In the Mood With Kim G C Moody

Why Are Successful Canadians Leaving Canada? - Episode 17

In this episode of In the Mood With Kim G C Moody, Kim explores the reasons why there has been a large increase in the numbers of successful CDNs leaving Canada for greener pastures. Yes, poor tax and economic policies contribute to such reasons but ultimately other reasons have more impact. Kim explores the recent history and, in particular, the messaging surrounding the attacks on successful Canadians that has contributed to the departures and offers a simple solution to stem the tide. Happy listening!

Will Canada Introduce New Taxes Like a Home Equity Tax? - Episode 16

In this episode, Kim G C Moody discusses whether or not Canada will introduce new forms of taxation like a wealth tax and / or a home equity tax. These are not new ideas but in light of the capital gains inclusion rate increase that came out of the 2024 CDN federal budget, it is obvious that the CDN government is in search of new taxation revenues to fund its reckless spending. Some left leaning “think-tanks” are proposing an annual “surtax” on CDN homes valued over $1M in order to deal with “generational fairness”. Are these ideas good ideas? No…they are terrible ideas. Come along for a listen as Kim proposes other ideas.

Where Are We at With the Capital Gains Inclusion Rate Increase Proposal? Episode 15

As of the date of the recording of this podcast, June 4, 2024, we are exactly 3 weeks away from the proposed implementation of the Canadian capital gains inclusion rate increase. What are the lessons learned so far? What should affected Canadians do or are we still “planning in the dark” without draft legislation being released to provide necessary details for the proposals? Kim muses about these and other topics as the clock ticks towards implantation. Happy listening!

Tax the Rich? Do Successful Canadians Already Pay Their ”Fair Share” ? - Episode 14

In this episode, Kim G C Moody discusses the rhetoric of “tax the rich” and having them “pay their fair share”. This old and tired line was resurrected recently in the 2024 Canadian federal budget with the budget proposal to increase the capital gains inclusion rate. Do successful Canadians already pay their “fair share” of tax? If so, how much do they pay as a percentage of the whole? Is there room for them to pay more as the government of Canada wants them to do? What are the consequences of attacking successful Canadians? This episode discusses this and more and what Canada should do instead.

2024 CDN Federal Budget Review Including Capital Gains Inclusion Rate Increases - Episode 13

In this episode, Kim G C Moody discusses the tax and economic highlights of the April 16, 2024 Canadian Federal Budget. The short story is it’s ugly…both on the economic side and tax policy measures. Kim’s taxation comments focus on the new capital gains inclusion rate increases and why the messaging and politics surrounding the June 25, 2024 implementation date are offensive. He also briefly comments on what’s not in the budget and the introduction of the laughable new “Canadian Entrepreneur’s Incentive” and the rules surrounding entrepreneur’s transfer of shares of a corporation to a “Employee Ownership Trust”. Happy listening and speak up if you are concerned!

2024 CDN Federal Budget Tax Predictions - Episode 12

The 2024 CDN Federal Budget is about a week away. In this short podcast, Kim G C Moody makes his predictions about what tax measures might show up in the Budget. Will we see personal tax rates increase? Capital gains inclusion rate increase? Alternative minimum tax amendments? New personal tax credits? Have a listen to see what Kim predicts. Happy listening!

The Canadian Trust Reporting Tax Debacle - Episode 11

In this episode, recorded on March 30, 2024, Kim G C Moody discusses the “new” Canadian trust reporting rules that have turned into a debacle given the requirement to report “bare trusts” (which are normally ignored for all purposes of the Income Tax Act) that were required to report until a last minute announcement - on March 28, 2024 - by the Canada Revenue Agency that bare trusts no longer needed to file. Huh? After all that work and struggle by tax practitioners?? Why weren’t the concerns of Canadian tax professionals - who foreshadowed these struggles - listened to up front? Kim discusses the frustrations and lessons to be learned from this (and other recent debacles like the Underused Housing Tax and the 2017 private corporation tax proposals). It starts with respect and rebuilding “trust” amongst the tax practitioner community and government.

Artificial Intelligence and Taxation - Episode 10

In this episode, Kim G C Moody discusses how artificial intelligence will disrupt and change the practice of taxation (and some other professions). He starts by admitting he is no expert in AI but is a curious student and is eagerly trying to keep up with the exhilarating pace of change. He answers the obvious and often asked question of whether or not AI will put tax professionals out of a job anytime soon (spoiler alert…absolutely not). He muses about how AI will disrupt and change how tax professionals will practice and ends the podcast with some practical suggestions on how to respond to AI.

Canada’s Residential Property ”Flipping Tax” - Episode 9

In this episode, Kim G C Moody discusses the silly Canadian “flipping tax” that was introduced into Canada’s Income Tax Act effective 2023 forward. Kim explains the history of capital gains taxation, the principal residence exemption and the basics of why this new rule is completely unnecessary and duplicative. He comments on the British Columbia’s February 2024 Budget proposal that basically copies the federal “flipping” rule (with an interesting twist). He concludes the podcast by making the case for the elimination of this rule so as to protect Canadian taxpayers from unexpected surprises.

VW and Stellantis Subsidy Grants - Tax Free? Episode 8

In this episode, Kim G C Moody discusses the massive C$30 billion subsidies granted to Volkswagen and Stellantis by the Canadian government (that were announced in 2023) and the tax issues surrounding it. Turn out that VW and Stellantis will receive such subsidies without Canadian corporate tax! What??!! Come along for a listen as Kim explains….and how ridiculous this is for Canadians.