Summary

In this episode, the hosts discuss their experiences at a recent portfolio strategies conference, sharing insights on investment strategies and the importance of having a defined investment philosophy. They delve into the complexities of the Tax on Split Income (TOSI) rules, explaining how these regulations impact business owners and their ability to pay dividends to family members. The conversation highlights the need for careful tax planning and understanding of the rules to navigate potential pitfalls. The episode concludes with a discussion on the importance of knowing the intricacies of investment products and the trade-offs involved in financial planning.

Topics Covered in this Episode

00:00 Conference Insights and Networking

12:33 Understanding TOSI: Tax on Split Income

24:42 Navigating Dividend Payments and Family Structures

24:44 Understanding Income Splitting Rules

28:47 Exploring Non-Resident Shareholder Implications

31:30 Navigating Tax Risks with Non-Resident Corporations

35:32 Client Engagement and Tax Knowledge

38:42 The Complexity of Tax Compliance

43:30 Investment Knowledge and Client Understanding

Millen Wealth Advisors

Website: https://www.mwadvisors.ca/

Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster

Co-Pilot Tax

Website: https://copilottax.ca/

Canadian Tax Guy: https://x.com/canadataxguy?lang=en

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Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast

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Guillaume’s Instagram: https://www.instagram.com/financialplannergui/

Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Keywords

TOSI, Tax on Split Income, investment strategies, financial planning, tax planning, portfolio management, business income, dividends, family business, tax risk