Ep.005: Tax Changes Everyone Needs to Know in Canada

Summary

In this episode of the Millennial Money Canada podcast, host Guillaume Girard and co-host Sam Lichtman engage with tax expert Mohammed Al-khooly to discuss tax planning strategies for 2025. They explore Mohammed's journey from working in large accounting firms to starting his own tax advisory firm, emphasizing the importance of proactive tax planning. The conversation covers various topics including income splitting, tax risk tolerance, the implications of shareholder loans, and the recent changes in capital gains tax. They also discuss the role of social media in client acquisition and the importance of understanding clients' emotional responses to financial decisions.

 

Chapters

00:00 Mohammed's Journey in Taxation

04:22 Transitioning to Self-Employment

06:52 Leveraging Twitter for Client Acquisition

09:47 Understanding Clientele and Their Needs

12:31 Navigating Partnerships in Business

15:10 Income Splitting Strategies Explained

18:01 Tax Risk Tolerance and Its Implications

20:51 Best Practices for Business Owners

23:25 Paying Yourself: Salary vs. Dividends

35:25 Transitioning from Salary to Dividends

36:39 Understanding CPP and Client Perspectives

38:56 The Importance of Guaranteed Income

40:52 Common Mistakes in Tax Planning

42:50 Shareholder Loans and Tax Implications

46:28 Capital Gains Inclusion Rate Changes

51:38 Multi-Generational Housing Tax Credit Insights

54:24 Behavioral Coaching in Financial Planning

 

🤝 Work with CoPilot Tax
🌐 Visit their Website: https://copilottax.ca/
📚Connect on Twitter: https://x.com/CanadaTaxGuy

 

🤝 Work with Millen Wealth Advisors
🌐 Book an intro meeting today 👉 mwadvisors.ca
📚 Self-paced tax & investing course tailored for business owners 👉 courses.mwadvisors.ca

 

🔗 Connect & Follow Us for Insights
Podcast YouTube Channel: Millennial Money Canada Podcast
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Instagram: @financialplannergui
Guillaume on LinkedIn: Guillaume Girard, CFA, CMT, CFP
Sam on LinkedIn: Sam Lichtman

 

Keywords

Tax planning, Canadian tax, financial literacy, income splitting, tax risk tolerance, shareholder loans, capital gains, CPP, financial planning, social media marketing