Jay Goodis and Kim G C Moody discuss owner-manager year-end planning including optimization strategies, 2023 + 2024 tax rates, highlights of the Fall Economic Update, and more
Canadian corporate and personal tax rates are constantly changing. Combine the complexity of Canada's tax system with elements such as the NERDTOH, ERDTOH, GRIP, CDA, employer health taxes, CPP, EI, marginal tax rates, along with the constant tax changes, client objectives, and future unknowns makes the tasks of remuneration planning especially tricky. In this session we will be reviewing tax rates across Canada in 2023 and 2024 and share which types of income are subject to under-integration or over-integration. We will also explain the details of the RDTOH accounts, potential traps, and how to optimize the types of dividends to pay when balances exist in both RDTOH accounts and GRIP. We'll also explore optimization strategies using salaries, dividends, capital gains strips, and the impacts on balances such as the AAII. Finally, we'll review many new tax policies such as the Alternative Minimum Tax, the expanded reporting for Trusts, mandatory disclosure rules, notifiable transactions, intergenerational transfers, and more.
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Co-founder and CEO of Tax Templates Inc., CPA, CA - CPA Canada
Jay is the co-founder and CEO of Tax Templates Inc. He has broad expertise in Canadian taxation from nearly a decade of practice in national and mid-market accounting firms. By combining his tax knowledge with proven process-building abilities, he specializes in developing tax planning and tax accounting software solutions to support Canadian professionals. His focus is on solving challenging tax needs, supporting growth and integrating efficiencies. Jay has completed the In-depth tax courses, is the former Vice President of the York District CPA Association, a former committee member of the Canadian Tax Foundation Corporate Management Tax Conference, and a former Executive with the Canadian Tax Foundation Young Practitioners Steering Committee. Jay was recognized as an emerging leader by CPA Ontario in 2018 for his contributions to the CPA profession. Jay has spoken to CPAs across the country in many forums such as the Canadian Tax Foundation, CPA Canada, CPA Ontario, CPD Formula, Luminari, AJAG, and other venues. Jay has also been invited to testify to the Standing Committee of Finance on Federal Budget consultations and invited to Parliament to provide recommendations on tax policy. Jay is currently the co-host of Canadian Tax Matters, a professional development webinar series for professionals to stay current on trending topics in tax. Jay was also the moderator of #Trending in Tax, a webinar series hosted by CPA Canada to keep advisors current on important tax issues. The series focused on recent, relevant changes to tax legislation in order to enhance awareness and knowledge of tax issues that impact Canadians.
The antithesis of the status quo, Kim is driven to innovate new and better ways to do things for the clients he serves, the advancement of the firm, and other professionals in tax. His relentless obsession with getting to know everything in the Tax Act makes him a highly sought-out resource for peers and clients. In March 2020, Kim published his first book, Making Life Less Taxing: Pay Attention To Your Taxes So You Can Pay Less Tax and Build a Strong, Smarter Canada – an Amazon bestseller in a number of categories. Kim’s primary area of expertise is tax and estate planning for owner-managers of private corporations and executives, particularly those who have entered into the tax complexities that come with being affluent. Though admittedly not one himself, Kim works with many professional athletes (a guy has got to dream after all). Kim also has expertise in trust and estate taxation and enjoys solving the complexities that arise in developing a well-thought-out estate and succession plan and dealing with testamentary taxation matters. Deciding years ago that sleep was highly overrated, Kim makes time to share his immense knowledge through writing, lecturing, teaching, and being an active, national leader in the tax profession. In 2016, he fulfilled his long-standing goal of receiving admission into law school and is currently exploring ways to fit this ambition into his busy schedule. Kim’s unique ability is being a loyal, transparent, and honest intellectual rebel who always does the right thing. His passion to lead, teach, never settle, and both seek and speak the truth aid in his contributions to the tax landscape. Kim desires to be an inspirational example for those around him to continuously grow.
