Jason talks to Jay Goodis, the CEO of Tax Template Sync, a software designed to help advisors in Canada assess different tax scenarios for their clients. The software allows users to analyze current tax situations, run test scenarios, and optimize tax strategies.
Episode Highlights
- 01:57: Jay explains that the genesis of the company was driven by the need to save time and improve efficiency.
- 02:23: While working in public practice, Jay constantly sought ways to be more efficient and identified opportunities to develop software solutions for the complex challenges faced by professionals in the wealth management industry.
- 03:40: Jay explains that when assessing tax outcomes, it can be done from both a corporate and personal perspective. From a personal perspective, individuals can download tax tables from their websites to determine their marginal tax rate.
- 05:52: Jason explains that individuals at the lower end of the income spectrum may face high marginal tax rates due to clawbacks, such as the guaranteed income supplement, which effectively results in close to 70% taxation.
- 11:14: Taxes can be perceived as both simple and complex, depending on individuals' level of understanding and experience.
- 11.38: Jason raises a concern about the perception of taxes being simple or complex. He mentions two categories of people: those who believe taxes are simple because they use tax software without fully understanding the complexities and those who recognize the complexity.
- 18:22: The software developed is primarily used for personal tax planning and corporate tax planning with shareholders, says Jay.
- 19:38: The lack of software dedicated to anything outside of financial planning and investment in this industry is horrible.
- 29:43: Jay discusses the importance of simplifying the tax code and the challenges faced in finding professionals with expertise in tax and programming.
3 Key Points
- Jason and Jay discuss the impact of government benefits and income testing on tax calculations. Jason mentions that in the US, these are referred to as phase-outs, where entitlements are based on income and may result in different calculations.
- Jason shares his perspective on the challenges faced by business owners who often have surprise tax bills at the end of the year.
- Jason and Jay discuss the use cases and value of software in the financial planning industry, particularly in the areas of personal tax planning and corporate tax planning with shareholders.
Tweetable Quotes
- “Many advisors focus on corporate tax and personal tax, so that's where most users begin. They work with their clients to assess their tax situations and determine what deductions, credits, or planning strategies are available to optimize their tax outcomes.” – Jason
- “The software aims to address both the total tax amount and the cash flow implications for clients.” - Jay
- “There is a lot of time spent by me and my colleagues reading tax legislation, putting that tax legislation into an interface that's easier for others to understand and to keep it current.” - Jay
Resources Mentioned:
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