In the Mood With Kim G C Moody

Canadian Tax Shifts Under PM Carney: Everything You Need to Know - Episode 28

In this overdue podcast, Kim provides updates on what’s happened in the Canadian tax and economic landscape since the Canadian election call.
He also discusses the need for new PM Carney to recognize the real division amongst Canadians and work hard to unify.  
Kim then discusses some of the early actions of the Carney government such as not presenting a spring budget, the commitment to implement the deceptive “separation of the operating budget from the capital budget” and the election promise to complete a so-called “expert review” of the corporate tax system.  
Kim ends the podcast by discussing some of the large taxation threats arising from the United States….they’re real and have the potential to have a significant and negative impact.  
Happy listening!

Won't Get Fooled Again - Episode 27

In this episode, Kim G C Moody uses the famous song by the classic rock band - The WHO, “Don’t Get Fooled Again” - to discuss how taxation policy gets introduced in Canada by providing an update on the capital gains inclusion rate proposals (they are dead) and then discussing how current politics in Canada will affect the proposed solution to such issues….we need tax reform which has been proposed by The Conservative Party of Canada.  Tax reform would also be helpful given the challenges Canada is facing with U.S. tariffs.  The new leader of the Liberal Party is a tax and spend “leader” who does not appear interested in tax reform.  Not surprising.  As the famous line in Don't Get Fooled Again says "Meet the new boss, same as the old boss".  Buckle up for a no nonsense episode.

Kim G C Moody and Kerry Harnish on the Canadian Tax System - Episode 26

In this episode, Kim chats with a former senior member of the Department of Finance, Tax Legislation Division, Kerry Harnish.  Kerry has a very interesting background and his contributions to Canada's taxation system are very impressive.  He retired from the Department in 2019.  During his career and after retirement, he spent significant time researching prior Supreme Court of Canada decisions as it relates to tax avoidance.  His research has culminated with the release of his new book, Bench Strength. Kim read an advance copy and was very impressed with the depth of research and he learned a lot.  In his view, Kerry's new book is a must read for any tax practitioner.  
 
Kim interviews Kerry regarding his taxation journey, his passions and what interested readers of his new book can expect.  Kerry's passion for Canada and a good taxation system shines through this episode.  Buckle up for an interesting conversation!

Canada Desperately Needs Its Citizens to be Financially Literate - Episode 25

In this episode, Kim spends some time describing some recent experiences of how poor the average Canadian’s knowledge is about finances. 
He goes further to explain why it’s important for Canadians to take this seriously (his mission for 2025 is to continue planting acorns in this area) and how that relates to the current political environment in Canada, especially with external forces like a new U.S. regime threatening to negatively impact Canada’s economy.  
Kim wraps up the episode by reminding people to try not to get too stressed about things they can’t control but instead simply improve their financial literacy.
Happy listening!

The CDN Capital Gains Proposals - CRA Says It Will Administer Such Proposals Even If An Election Is Called? - Episode 24

The Canadian capital gains proposals first introduced in the April 16, 2024 federal budget are on life support because of the political chaos that Canada is currently experiencing. While the Canada Revenue Agency has a long-standing policy to administer proposed tax law, would it be appropriate for the CRA to continue doing so if an election is called knowing that there is a high probability that the proposals would not be re-introduced if the Conservative Party takes office? Come along for a listen for Kim G C Moody’s thoughts on this matter.

Kim G C Moody & Paul Tompkins of Tompkins Insurance - Episode 23

In this episode of "In The Mood With Kim G C Moody Podcast”, Kim interviews industry leading legend Paul Tompkins of Tompkins Insurance.  Paul is a Vancouver raised, Calgary born, Toronto based leader in the use of life insurance as a proper and effective tool for high / ultra high net worth families in their overall planning.  Kim dives into Paul’s legal background, the establishment of his firm, how it’s different than its competitors and how life insurance has an ever important role in planning given today’s tax and economic environment.  Kim also discusses Paul’s love of community, entrepreneurship and beer through the establishment of his brewery based in Calgary - Last Spike Brewery.  Come along for this engaging conversation!

Costly Gifts and Sugar Rush Policies: Unwrapping Canada’s GST Holiday - Episode 22

In this episode of “In The Mood With Kim G C Moody Podcast”, Kim discusses the so-called recent Christmas present handed out by the Canadian federal government: the GST / HST holiday on certain “affordability” items and the $250 cash handout scheduled to be distributed to certain Canadians in the spring of 2025.  Is it really a gift?  Or will it come with significant costs?  Short answer….it’s a costly gift that will have no lingering benefits.  It’s frankly providing a sugar rush.  Instead, Canada should be planting acorns for long-term economic benefits.  Such “planting of acorns” should include the introduction of productivity measures  and significant reductions in government spending that can have long-term benefits.  Kim ends the podcast by emphasizing the need for Canadians to improve their financial literacy so as to make more informed choices in the future.  Happy listening!

Jack Mintz and Kim G C Moody on Tax Reform - Episode 21

This podcast with host Kim G C Moody and guest Jack Mintz discuss the need for comprehensive tax reform in Canada. Mintz outlines the history of tax reform efforts in Canada, including the Carter report and the Mintz committee's recommendations in the 1990s. He argues that since then, Canada has implemented piecemeal changes that have increased tax system complexity and distortions, rather than undertaking meaningful reform. Mintz suggests Canada should look to models like Estonia's tax system as an alternative to the incremental approach, in order to simplify the tax code and improve economic competitiveness, as Canada has fallen behind the U.S. in GDP per capita.

Will the Canadian Capital Gains Proposals Get Passed? - Episode 20

In this podcast, Kim G C Moody discusses the possibility of the Canadian capital gains inclusion rate increase proposals not becoming law because of an election being called before the proposals receive Royal Assent. Might that happen? Well, the chances of that are small but what should affected taxpayers do in the meantime? What will happen if the proposals never become law? Kim discusses this and more. Come along for a listen!

Tax Complexity - What Should Canada Do? - Episode 19

Tax is complex. That’s a given. The voluminous and horrifically complex recent August 12, 2024 draft tax legislation released by the Canadian Department of Finance is continuing evidence of that. As a recent tax commentator said “complicated rules to mitigate the impact of complicated rules doesn’t do our tax system any favors”. That’s absolutely true. Notwithstanding, there is no doubt that an attempt can be made to make our tax system simpler. In this short podcast episode, Kim briefly talks about why our tax system is complex and what could be done to help make it simpler. Happy listening!