Finding a tax advisor that fits your needs as an entrepreneur is often a difficult task. Especially in jurisdictions like Canada as an example, where the role of a tax advisor isn't regulated and hiring a tax lawyer is a luxury many can't afford. Sound familiar?
Moodys Private Client and Moodys Tax is one of Western Canada's largest taxation teams. They provide fresh and innovative ways to maneuver through the advisory world.
“There's not a lot of lawyers that know taxes, which means that most of the practice of tax is dominated by the accounting profession, which if it's unregulated — doesn't provide the consumer with a good angle to navigate who they should go to, to get really specialized advice.” — Kim Moody [0:17:35]
Kim discusses the current state of tax law in Canada and America, the biggest obstacles consumers face when it comes to navigating tax, and why he is advocating for a tax specialist designation.
He breaks down how tax laws affect different individuals and shares his concerns about Canadian legislation. We also discuss how people can get caught off guard when it comes to their taxes.
“It's really hard to find good people, grow good people because there's a really big shortage of qualified lawyers and qualified accountants who practice in this space.” — Kim Moody [0:42:07]
Kim shares what he has learned from building his business and key aspects to consider to create winning momentum. He explains the biggest challenges he’s faced, and why he believes that entrepreneurs should always expect the unexpected.
KEY POINTS FROM THIS EPISODE:
Get to know today’s guest Kim Moody and his formidable career as a chartered accountant.
Some context on the complex nature of tax law.
The types of clients that Kim works with like entrepreneurs and C-suite executives.
The challenging nature of tax for high net-worth individuals who travel for work.
Why it can be so difficult for consumers to get reliable, specialized tax advice.
Understanding the limitations of your day-to-day accountant, especially as an entrepreneur.
Why Kim is advocating for a tax specialist designation.
The origins of Kim’s passion for tax and helping entrepreneurs.
The potential economic problems that current Canadian tax laws could cause in the future.
Social media and its impacts on the discourse around tax legislation.
The life-changing impact that coaching had on Kim’s business.
How Kim built his firm Moodys Private Client as well as Moodys Tax from the ground up.
Key lessons that Kim has learned as an entrepreneur.
Why entrepreneurs need to expect the unexpected.
Kim’s thoughts on diversity, equity, and inclusion initiatives and how he believes they can impact a meritocracy.
LINKS MENTIONED IN TODAY'S EPISODE:
For more information on our sponsor, please visit Olympia Trust Company
Please note that the information contained in this interview is not financial advice but for entertainment purposes. I am not a financial advisor and make no warranties or representations concerning the accuracy or suitability of the information contained in this interview. I recommend that any and all investment decisions be made with the advice of accredited investment advisors.