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.

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 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!

In this episode, Kim follows up from a July 30, 2024 article that he wrote about in the Financial Post that discusses a taxation model that Canada should consider implementing based upon what the small country of Estonia has done with great success. Kim opens up the podcast by quickly reviewing ten poorly thought-out taxation policies implemented by Canada in the last 9 years that needs to dismissed in favor of bold change like that boldly implemented by Estonia. As the eminent economist, Jack Mintz, wrote about in a 2022 paper of his, Canada should implement such a model in order to implement a “big bang” tax reform that would help invigorate Canada’s economy, encourage entrepreneurship and reward success…..something that Canada desperately needs to do to improve its productivity challenges. Happy listening!

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!

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.

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!

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.

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!

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!

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.

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.

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.

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.

In this episode of In the Mood With Kim G C Moody, Kim discusses the broad tax exemption that is available for non-profit organizations (“NPOs”) in Canada and whether or not such broad based exemption should be better targeted and whether NPOs activities should be more transparent. Short answer…yep, it’s time for a review. Come along for a listen as Kim explores this interesting topic.

In this episode, Kim Moody describes the CDN government supports provided to media.  Kim educates listeners on the types of supports provided and the reason why these supports should be abandoned / repealed. 

In this episode, Kim Moody describes recent Canadian history and tax events that have caused a significant spike in the interest in successful Canadians leaving Canada.  He also describes the basic tax implications of becoming a non-resident of Canada for tax purposes. 

In this episode, Kim G C Moody discusses the silly Canadian taxation proposal that will prohibit expense deductions against the short-term rental income for owner / operators of such properties that are operated in an area that prohibits such rentals. He compares this proposal with a tax compliant drug dealer who will be better off than the “evil” short-term rental owner. He argues that Canada’s housing problems won’t be solved by this silly political proposal and should be abandoned.

In this inaugural episode of “In the Mood With Kim G C Moody”, host Kim Moody discusses Canada’s high personal tax rates and the impacts to Canada’s ability to compete for capital and talent. He argues that, despite Canada’s comparatively small size, Canada needs to compete with its neighbour to the south, the United States. He also discusses some other implications of high personal tax rates such as successful people leaving Canada. He closes the podcast with some straight forward suggestions as to what average Canadians can do to push for lower personal tax rates.