Mind Your Money

In this episode of Mind Your Money, Mehul sits down with his longtime friend Howard Ma—Director at Baker Tilly Canada Capital and CFA charterholder—to unpack what really happens behind the scenes when a business owner decides to sell.Howard shares a clear, investor-minded look at what makes a company “sale-ready” (and what quietly drags value down). They dig into the most common issues he sees when owners come to market too late: flat growth, unoptimized margins, overbuilt equipment and fixed assets, bloated receivables and inventory (net working capital surprises), missing contracts, and businesses that are still too dependent on the owner to generate sales and maintain relationships.From there, the conversation moves into deal structure—share sales vs. asset sales, why buyers and sellers often want opposite outcomes, and how leverage and market conditions influence what ultimately gets agreed to. Howard also breaks down how offers can differ dramatically depending on the mix of cash on closing vs. earn-outs vs. vendor take-backs, and what he pushes for when negotiating earn-outs so sellers aren’t boxed into “all or nothing” outcomes.They close by exploring the after-sale reality: the mindset shift from builder to investor, why some successful sellers create family offices, and how overconfidence can lead people to stray outside their lane—especially when moving from real estate success into operating businesses without the right team.The big takeaway: being emotionally ready to sell isn’t enough. The winners are the owners who start planning early, view their business through an acquirer’s eyes, and give themselves the runway to de-risk the story and maximize value.Enjoy! Baker Tilly Canada | Howard MaHoward Ma | LinkedInFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

What does it take to build a family enterprise that thrives not just for one generation—but for many to come?In this powerful episode, Mehul Gandhi sits down with Julia Chung, co-founder of Spring Plans and one of Canada’s leading voices in legacy and complex family systems planning. Together, they explore what it means to become a 100-year family—shifting from short-term financial planning to multi-generational leadership and vision.Julia introduces the concept of cathedral thinking—the idea that legacy isn’t built in quarters, but in centuries. They dive deep into the emotional and structural readiness required to transition a family business, the overlooked power of widows as stewards of legacy, and how advisors can better serve families by listening with courage and curiosity.Whether you’re a founder preparing to exit, a next-gen family member stepping up, or an advisor guiding HNW families through transition, this conversation will change how you think about legacy.🔍 Key Topics CoveredWhat it means to think in centuries, not quartersEmotional vs. structural readiness in family business successionWhy wills and shareholder agreements are not enoughThe power of women as legacy leaders in family wealthCathedral thinking and long-term family governanceHow advisors can lead with humility and impactFeatured GuestJulia Chung, FEA, CFP, CLU, TEP Co-founder, Spring Plans Mentor, Educator, and Advisor to Canadian Family EnterprisesFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

What happens when Canada’s tax system collides with the death of a business owner? In Part 2 of our Death and Taxes series, financial planner Mehul Gandhi shifts from host to guest as wealth advisor Joe Basque leads the conversation. Together, they unpack the “tax bomb” that often awaits successful business owners and their families—and why traditional estate planning falls short.From deemed dispositions to double taxation inside corporations, Mehul explains why wealth built in HoldCos and OpCos is vulnerable without proactive planning. They explore why life insurance can (but isn’t always) the answer, and how a lack of liquidity can create devastating challenges for executors and families.If you’re a Canadian business owner—or advise one—this episode will change how you think about death, taxes, and protecting family wealth.For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

Death and taxes: two certainties—only one comes with a legal strategy.In Part 1 of this two-part series, Mehul Gandhi sits down with Jonathan Wright, corporate and tax lawyer at Ritchie, Kwo, & Wright LLP to unpack the complexities of dying with private company shares in Canada.From triple taxation nightmares to the strategic use of estate freezes, pipelines, and loss carrybacks, this episode lays the groundwork for business owners (and their advisors) to understand what really happens when you die holding a corporation.If you're a business owner, incorporated professional, or estate planner, this conversation is packed with the proactive moves—and costly pitfalls—you can’t afford to ignore.Jon — Ritchie, Kwo & Wright LLP(3) Jonathan Wright | LinkedInJon's Podcast, Hello UnknownFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

What’s the deal with TOSI? If you’re a Canadian business owner, understanding the Tax on Split Income (TOSI) rules can save you from unintended tax bills — or even a nasty CRA audit.In this episode we sit down with Mohammed Al-khooly, tax expert, Twitter sensation (@CanadaTaxGuy), and co-founder of Copilot Tax, to dive into the world of income splitting. We unpack how TOSI works, who it applies to, and the common pitfalls that business owners face.Expect to learn: ✅ What income splitting is and why it’s a key tax strategy for business owners ✅ How the TOSI rules target certain dividends and partnership income ✅ The exceptions to TOSI that could still work in your favor ✅ The role of excluded shares, excluded businesses, and age-based rules ✅ Why good record-keeping and proactive tax planning are criticalPlus, Mohammed shares real-world scenarios and actionable advice to keep your business in the clear. Whether you’re planning for succession, considering dividends, or just want to understand how to navigate TOSI without getting burned, this episode is for you.🔎 Bonus: Check out the show notes for a link to Kim Moody’s famous TOSI decision tree and follow Mohammed for bite-sized tax tips on Twitter!🎧 Available now on Spotify, Apple Podcasts, and wherever you listen to podcasts.Kim Moody's Simplified TOSI Flowchart (Tax on Split Income)Tax Cloud Accounting Service in Canada | CoPilotTaxMohammed Al-khooly, CPA, CA, CFP | LinkedInFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

Thinking about setting up a holding company? Before you do, tune in to this episode of Mind Your Money! Host Mehul Gandhi sits down with CPA and founder of Simplify Accounting, Shawn Gander, to break down everything business owners need to know about holding companies—what they are, when you actually need one, and why too many entrepreneurs set them up for the wrong reasons.Sean shares insights on:✅ How holding companies work and their tax advantages✅ The #1 reason they’re used for wealth preservation ✅ Why setting one up too soon can be a costly mistake ✅ Common misconceptions (and when a holding company won’t save you money) ✅ The impact of passive income rules, capital gains tax changes, and estate planningIf you’re a business owner, incorporated professional, or entrepreneur wondering if a holding company is right for you, this is a must-listen. Plus, Sean’s viral LinkedIn video on this topic is linked in the show notes!🔔 Don’t forget to subscribe and leave us a review!(2) Shawn Gander, CPA CMA | LinkedInWhat is a Holding Company – Benefits, Tax Advantages, and DownsidesAbout Us — Simplify AccountingFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

Canada's national pension plan, the CPP, is a cornerstone for retirees in Canada. Gaining a deeper understanding of the pension scheme and its recent enhancements is crucial to your retirement. Mehul interviews Aravind Sithamparapillai and Jason Yee for a deep-dive into CPP and the recent enhancements. We hope you enjoy the episode!Show Notes:The CPP Survivor’s pension is calculated based on the deceased person’s CPP retirement pension as if the deceased were age 65 at the time of death (no age adjustment factors). Source:  Survivor's Pension - Canada.caJason Yee:Jason Yee, CFA, P.Eng. - Principal Investment Analyst & Financial Planner - FINEPOINT SOLUTIONS INC. | LinkedInHome - FINEPOINT SOLUTIONS INC.Aravind Sithamparapillai: Aravind Sithamparapillai - Associate - Ironwood Wealth Management | LinkedInAravind Sithamparapillai — Ironwood Wealth Management Group Inc.For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

So much of retirement planning is based on retirement income. Something that many advisors do not talk about with their clients is what retirement life is going to look like. Mehul interviews retirement expert, Susan Latremoille, on the non-financial side of retirement and the work she does to make sure individuals spend their retirement feeling enriched and fulfilled. We hope you enjoy the episode! For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactSusan Latremoille | LinkedInTransforming Your Next Chapter | Retirement Lifestyle PlanningSuccessDNASusan's Books:9 Steps to a RichLife Retirement: Live Well, Give Back, Leave a Legacy eBook : Latremoille, Susan: Amazon.ca: Kindle StoreIt's Not Just About the Money: The Whole-Life Approach to Wealth Management: 9780978140137: Books - Amazon.caFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

The Alternative Minimum Tax (AMT) has gone through some changes in the last two years. Mehul interviews tax accountant, Yvonne Chu of Journey Tax Solutions to find out how the changes to AMT affect Canadians. In this episode, we cover what AMT is, why it was originally introduced, and how it has changed from a calculation that rarely applied to one that must be seriously considered by tax payers. For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactYvonne Chu, CPA, CA | LinkedInJourney Tax SolutionsExtra Video Content: Examples of AMT CalculationsFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

Individual Pension Plans (IPP) have been described as corporate RRSP's or 'Super-Charged' RRSPs. They are essentially defined benefit plans for private corporations and incorporated professionals. IPPs are not very popular, but recent tax changes are giving these retirement savings vehicles more attention. Mehul interviews Navaz Cassam, President of the Alberta-based actuarial firm, GBL Inc. on all things IPPs. We hope you enjoy the episode! About GBL - Financial Solutions for Business Owners (gblinc.ca)Navaz Cassam | LinkedInIndividual Pension Plan: Core Planning for Business Owners and Incorporated Professions - GBL (gblinc.ca)For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

In major Canadian cities like Vancouver and Toronto, real estate has been seen to be a good investment historically because of growing demand, shrinking supply, low interest rates, and easy access to leverage. Most agree that that many Canadian cities have a housing affordability crisis and have put pressure on governments to intervene. Now, in a high-interest rate environment and new government policies on rent control and tenant rights, investing in Canadian real estate may no longer be appealing. Listen as Mehul interviews Keaton Bessey, Managing Broker of Greater Vancouver Tenant & Property Management Ltd. about the reality of investing in Canadian real estate today. Keaton Bessey | LinkedInKeaton Bessey | X (Twitter)GREATER VANCOUVER TENANT & PROPERTY MANAGEMENT LTD. (gvantpm.com)For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

In British Columbia's 'no-fault' car insurance regime, individuals not at fault in an accident are limited to pre-determined levels of wage loss replacement and medical expense repayment, potentially leading to financial ruin. Mehul interviews Personal Injury and Estate litigation lawyer, Elisabeth Sadowski from Hammerco Lawyers to learn about how no-fault insurance works and what British Columbians can do to prevent financial setbacks if they are in a motor vehicle accident. We hope you enjoy the episode!Our GuestElisabeth Sadowski — HammercoFind a Primary Care Giver in BCDivisions of Family Practice | Divisions of Family Practice (divisionsbc.ca)Health Connect Registry | HealthLink BCFind an Occupational Therapist in BCCHCPBC | College of Health and Care Professionals of BCICBC No-Fault InsuranceBasic insurance and Enhanced Care (icbc.com)For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

The only constant in life is change. The percentage of a capital gain that is included as income in the year the gain is realized is currently 50%. As of June 25, 2024, that inclusion rate will increase to 66.67%. Mehul interviews tax lawyer and partner, Rebecca Cynader from Scion Law about the changes to the capital gains inclusions rate, who it affects, and what Canadian individuals, companies, and trusts need to be aware of. We hope you enjoy the episode! Scion LawRebecca Cynader | LinkedInFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

Large donations have increased over the years in Canada. Mehul interviews Ian Currie, Regional Development Manager of Western Canada for Canada Gives, a registered charity that centralizes the process of giving through donor advised funds (DAF). Mehul and Ian discuss the details and benefits of DAFs and how they can simplify the donation process for wealthy Canadian donors. We hope you enjoy the episode! For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactLearn How to Start a Foundation in Canada with Canada Gives FoundationFor more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

The last thing retirees want is to run out of money. Mehul interviews Joey Basque, financial planner at Westmount Wealth Management, about financial planning for retirement. Joey and Mehul start the episode laying out the basics of retirement income planning, and then spend time discussing the crucial parts of a retirement income plan that pre-retirees and retirees need to consider. We hope you enjoy the episode!  For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

Mehul speaks with Sheila Burns, a director at CLHIA, about their new Critical Illness Insurance Consumer Guide. Critical Illness insurance is is one of the most misunderstood types of insurance in Canada. It is also one of the least talked about by consumers and insurance advisors alike. The Canadian Life and Health Insurance Association (CLHIA), a consumer based association, recently released a consumer guide on critical illness insurance to help Canadian consumers. Sheila starts with explaining about the decision to create the guide and then we get into a detailed discussion on critical illness insurance.A link to the guide:  CLHIA-ACCAP - Consumer Information - A guide to critical illness insurance (uberflip.com)For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.

Thousands of individuals and corporations in Canada donate to charities every year. Learn about the tax implications of making charitable donations from Tax lawyer, Amanda Doucette.  For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contactThis podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario. This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.