Advertise on podcast: Two Way Traffic with Darren Coleman

You can sum up investing analyst Lou Schizas in two words – Happy Capitalism – the tagline the legendary business and financial commentator is known for. Darren and Lou dig into Canada’s housing crisis, Alberta nationalism, and how the banks swim in a protected pond.Lou says the state of capitalism in Canada today is “capital flight” with so many people of wealth fleeing the country. Not only that, those returning to Canada from the US tend to be at the end of their careers, the “brain drain” of those under 45 are the ones who are leaving.

Did you know that one in five drivers in Florida has no auto insurance and countless others have very little coverage in terms of liability?Andrew Iacobelli, a personal injury lawyer and mediator with dual citizenship who leads the firm Iacobelli Law joins Darren to discuss what can happen to Canadians who get into accidents in the US. Iacobelli has seen pretty well everything and stresses the importance of keeping your insurance up to date.

Jason Ubeika, a Partner with BDO Canada and the US Personal Tax Practice Leader in Canada, is an expert on taxes for expatriate Canadians. He and Darren discuss Donald Trump’s Big Beautiful Bill. They talk about the impact on Canadian Snowbirds who own US properties and they both agree that having tax professionals familiar with the tax regimes in both countries can help avoid double taxation and prevent surprises.

Kevin Depocas Dumas, Associate Vice President of Business Development of NatBank says even with current US-Canada tensions he’s not seeing a lot of Canadians who want to sell their properties in Florida. Kevin and Darren discuss a wide range of issues affecting those who own property in Florida and about half a million Canadians are in that boat.

Dealing with the new administration in Washington won’t be easy, but it may offer opportunities for Canada and for investors. So says Darren’s guest Dennis Mitchell, CEO and CIO of Starlight Capital which is a wholly-owned subsidiary of Starlight Investments, a global real estate investment and asset management firm based in Toronto. Mitchell advises investors to take President Trump “seriously, but not literally."

With winter upon us a lot of Canadians head to southern climates in the U.S. and many of them own American real estate. But Canadians who buy, and sell, U.S. real estate should be aware of the potential complications. Carol Sadler – Tax Leader at Achen Henderson CPAs in Calgary joins Darren to explore the different ways Canadians can buy U.S. real estate and what can – and often does – go wrong. Carol recommends planning ahead and thinking of your exit strategy for selling even before you buy. 

Tax lawyer Trevor Parry https://trevorparry.com/ once told Stephen Harper that Canada has more auditors than infantry. Not to be outdone, Kim Moody of Moodys Private Client https://kimgcmoody.com/ says in the eyes of the Canada Revenue Agency a cocaine dealer can deduct expenses in this country, but not an Airbnb operator. With a new administration taking over in the US and Canada soon to be in the throes of a federal election, both experts joined Darren to talk about everything from high-income earners wanting to leave Canada to the need for tax reform.  

John Tavares of the Toronto Maple Leafs is in a dispute with the Canada Revenue Agency (CRA) that could have repercussions for pro athletes and high-income earners in many industries. Darren discusses the Tavares case with tax lawyer Shlomi Levy and tax accountant Kevyn Nightingale of Levy Salis LLP. The firm, which has NHL players as clients, is dedicated to US and Canadian tax and estate planning for individuals, corporations, and those with cross-border interests. 

Wealth management advisor Darren Coleman who specializes in cross-border financial issues discusses IT security with another Darren Coleman, founder of Coleman Technologies Inc. www.colemantechnologies.com which handles IT managed services and cyber services. The latter Coleman, who has been called Canada’s top IT expert, leads a team of technicians based in Langley, BC and Dallas, Texas. He said hacking is a trillion-dollar industry and business owners should take note. 

When it comes to investing fear is stronger than greed.  Investing guru Larry Sarbit talks about "the tyranny of the index" with Darren on this episode.Sarbit, Founder and Chief Investment Officer of the Winnipeg-based Sarbit Advisory Services Inc. and one of Canada’s most highly respected asset managers, says most people don’t know how to invest. 

Darren’s guest is Yvonne Dobronyi, an eldercare consultant who counsels individuals and families through her firm YCD Consulting. https://www.linkedin.com/in/yvonne-dobronyi-14116222/ “Families are in denial and do not want to ask difficult questions about moving Mom or Dad to an assisted-living facility,” says Yvonne who added that more than half the families she comes across are not prepared for dealing with one, never mind two, elderly parents. 

Tax lawyer Anna Malazhavaya who leads the firm Advotax Law joins Darren for this episode. Advotax is a team of lawyers and tax professionals that serves individuals, businesses and real estate property owners with tax planning and tax-dispute resolutions involving the Canada Revenue Agency.    The discussion explores everything from the capital gains inclusion rate to expanded powers of the CRA to more of their clients asking about moving to the US.

Kim Moody of Moodys Private Client – a firm providing law, and cross-border tax and accounting services joins Darren on this episde.  Moody recently wrote an article in The Financial Post about the government flirting with the idea of a home equity tax, even on principal residences. Such a tax could result in an annual levy of about $10,000 for a home worth $1 million. He called that, along with the increase in the capital gains inclusion rate which has already passed into law, “really bad tax planning” based on ideology and not economics.

Tax lawyer Trevor Parry makes his second appearance on Two Way Traffic, and like the first time he doesn’t pull any punches.On this episode, Parry says tax is the single greatest threat to capital, and that the key is how do people make money and how do they keep it. “Canadians must become financially literate,” he says. “Most people are unaware and eat the government pablum. In the end you must look out for yourself.”

Lawyers, accountants, bankers and financial advisors have their own expertise, but when it comes to seeking advice with money and assets you can’t do better than a trusted team. That's the message as Darren chats with lawyers Kevin Kirkpatrick and Azam Rajan of Bordera Tax and Immigration Law. https://bordera.ca/ They discuss the importance of seeking advice from professionals who know the deal on both sides of the border, not to mention American consultants who may not be familiar with international law, complexities in renouncing US citizenship, and the fact that many people are worth more than they realize. They also talk about the Corporate Transparency Act, a new US law that can require small businesses to report ownership information to the government with penalties starting at $10,000 US.