's after-tax surplus in a corporation and remove it to its shareholders. What is the only way by definition?
• 03.31 Jason says he is a big believer in Charlie Munger's saying – "Show me the incentive, and I'll show you the outcome." He says, "If I could find a way to be creative and find a way to have money recharacterized as a capital gain instead of a dividend, and then by nature, I am going to find a way to do it." 
• 05.50 Kim affirms the government who has been concerned about surplus stripping they have always been concerned about that because capital gains were not taxable in Canada until 1972. So, prior to that, capital gains were without tax. 
• 06.30: Kim asks in 1985 when they introduced the capital gains deduction. They introduced the anti-surplus stripping rule to prevent the withdrawal of surplus in conjunction with the capital gains deduction, and how did they do that? 
• 09.00 Kim says in 2017, during the private corporation tax battle, the government introduced these anti surplus stripping rules. Do they finally had enough? The courts have been sympathetic to surplus tripping over the year because there's no provision that outright prohibited. There are anti-avoidance abuse rules like 84 sub two and the journal entry orders rule that the government can invoke, but they've never been really that successful in recharacterizing a capital gain as surplus as a dividend. 
• 09.52 Jason reiterates it wasn't such a scattered piece of legislation across the city in this country's history, at least when it comes to tax that's refer. 
• 10.38 Kim says fast forward to August, September and there the government was just getting beaten up hard and finally the press somewhat understood the issues and so they're becoming a little more sympathetic rather than just saying, "Hey, this is great and buying into the government line, and so they abandoned in October of 2017 these crazy circle stripping proposals." 
• 12.30 Kim recalls somewhere around 2013 a private member's bill was introduced to try and solve the above-mentioned issue, but it was quickly shut down and killed like most private members' bill.
• 14.40 Kim explains the governing for 18 or 19 liberals that studied this issue and voted against party lines finally have enough because this issue has been around for a long time and so knowing full well that it got passed or that it's imperfectly. They thought we are going to squeeze the department of finance into a corner here and force them to deal with this issue. So, today we have the legislation in place.
• 16.10: Jason agrees that they have now set a new precedent that a bill can reach low assent. If it does not specifically state the date at which it starts, the President can kick it down the road as smart as far as they want. 
• 16.30: Kim clarifies that the interpretation Act specifically deals with this, and it's quite clear that if there's no effective date or coming into force provision, it is effective law on the date that it receives oral assent. 
• 17.52: Kim says in an unprecedented news release that came out on 19th July from the Department of Finance, they clarified that it is actually Krista Freeland, so the Minister of Finance, who confirmed that Bill C208 is effective law. 
• 19.40: Kim points out that if it is any government that comes out and recognizes that this piece of legislation that has passed is imperfect and allows for abuse; because let's be serious, should surplus that is removed from a corporation be taxed as a capital gain? In my opinion, generally, No.
• 20.03: Should surplus remove from a corporation be taxed as a capital gain? Kim generally thinks the answers should be consistent with accounting 101, which is No. It should be taxed as a dividend. There are exceptions to that general rule, and so he blames the government for being concerned about abuse and surplus surfing. 
• 22.40: Kim is not sympathetic to the government. He says that the Department of Finance has other priorities, and COVID certainly shifted a lot of those priorities. They have had 36 years to deal with this issue. Instead, they decided to play politics with it and go on a listening tour instead of actually having the bureaucrats, you know, roll their sleeves up and come up with some solutions.
• 24.00: Kim inquires How many clients do you deal with on a year-to-year basis that are transferring their business to the next generation? He further says, "Certainly some, but as a great is it one month, two months, three months, 10 months? I would say it's probably on average for me, and I have been doing this a long time, maybe once a year."

3 Key Points:

1. Bill C-208 was granted Royal Assent on Tuesday, 29th June. It amended the Income Tax Act (ITA) to provide tax relief to families who wish to transfer shares of small businesses or family farms and fishing corporations to their children.
2. Kim explains how the private member's bill, which is now passed into law as Bill C208, is imperfect and is very poorly drafted. There is no legitimate or illegitimate test for intergenerational transfer. 
3. Jason says Canadians like to believe and assume that their government does not purposely pass crappy legislation. This is something he has encountered multiple times.

Tweetable Quotes:

• "If a non-arms link corporation decides to buy your shares using money that is within their holding companies, the same kind of surplus, same kind of tax rate and then buys your shares it does qualify for the capital gains exemption." - Jason 
• In the abandonment, they promised to fix the intergenerational transfer issue, and that was good. – Kim
• "You are indifferent to how you take money." – Jason
• "We have a flat piece of legislation, there are opportunists, who will try to take advantage of it. We know that this is going to get corrected because they've been eyeing this thing for a while and now, they have created a created a demon they got to slay." - Jason

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Kim Moody - https://www.moodystax.com/team/moody-kim/
• Podcast Editing

Full Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 1.15: David says that his business is centered around an exit planning business that does a little bit of valuation and corporate financing.
• 1.34: David is a Canadian CPA, most of his early career days revolved around general CA works. Later in 2015, he got involved with corporate finance and valuation works.
• 04.00: David shares examples of Personal, Business, and Financial Readiness.
• 5.15: In-order to plan an exit for a business, it is important to figure out the valuation, says David. Most people overestimate the value of their business so figuring out the potential valuation is extremely important. 
• 06.18: David talks about the tools and diagnostic techniques they use to determine the value of a business. 
• 07.05: Jason talks about personal readiness and the importance of planning about it.
• 08.00: Jason is curious to know from David that “How does he convince or prepare his clients for personal readiness?”
• 08.54: David talks about the approach that he takes for exit planning and implementation. 
• 12.09: Business valuation and readiness is all tied-in, says David
• 13.07: David stresses the importance of holistic exit planning. He says it is crucial to have a proper plan for Personal Readiness, Business Readiness, and Financial Readiness. 
• 15.59: David shares how a value driven assessment can help business owners know the actual value of their businesses. The evaluation also allows business owners to understand what they can do to improve their business performance. 
• 17.17: Once the business assessment is done, it is essential to prioritize and figure out ways to improve the business performance. 
• 17.36: As per David, prioritization of business improvement depends on the owner’s preferences.
• 19.52: When it comes to business readiness, one key factor that one should evaluate is - “Is the owner actively involved in the business?”; the second aspect to that is – “Is there documentation of those processes?”
• 20.32: From an organization perspective, it is essential to figure out “To what degree does the top-down communication and bottom-up communication works?”
• 22.58: “If you really want to grow your business, getting a strong understanding of the metrics is very important”, says David

 3 Key Points:

1. David talks about the importance of introducing holistic business plans for business owners. 
2. David and Jason talk about the importance of Financial Readiness and what is its significance?
3. Jason and David talk about the qualitative and quantitative aspects of what people need to do in order to sell a business.

Tweetable Quotes:

• “Most people overestimate the value of their business so figuring out the potential valuation is extremely important.” - David Prowse
• “If you don’t have a financial planner, go find one; if you do have a planner, then discuss and have a retirement plan in place.” - David Prowse
• “Prioritization of business improvement depends on the owner’s preferences.” - David Prowse
• “If you are not measuring your business matrices, then you are really not accomplishing too much of anything.” - David Prowse

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Podcast Editing
• David Prowse: LinkedIn | Website

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights: 

• 1.16: Alexandra says she is a Certified Financial Planner since 2006. Earlier she worked as a financial advisor with an insurance license. 
• 1.20: In 2008, Alexandra took a step back and realized what she like about finance is writing about finance. This feeling motivated her to start a job at a small fintech startup, where she co-authored her first book. 
• 2.40: David says he is a Certified Financial Planner as well, and this is his second carrier earlier. Prior to this, he was a book and magazine editor. He is an advisor for financial planners and owns his firm papyrus planner.
• 3.58: Jason talks about the challenges that people of this generation face; the challenges are different from previous ones. Jason inquires, “How time has changed?”
• 4.30: Alexandra says Society is getting older. Present challenges throughout as a society require long-term care and providing care for people as we age. But as an individual, there are specific challenges that are unrelated to societal challenges. 
• 5.57: Funding retirement is increasingly complex. Business owners never really had defined ownership pension. Retirement is a DIY proposition, explains Alexandra. Nobody has a partner in that, you have to do it yourself. 
• 8.09: David throws some light on the changing pension schemes, and now with the increasing number of women in the workforce that is upped the number of people participating in pension plans.
• 9.28: Jason is curious to know about the degree to which the Canadian government is going to support a citizen’s retirement?
• 11.13: Jason shares the rough figures, if someone decides to retire at the age of 65 i.e., ~$20,000/year, and for couple it is roughly $40,000/year.
• 13.56: Jason and Alexandra talk about the importance of making the right decision when it comes to withdrawing the lump-sum pension amount. 
• 14.00: The total amount might appear to be lucrative, but withdrawing it completely has its downside like massive tax implications. 
• 16.41: Jason asks, “What are the big pitfalls and common problems that occur in defined constitutional pension plans?”
• 18.42: Jason inquires, “What happens when someone has retired, what are the biggest concerns that they have?” “What is the biggest risk that they face?”
• 20.32: Alexandra explains how people can intelligently invest their retirement money and play safe. 
• 23.32: Jason says a lot of conversation around retirement is based around income maximization. 
• 25.11: David says people spend their lifetime accumulating money, they take risk and very often they take financial advice. 
• 30.08: Alexandra and David talk about reverse mortgages. 
• 30.23: Jason says the pressing issue for the present generation is that taxes are going to creep-up on properties. 
• 32.31: Jason asks in terms of the advice that “If we give boomers, what are the most important thing they should be contemplating at?”
• 32.58: Alexandra advises to think thoroughly about retirement. Figure out how much you will need to live on and where you would want to live. Don’t rely on other people’s assumptions. David hates shortcuts in this industry.

3 Key Points: 

1. Alexandra explains how as per the OECD Data, Canada always ranks higher as compared to US and other European country’s data?
2. Jason, David, and Alexandra share interesting insights on “How Financial Advisors can play a vital role in helping their clients navigate into and through retirement?”
3. Listeners learn about the importance of financial planning and the risk involved around investing money.

Tweetable Quotes: 

• “Retirement is more diffused” - Alexandra Macqueen
• “Federal politicians’ lose election if they suggest changing the age when people can access their old age pension from 65 to 67”- Alexandra Macqueen
• “The government is not going to pay for your cruises, it is going to pay for your food and shelter.” - Jason Pereira
• “Averages means nothing to people.” - David Field
• “Plan and live your retirement based on what you want to do and not on tax efficiency of your decisions.” - David Field

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• The Boomer’s Retire Book
• Podcast Editing

Transcript

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Episode Highlights:

• 1.10: Justin says he is a tax partner at Kraft Berger LLP in Toronto, advising and managing clients.  
• 2.38: Jason asks Justin, “From your standpoint what is the first thing people need to consider when leaving the country?”
• 2.40: Justin says that leaving a country depends on what asset you own from a tax point of view. 
• 2.54: Canada has a regime that if you owned property when you were a resident, the value accrued should be taxed in Canada. If you were to leave Canada, it has a worldwide taxation system.
• 5.22: Justin talks about the unique tax system that Canada has. 
• 6.00: When you leave Canada, everything you own is subject to tax except Canadian Real Property. The reason is non-resident is subject to tax when they sell their property. 
• 08.26: One of the interesting things to note is that if you are moving to the United States, one thing that the immigrant can do is sell their property in RSP and then buy it back. 
• 10.35: Justin throws light in tax exemption for people who stay and owns property in Canada for less than 5 years. 
• 11.17: Jason says, “If you are an individual, then implications aren’t harsh in Canada.”
• 14.34: Jason and Justin talk about “What happens to business owners when they decide to leave Canada?”
• 15.47: If it is a Canada Corporation, nothing happens to the corporation, it remains. Even though you are a resident of United States or Spain. When a non-resident wants to take out the company, there is going to be gains in the underlying value in the corporation. 
• 19.52: Justin shares detailed classifications of Canadian Tax Systems and Rates.
• 20.27: Jason inquires, “What are the steps involved in mitigation?”
• 21.20: Justin gives valuable insights on Capital Dividend Account. As part of the mitigation strategy, he also suggests reducing your company’s value before selling it out. 
• 24.26: Justin gives real-life examples about how to best save tax.
• 28.04: Jason talks about the triple tax situation that one might fall into. 
• 28.14: Jason is curious to know “What happens when people decide to come back to Canada?”
• 29.01: “If you are planning to come back to Canada, you can un-wind or defer to pay tax.”, says Justin. If you are planning to come back, pledge some valuable asset before leaving.
• 31.38: Justin talks about unwinding the departure tax. 
• 32.45: Justin says when you leave, Canada any gains in the property would have been subject to tax in Canada. 
• 35.44: Jason talks about the importance of planning your exit from Canada properly. 
• 37.54: When you leave Canada, make sure the country where you are moving to gives you a cost base. 

3 Key Points:

1. Jason and Justin talk about the serious tax implications when one decides to leave Canada.
2. If you are a business owner or shareholder and you decide to leave the country. Canada would want the Accrued Value. 
3. Jason shares the key takeaway from this episode. If you are leaving the country, you may or may not have tax implications. But if you have substantial wealth, then you will have to pay tax when leaving the country.

Tweetable Quotes:

• “When you leave Canada, everything you own is subject to tax except Canadian Real Property.”- Justin Abrams
• “You can pledge private company shares if those are the shares that gave rise to the tax.” - Justin Abrams
• “If we leave the country, we will have to pay 27% tax.” - Justin Abrams
• “If you are coming back to Canada, you can make it a cashless endeavor.” - Justin Abrams
• “Taxable Canadian property is taxable if you are a non-resident or not.” - Justin Abrams

Resources Mentioned

• Justin Abrams: LinkedIn | Website
• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Podcast Editing

Transcript

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

• 01:55: Tax system of Canada benefits the average person way more than the traditional wealth and the American system.
• 02:58: There is one political exception and the other one is for charitable donations.
• 03:31: You do get a really high amount of what you donated as your reduction in your taxes.
• 04:43: Financials Advisors are asking their clients to give tax receipts at the year end.
• 08:55: Jason asks, is it primarily advisors? Is it Lawyers or Accountants? How to go about doing this?
• 09:59: A lot of business owners are very strategic; they're problem solvers by nature.
• 12:13: You're eliminating the capital gains that are owed on securities.
• 15:24: Paul says that their mission is to create a better world through strategic gift planning and they are really trying to help everybody bring that strategy to what they do.
• 17:07: The weird thing about this pandemic is that it's really challenged people on their values and meaning.
• 19:44: What's the mix, you know, what are the issues? Around food security, gender production, women escaping violence, or on economic health.
• 20:38: You're seeing the tax bill and you're finding ways to minimize it.
• 21:32: A lot of organizations are reporting it differently.
• 22:08: People really want to understand how Charity operates? What are you doing with that money? Are you effective? 
• 30:34: We're going to set up a cadre of local restaurants. We're going to serve workers.
• 32:02: This is illegal; you can't say it's a donation. You're not giving a tax receipt.
• 32:39: Jason asks Paul – “Where can people reach you?”

1. Key Points:
2. If you really want to make an impact on one thing that really matters to you, let’s have the conversation.
3. There's an inherent incentive for advisors who basically don't have their clients give away money.
4. Unless we take an active position, try to educate ourselves and reinvent our processes, we're not going to be able to really speak to client's needs.

Tweetable Quotes:

• “Canada has the single greatest charitable tax credit system in the entire world.” - Paul Nazareth
• “So, when you donate something or when you have somebody qualifies for tax credit, a lot of people think that is money they don’t pay in taxes that is not quite right.” - Paul Nazareth
• “Most people give when they’re asked that’s the danger of fundraising” - Paul Nazareth
• “I mean, it's just, where do you want to part with money is all they hear as opposed to what matters to you?” - Paul Nazareth
• “I love to work with business owners on these things because they come at problems in a different way.” - Paul Nazareth
• “I'm always excited when people meet each other in the middle and say, how can we work together to solve these problems?” - Jason Pereira

Resources / Links:

• To learn more go to woodgate.com
• Subscribe to this podcast on Apple Podcasts, GooglePlay Spotify 
• Find more episodes at Website 
• You can even ask Surrey or Alexa to subscribe for you
• Podcast Editing

Transcript

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Episode Highlights: 

• 01.22: Anna talks about her individual coaching experience. She is actively working with companies to promote overall corporate wellness. 
• 03.05: Jason agrees to the points shared by Anna, shares few key statistics, and adds that when it comes to stress, it is not just corporate but a lot many factors from everyday life adds to it. 
• 04.11: When dealing with corporates, Anna first likes to dig in and identify their culture, process, likes, and dislikes. 
• 04.20: She stresses the importance of making people realize their problems, which they often consider normal.
• 05.13: Companies often don’t keep proper track of employee Absenteeism or Medical Issues, which affects their profits. 
• 06.59: Jason enquires, “What are the key pieces that she delivers frequently?”
• 7.13: Anna talks about different approaches to dealing with companies based on the number of employees they have. 
• 08.38: Anna talks about the benefits of group programs. She finds it beneficial because it is more like building a community. It boosts morale at the workplace. 
• 11.00: Jason and Anna discuss the “How Covid19 has impacted the workplace” “How is Anna helping people in such a situation?”
• 13.15: Since Covid is all over the place, Anna stresses that it is essential to find a solution for working online.
• 15.33: Anna talks about the long-term toll on businesses. A lot of people don’t have the habit of sharing, but it is extremely important. 
• 17.15: Jason reveals an interesting statistic that “62% of business owners feel depressed at least once a week.” 
• 19.00: Anna and Jason discuss about structuring a balanced life and the importance of that. 
• 22.49: Jason talks about divorce rates which were 50% in the US. This percentage for business owner is much greater. Like due to the stress and increased work hours. He asks Anna, “How she coaches people out of it?”
• 23.40: Anna shares her victory cases. She encourages people to break the walls of fear, and there are so many incredible wins on the other side of it. 
• 27.34: Jason enquires if she has seen any difference between genders regarding wellness in the workplace. 

3 Key Points:

1. For Anna, it all starts with an honest conversation, “What is it that they need”. All individuals are different, so she provides a customized solution based Wellness Programs. 
2. Absenteeism, Medical Issues, Turnover Rates, Burnout Rates, Not Getting Along are some of the common factors that affect an employee’s mental health and adversely affect the company’s profits.
3. Jason points out 78% of business owners report a form of burnout that percentage increases. He enquires, “How do you deal with such a situation?” “What is the long-term toll of that?”

Tweetable Quotes: 

• “Corporate wellness has become a lot more important than before, especially due to the pandemic.” - Anna Spivak
• “There is no one cookie-cutter solution for all business, different people have different problems.” - Anna Spivak
• “It is important to voice out thoughts that you are going through and not keep it to yourself?” - Anna Spivak
• “You can’t leave your business at the door, it is a part of you.” - Jason Pereira
• “If you don’t take care of your health, it does not matter what number you crunch.” - Jason Pereira

 Resources Mentioned

Anna Spivak: Email: anna@blueprinttofit.com

LinkedIn: @annaspivak, https://www.linkedin.com/in/anna-s-a76b5872/  

Website: https://blueprinttofit.com/corp-en

FB: @annaspivak, https://www.facebook.com/anna.spivak.96/

Transcript

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Episode Highlights:

• 01.35: Susan O’Brien talks about “How she guides families through deep, meaningful conversations.”
• 01.57: Susan has seen that people want to be independent and want to take care of their families, especially children and grandchildren.
• 04.00: Susan talks about the importance of educating children about money, like “What is money?” “Where it comes from?” 
• 04.49: As parents or grandparents, we wait too long to discuss money matters with our kids.
• 06.25: The one thing that Susan found in their consumer society is that kids as young as three are a bit stubborn, and they keep demanding things from their parents. This is something that should be talked about in families. 
• 07.32: If you do a quick search in Amazon, there are great fun books about teaching kids the importance of money.
• 08.48: Jason talks about the concept of scarcity and rejuvenation of wealth. 
• 09.26: In order to save money, it is about to develop a feeling of abundance.
• 11.30: Jason enquires as our kid gets older, how does the money talk evolve?
• 13.56: Personally, Susan found it challenging to implement money-saving tactics daily, but some parents were successful.
• 14.22: Jason shares a trick that he uses with his son; whatever amount he saves, Jason gives some interest on that. He also shares how one can encourage their kids to share money in charitable causes. 
• 15.01: For Susan the sharing part starts without the money. Taking care of each other is important.
• 17.47: Jason and Susan talk about what happens when a kid hits a teen or pre-teen.
• 19.51: Susan shares the importance of keeping conversation non-confrontational. 
• 20.46: Kids, when they grow up, are the same person just entrenched in their habits; you are the same as a parent; you need to be consistent about handling them. 
• 20.53: Jason shifts the topic to when a child reaches late teen level; when they go to universities. 
• 23.20: Susan points out the biggest issue with young people-it is the credit card.
• 25.29: Jason points out that there are many people who don’t want their kids to suffer as they did. Jason is concerned that it may have an adverse effect and not teach the required respect. 
• 28.10: Susan points out there are so many important things one can teach their kid by not paying their cell phone bills.
• 29.16: Jason says, “You can’t re-raise your kids, so it is important to plant the tree of value when they are young.”
• 30.14: It is crucial to think about your legacy? What do you want to achieve? How much money is too much for your kids? How much will hurt them instead help them?

3 Key Points:

1. Jason and Susan discuss about the youngest age when coaching a child about money should start. 
2. Susan shares instances and tricks from her own experience about “How to encourage your child to save money?”
3. Kids nowadays are smart, and it’s important to teach them about the world around them and about the needs of other people as well as themselves.

Tweetable Quotes:

• “It is important to think that how do I teach my kids to be good stewards of money?” - Susan O’Brien
• “Teachable moments come about in everyday life.” - Susan O’Brien
• “It takes action to have money, and it also puts a limit to it.” - Jason Pereira
• “You need to make money and save it; you got to be careful about spending it.” - Susan O’Brien
• “Starting with the end, prepares you to focus on what’s really important for you.” - Susan O’Brien

Resources Mentioned

Susan O’Brien: E-mail: informtaion@networththinking.com | Website

Transcript

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Episode Highlights:

• 01.21 – Kam introduces his profile. He talks about his experience in Financial and Tax Planning.
• 02:41 – Kam talks about his book Seven Stages Of Planning. He utilized the time during COVID and jotted down his thoughts. 
• 05:32 – He took Shakespeare's book The Seven Ages Of Man as a base and wrote the book. To make the reading enjoyable, he incorporated a similar though process.
• 06:00 – The first stage is basically about parents who will have to act on behalf of their children. He talks about the apparent education saving plan but apart from what other financial planning parents can do?
• 06:50 – He talks about the attribution rule, which means the person who gifted the money will have to pay the tax.
• 07:35 – He adds parents must think about life insurance. It is a saving vehicle.
• 08:07 – He also stresses that it helps to have a critical illness plan. His book has all the details.
• 08:52 – Jason agrees with the attribution plan and cash-rich insurance policy. He can have a ton of money in insurance and then later transfer it to his child. This policy helps in financial planning.
• 09:56 – Jason points The Second Stage is more for the GenX people – the teenagers
• 11:15 – Kam explains the benefits of financial planning from such an early stage.
• 13:17 – Jason points out that the next stage is for the 30+ crowd. He inquired, "What are the key areas they should look for?"
• 14:02 – Kam shares, "It will be much safer to buy Personal Life Insurance to protect the mortgage insurance. This is one of the techniques that is suggested in the book."
• 15:00 – Jason shares Stage 5, and 6 covers a wide range of 45 to 74 years old.
• 16:55 – Kam stresses that planning is essential, younger people should start planning for retirement.
• 17:5 – When it comes to Stage 7, Kam emphasis Lot of planning has to be done when it comes to retirement.
• 23:45 – Jason appreciates several discussions on planning stages but not much on products. It is good that Kam's book addresses that. 
• 24:40 – Kam agrees and says that holistic planning is crucial. 

3 Key Points:

1. Jason and Kam discuss the importance of insurance plans, cash-rich policies, and retirement plans, basically helping people become financially secure. 
2. Some of the book's plans do not necessarily mean that it is valid for that particular age group. One can apply in multiple stages. 
3. Kam talks about "When to take Canada pension plan and old age security?"

Tweetable Quotes:

• "Wills and power of attorney is essential to update it and make sure it goes to the right hand." - Kam Chari
• "The earlier the planning for retirement start, the better it is" - Kam Chari
• "There are different life stages where different things are coming to play." - Jason Pereira

Resources Mentioned:

Kam Chari: https://www.ansafinancialsolutions.com/bookinfo.html 

E-mail: kam@ansafinancialsolutions.com

Transcript

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Episode Highlights:

• 01.37: Jason shares that they have the first budget in two years from this government. 
• 02.14: Guy agrees with Jason introduction on the Federal Budget. He says that it was indeed huge, it is $101 billion in new funding initiative. 
• 04.10: Jason points out with introduction of child care program, we can expect an expansion in the workforce and also in the number of work hours. 
• 05.45: Jason talks about numerous programs that were going to expire in June. They have now been extended. Canada Recovery Caregiving Benefit, Rent Subsidy and Wage Subsidy for Businesses are some of the benefits that were extended. 
• 06.51: Jason talks about the $450 million VC funding pool being put together for the next 5 years. Number of start-ups leading by women or people of colour being funded by the VC is extremely low in number. 
• 08.10: They discusses the cut in tax for businesses that are working on reducing emission.
• 9.28: Jason shares his views on minimum wage increase. He thinks that this is not a huge headline unlike in the US. 
• 10.40: Guy points towards the other side of the it i.e.; increase in hiring programs. 
• 11.24: They discuss what the budget means to life science and how that affects business owners. 
• 12.00: Guy is a little surprised on the bump-up in the senior security amount. 
• 15.42: Jason sees a big boost in the re-sale market of luxury cars. 
• 17.22: Guy talks about the vacant home tax. Jason discusses how property tax in this country is low as compared to others.

3 Key Points:

1. Jason and Guy discusses the cost benefit of the budget, also talks about the national day care and early child care program.
2. They talk about what the budget means by COVID relief?
3. Jason says “There is not much to talk about tax as the government played a bit safe on that front.” He breakdown the tax breakages and also talks about the new taxes.

Tweetable Quotes:

• “The fact that money is now being allocated to women and people of colour to empower them is a great idea.” - Jason Pereira
• “Due to COVID, small business have been really hurt.” - Guy Anderson
• “Enjoy the spending bonanza budget, next one will probably be not so friendly. - Jason Pereira

Resources Mentioned: 

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Podcast Editing

Transcript

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Episode Highlights: 

●          01:07 – Romesh Hettiarachchi describes the kind of work he does.  

●          02:31 – How has Romesh addressed the concerns of clients afraid of 

                         lawyers costing too much business lawyers are often incentivised 

                         to take longer. 

●          03:55 – What are the four schools of thought on how to use a lawyer? 

●          06:57 – Jason shares a story about a wealthy individual that used the 

                         managerial approach of hiring a lawyer. 

●          07:32 – Build a team as a foundation for your enterprise. 

●          10:15 – How has delegation and resources entered into his practice? 

●          14:13 – Lawyers, and service providers in general, are hired to solve 

                         problems, minimize risk, manage process. 

●          16:27 – Why are many lawyers afraid of change? 

●          20:00 – What are the five issues that lawyers generally face?

●          21:26 – Why isn’t there a program for lawyers that want to challenge the 

                         status quo?

●          23:30 – The only way to fight margin compression is through efficiency. 

●          24:04 – There is a cost of risk with people. 

●          27:19 – Unconscious incompetence is a value proposition to help clients 

                         via building stronger relationships with them. 

●          30:00 – Watching clients succeed and win is truly rewarding. 

●          32:00 – Clients want their problems solved for a price that they can pay. 

3 Key Points

1.   Four stages of using a lawyer: to fix problems as they arise, to manage what you don’t know, to minimize risk, and to be a strategic advisor. 

2.   Building a team involves the art of delegating tasks not just to people, but also to technology to provide value to clients.   

3.   The five issues that lawyers in general face are: increased competition, clients that want more value for less money, trying to outcompete technology, keeping a work/life balance, and mental health and loneliness. 

Tweetable Quotes:

●    “Clients really want more out of their lawyer than simply drafting contracts.” – Romesh Hettiarachchi

●    “When I see the value of a lawyer to a client. It is really three-fold. One, we are either solving problems, minimizing risk, and lastly, we manage the process. Very good lawyers will do all three of them.” – Romesh Hettiarachchi

●    “In my experience, and from everything that I have read, and from the people that I have been around, the most successful people are the people that are able to build teams that work together for everyone’s success.” – Romesh Hettiarachchi

Resources Mentioned:

● Facebook – Jason Pereira’s Facebook

● LinkedIn – Jason Pereira’s LinkedIn

● Woodgate.com – Sponsor

● LinkedIn – Jason Pereira’s LinkedIn

● FintechImpact.co – Website for Fintech Impact

● jasonpereira.ca – Jason Pereira’s Website 

● bilawyers.ca – Website for Romesh Hettiarachchi at B&I Legal Counsel

● Linkedin – Romesh Hettiarachchi’s Linkedin

Transcript

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Episode Highlights:

• 1:07 – Vic Gasparitsch introduces himself and his profession.
• 2:27 – What is a professional real estate corporation?
• 5:48 – Is there any previous precedence for these PRECs?
• 8:16 – Where does a T4A come into this situation?
• 9:56 – Can officers split the income between the corporation and themselves?
• 11:22 – Jason and Vic explain why splitting income is a problem.
• 15:35 – How many of these PRECs have been set up?
• 16:40 – Jason and Vic discuss the rude awakening that is awaiting agents who have set up a PREC.
• 17:37 – Who else has agreed with Vic on the subject of PRECs?
• 18:40 – Why would the government pass something like this?
• 20:58 – Who gives a damn about tax fairness to realtors?
• 23:35 – Jason and Vic discuss the options for realtors who have set up a PREC.

3 Key Points

1. A professional real estate corporation can do anything it wants besides taking part in the real estate industry.
2. PRECs allow agents to split the income between the corporation and themselves, which is a problem with the Lone Wolf accounting system that most agents use.
3. All an agent has to do to set up a PREC is notify the Real Estate Council of Ontario that they have created a PREC and provide the address of service.

 Tweetable Quotes:

• “If anything, corporations are designed to separate shareholders from the corporation for liability purposes.” – Jason Pereira
• “It’s an attempt to divert what would be personal income...to a corporate entity which is a Canadian–controlled private corporation and entitled to small-business deduction.” – Vic Gasparitsch
• “The brokerage firm is going to have to agree to switch the flip from PREC to personal payment for a period of time and then maybe back, and that’s suboptimal in so many ways.” – Jason Pereira

Resources Mentioned:

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• FintechImpact.co – Website for Fintech Impact
• jasonpereira.ca – Jason Pereira’s Website
• (416) 804–2880 | vic@gasparitschpc.com – Vic Gasparitsch

Transcript

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Episode Highlights:

• 0:59 – Chad Willardson introduces himself and his profession.
• 2:25 – How does Chad start the conversation about early–life money perceptions?
• 3:40 – Jason and Chad break down the psychological barriers of spending money.
• 6:17 – What prohibitory mindsets around money does Chad usually run into?
• 10:09 – Jason and Chad discuss the negative effects of having a scarcity mindset.
• 11:11 – What successful discussions has Chad had to help his clients move away from a scarcity mindset?
• 12:15 – Jason and Chad break down the failures of education systems around the world.
• 13:18 – Are there commonalities amongst the people that Chad can’t get through to?
• 15:49 – How often does Chad see prohibitory money mindsets passed down to kids?
• 19:33 – Chad shares the key lessons from his upcoming book, Smart Not Spoiled.
• 21:54 – What would Chad tell those who are looking to move past a scarcity mindset?

3 Key Points

1. Money perceptions that are passed on from parent to child determine the mindset that people have for their entire lives.
2. Chad often sees a misconception of risk where people are either extremely aggressive and risky or are so scared of taking any risk that they can’t move their money out of the bank.
3. By demonstrating what people can do based on their current financial situation, Chad helps his clients move away from a scarcity mindset.

Tweetable Quotes:

• “If a muscle gets flexed long enough, it’s going to cramp and actually it’s harder to loosen up because of that.” – Jason Pereira
• “There’s a real lack of understanding of the randomness of the world in general.” – Jason Pereira
• “It’s a tragedy to me that kids graduate high school knowing how to dissect a frog or knowing all the inner parts of a cell but having no clue about personal finance.” – Chad Willardson
• “You need to actually trust the process and trust the plan and the strategy that you’ve got. That should weigh more than the fear or the scarcity emotions that you’re feeling because that’s going to hold you back from success.” – Chad Willardson

Resources Mentioned:

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• Woodgate.com – Sponsor
• FintechImpact.co – Website for Fintech Impact
• jasonpereira.ca – Jason Pereira’s Website
• Stress–Free Money – Chad Willardson’s Best–Selling Book
• Pacificcapital.com – Website for Pacific Capital
• LinkedIn – Chad Willardson’s LinkedIn

Transcript

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Episode Highlights:

• 1:15 – Paul Martin introduces himself and what he does.
• 2:21 – What are the things that new businesses have to be aware of to protect themselves?
• 3:47 – Is it common for insurance agents to have cookie–cutter solutions?
• 5:23 – Jason and Paul break down the sizeable losses as a result of settlements today.
• 7:40 – Paul and Jason discuss the increasing levels of cyber claims and cybersecurity attacks.
• 10:30 – Are corporations without directors and officers breaking the law?
• 11:43 – How does the insurance world differ when someone is in a knowledge–based company?
• 13:51 – What is the risk to those who don’t disclose a home office or using a car for business?
• 16:00 – Are insurance companies accepting the risk of drivers using their vehicle more or less?
• 18:54 – What special insurance is needed for high–value items at home?
• 21:08 – Paul breaks down crime insurance and what that covers.

3 Key Points

1. Liability settlements have skyrocketed in today’s world and even businesses that are doing everything right are at risk of a lawsuit.
2. Up to 45% of businesses have been the victim of a cybersecurity attack, resulting in an all–time high of cyber insurance claims.
3. Insurance companies have adjusted well to COVID and how that has forced many people to work from home and adopt side hustles that involve their vehicles.

Tweetable Quotes:

• “The first thing is to find a broker who has the knowledge in order to represent your business to the insurance industry.” – Paul Martin
• “To a man with a hammer, everything is a nail.” – Jason Pereira
• “It’s funny to think about how many things can go wrong at any given business even if you are conducting things properly.” – Jason Pereira
• “If you’ve got a $3-million car, I think you can probably have two guys with guns.” – Paul Martin