Explore every episode of the podcast From the Source with Frankie and Sarah
| Title | Pub. Date | Duration | |
|---|---|---|---|
| What Canada’s 2026 Draft Tax Changes Could Mean for Your Business with Rebecca Adrian (Ep. 40) | 24 Aug 2026 | 00:23:22 | |
Canada’s July 2026 draft tax legislation includes several proposed changes that could affect businesses and individual taxpayers. From Disability Tax Credit applications and transfer pricing paperwork to the new $5,000 Red Seal Completion Bonus, understanding what’s being proposed can help you identify which changes may be worth discussing with your tax advisor. In this episode, Frankie and Sarah welcome Rebecca Adrian, CPA, CFP, Senior Manager with Baker Tilly’s National Tax group, to explain several proposals included in the summer 2026 draft tax legislation. They look at who may be affected, when the proposed rules could offer relief, and why businesses shouldn’t assume that a single exemption eliminates all tax concerns. They also explore proposed changes to automobile benefits for partners and shareholder loans involving certain foreign affiliates. These measures remain in draft form and may change before becoming law. Listen to the full episode for a practical overview of which proposed tax changes you or your business may want to review with a tax advisor. Frankie, Sarah and Rebecca discuss:
Resources: Connect with Frankie Loreto and Sarah Netley:
Connect with Rebecca Adrian: About our Guest: Rebecca Adrian is a Senior Manager with Baker Tilly’s National Tax group. She monitors new and proposed Canadian tax legislation and helps businesses and taxpayers understand how legislative developments may affect their tax planning, reporting, and compliance obligations. Rebecca also contributes to Baker Tilly Canada’s tax alerts and regularly joins From The Source to discuss federal budgets, economic updates, and draft tax legislation. | |||
| Immediate Expensing and Tax Changes for Manufacturers with Rebecca Adrian (Ep. 39) | 09 Jul 2026 | 00:31:39 | |
Planning to build, purchase, or expand a manufacturing facility? Proposed Canadian tax changes could create a meaningful opportunity for eligible businesses, but understanding the rules before making a major investment is essential. In this episode, Frankie and Sarah are joined by Rebecca Adrian, CPA, CFP, a member of Baker Tilly’s National Tax team, to unpack proposed legislation in Bill C-31 and what it could mean for Canadian manufacturers. Together, they discuss immediate expensing for qualifying manufacturing and processing buildings, the conditions businesses must meet to remain eligible, proposed rules for suspending dividend refunds, and why proactive tax planning and audit readiness are more important than ever. Frankie, Sarah, and Rebecca discuss:
Connect with Frankie Loreto and Sarah Netley:
Connect with Rebecca Adrian: About our Guest: Rebecca Adrian is a member of Baker Tilly Canada’s National Tax team, where she specializes in interpreting complex tax legislation and helping advisors and clients navigate evolving tax rules. In this episode, Rebecca shares practical insights on Bill C-31, immediate expensing for manufacturing and processing buildings, proposed dividend refund suspension rules, and the importance of proactive tax planning and CRA audit readiness for Canadian businesses. | |||
| Spring Economic Update 2026 (Ep. 38) | 07 May 2026 | 00:20:08 | |
What actually changed in the Spring Economic Update, and what just sounds important? This episode breaks down what matters, what doesn’t, and where business owners should actually be paying attention. In this episode, Frankie and Sarah are joined by Rebecca Adrian, CPA, CFP, National Tax Manager at Baker Tilly Canada, to discuss the latest Spring Economic Update and what it means from a practical tax and planning perspective. Together, they cut through the noise to highlight where there are real implications and where things are more about positioning than immediate action. Frankie, Sarah, and Rebecca discuss:
Resources: Connect with Frankie Loreto and Sarah Netley:
Connect with Rebecca Adrian: About our Guest: Rebecca Adrian is a CPA and CFP and serves as National Tax Manager at Baker Tilly Canada. She specializes in tax planning and policy analysis, with a focus on translating complex legislation into practical insights for advisors and business owners. Rebecca works closely with teams across the country to interpret federal tax developments and guide strategic planning decisions. | |||
| What Qualifies as a Farm for Tax Purposes? With Bud Arnold (Ep. 37) | 09 Apr 2026 | 00:30:53 | |
What actually qualifies as a “farm” for tax purposes, and why does it matter more than most people think? In this episode, Frankie and Sarah are joined by Bud Arnold, Tax Partner at Baker Tilly, to continue their conversation on Canadian farming tax rules, this time focusing on planning opportunities and how to access preferential tax treatments. This episode highlights how small structural and operational decisions can significantly impact long-term tax outcomes for farm owners and their families. Frankie and Sarah discuss:
Resources: Connect with Frankie Loreto and Sarah Netley:
Connect with Bud Arnold: About our Guest: Bud Arnold is a Tax Partner at Baker Tilly, Elora, with a specialty in agriculture and farming. He works closely with farm owners on tax planning and succession strategies, helping clients navigate complex rules and access available tax advantages within the farming sector. | |||
| Farm Transfers Under the Income Tax Act: Planning for the Next Generation (Ep. 36) | 02 Mar 2026 | 00:27:09 | |
Farm succession planning is not just about who gets the land; it is about how to transfer it without creating an unmanageable tax bill. This episode explains why farm property is treated differently under the Income Tax Act and how those differences can shape estate and succession decisions. In this episode, Frankie and Sarah are joined by Jamie Lee, Tax Manager at Baker Tilly Cadian, to walk through the unique tax rules that apply to qualifying farm property in Canada. From rollover provisions to the lifetime capital gains exemption, they break down what farm families need to understand before transferring property to the next generation. What to expect:
Connect with Frankie Loreto and Sarah Netley:
About our Guest: Jamie Lee is a Tax Manager at Baker Tilly Cadian with a growing focus on farm taxation and succession planning. Coming from a farming background herself, she brings both personal understanding and professional expertise to her work with farm clients. Jamie Lee regularly advises on complex farm tax matters, including rollover provisions, capital gains exemption planning, and intergenerational transfers. She works closely with farm families to help them navigate evolving tax rules while supporting long term continuity and thoughtful succession strategies. | |||
| Beyond Trust: Protecting Your Business with a Shareholder Agreement (Ep. 35) | 12 Feb 2026 | 00:24:09 | |
Most business owners assume strong relationships are enough to hold a company together. This episode explains why that belief can create serious risk, and how the right agreements can prevent years of conflict. In this episode, Frankie and Sarah are joined by returning guest Denise Branton, Lawyer and Owner, Byron Street Legal, to break down why shareholder agreements matter more than most business owners realize, especially in family businesses and closely held companies. What to expect:
Connect with Frankie Loreto and Sarah Netley:
Connect with Denise Branton: About Our Guest: For over 20 years, Denise has been advising business owners, helping them navigate complex legal matters, providing strategic counsel, and mitigating risks to achieve their goals. Denise earned her law degree from Toronto’s Osgoode Hall Law School in 2005 and was called to the Ontario bar in 2006. After practicing in Toronto for five years, she moved to Durham Region and eventually opened her own law practice. Denise’s practice has been focused on working with business owners, regularly advising them on corporate and commercial matters, including real estate, secured financing transactions, corporate reorganizations, buying and selling businesses and shareholders agreements. With the intersection of business and wills & estates law, it was a natural progression for Denise to bring her expertise into the estate planning area. Denise continues to develop her knowledge in estate planning, wills and trusts and is currently working towards her designation as a Trusts and Estates Practitioner (TEP) with STEP Canada. Denise’s approach to client service is grounded and practical, with a strong commitment to open communication. Denise is known for her ability to break down complex legal matters into simple terms. To provide her clients with exceptional legal service and advice, Denise collaborates with experts in various fields, including employment law, tax planning, and wealth transfer strategies. When establishing her own practice, Denise chose to base it in her local community, reflecting her passion for Durham Region. She actively participates in and influences the growth of both personal and business communities, through her work with Rotary and various speaking engagements within the legal and business sectors. Outside of the office, Denise, along with her family, enjoys adventure travel that focuses on unique skiing and hiking opportunities, as well as attending her favorite music concerts. | |||
| How Physicians Can Build Wealth Through Smart Tax Structures with Deanna Cregg (Ep. 34) | 08 Jan 2026 | 00:22:29 | |
For physicians and medical professionals, the financial journey from residency to retirement can be as complex as any clinical case. Frankie and Sarah welcome Deanna Cregg, Partner at Arcadian Group, to unpack the key tax and structuring decisions doctors face at each career stage. From the first days of self-employment to planning for retirement, Deanna explains when it makes sense to incorporate, how to structure share ownership for maximum flexibility, and why thinking ahead about investment income, spouse involvement, and ancillary services can save headaches and money down the road. Whether you’re a new resident, an established practitioner, or an advisor working with medical professionals, this conversation offers clear, practical insight into a highly specialized area of tax planning. What to Expect:
Connect with Frankie Loreto and Sarah Netley:
Connect with Deanna Cregg: About Our Guest: As a partner at Baker Tilly KDN (BT KDN), Deanna Cregg serves a variety of small to mid-size businesses. Specializing in assisting professionals – doctors, lawyers, dentists, and veterinarians- Deanna provides comprehensive accounting and tax advisory services tailored to the unique needs of owner-managed businesses to achieve the greatest tax efficiencies available. Deanna graduated from Brock University with a Bachelor of Accounting (Honours) in 2012 and obtained her Chartered Accountant designation in 2013. She joined the Baker Tilly Canada network in 2009 as a co-op student and was hired full-time in 2012. Deanna became a partner with BT KDN in 2024. | |||
| What Canadian Businesses Get Wrong When Expanding to the U.S. with David Downie (Ep. 33) | 11 Dec 2025 | 00:21:04 | |
Expanding into the United States sounds exciting… until the tax rules hit you. In this episode, Frankie and Sarah sit down with cross-border tax specialist David Downie to unravel the real considerations Canadian business owners face when they decide to move south, scale into new markets, or invest across the border. What starts as a simple question, “Should I set up a U.S. company?” quickly turns into a maze of entity choices, integration breakdowns, foreign affiliate rules, and unexpected tax traps. David brings clarity to everything from LLC pitfalls to how “mind and management” can trip up Canadian entrepreneurs without them realizing it. You’ll hear about:
Connect with Frankie Loreto and Sarah Netley:
Connect with David Downie: About our Guest: David leads Baker Tilly Nova Scotia’s International Tax practice. He is a seasoned cross-border and financial services tax specialist with over 28 years of Canadian and international tax experience, with recognized expertise in cross-border structuring, loan and with repatriation planning. David was a Senior Tax partner at KPMG Canada for 10 years and has also worked at OMERS, one of Canada’s largest pension funds, leading their Enterprise Tax function. In addition to serving a broad range of clients with domestic and international issues, David is a frequent lecturer and author with organizations such as the Tax Executive Institute (Canada and the US) and the Canadian Tax Foundation. He was also a Program Designer, Lecturer, and Tutor for the In-Depth Tax Program taught to new Canadian tax professionals for many years. David has a Bachelor of Commerce degree from the University of Guelph. Something of an amateur chef, David also enjoys cycling, skiing, and spending time with his family in Collingwood, Ontario. | |||
| Inside the 2025 Federal Budget with Rosa Maria Iuliano (Ep. 32) | 10 Nov 2025 | 00:27:43 | |
When your budget update sounds like “not much to see here,” you know it’s been a quiet year in tax, but that doesn’t mean there isn’t a lot to unpack. Frankie and Sarah sit down with Baker Tilly tax partner Rosa Maria Iuliano, who’s been locked in on federal budgets for over two decades (yes, 22 years!). Together, they break down the 2025 federal budget, not just what’s in it, but what’s been quietly removed or delayed, including the capital gains inclusion rate increase, bare trust filing, and the underused housing tax. From tax credits for personal support workers to new rules around investment income and passive corporate tax planning, they cover what’s relevant (and what’s not) for business owners, professionals, and anyone just trying to file their return without drama. What to expect:
Connect with Frankie Loreto and Sarah Netley:
Connect with Rosa Maria Iuliano: About Our Guest: Rosa Maria graduated from the University of Waterloo with her Master’s in Accountancy in 1998, and obtained her CA designation in 2000 and became a Fellow in 2020. Rosa became a partner in the Taxation Services Department of Baker Tilly Ottawa in 2008. A well-rounded senior accounting and business leader, FCPA, FCA, with over 20 years of experience providing taxation and financial advisory solutions to proprietorships, partnerships, owner-managed corporations, not-for-profit organizations, and high net worth individuals. Rosa completed the CICA In-Depth Tax Course in 2001, the CICA GST In-Residence Course in 2003, and the CICA Corporate Reorganization and International Taxation Course in 2004. Rosa leverages wide-ranging taxation experience that spans industries including retail, manufacturing, franchising, construction, professional services, real estate, hi-tech, R&D, medical, dental, not-for-profits and charities. Rosa specializes in providing income tax, commodity tax, and financial planning advice to proprietorships, partnerships, and owner-managed corporations as well as not-for-profit organizations. She leads a tax practice that empowers clients in areas such as succession planning, wealth, retirement, financial management planning, compliance, and identifying/quantifying claims for eligible scientific research and experimental development activities. She has direct experience helping clients deal with complex estate planning and succession issues. An excellent speaker, Rosa is an active lecturer, seminar leader, media contributor, and guest speaker on tax-related topics, including small business start-up, general tax and financial planning for small-to-medium-sized businesses, employment versus self-employment, GST, and financial planning/wealth management. Winner of the Institute of Chartered Accountants of Ontario’s Award of Distinction and Ottawa Business Journal’s Top Forty Under 40 Award, as well as the 2014 Women’s Business Network Professional Businesswoman of the Year. | |||
| Non-Resident Beneficiaries? Here’s Where Estate Taxes Get Complicated (Ep. 31) | 09 Oct 2025 | 00:23:41 | |
What happens when an estate includes non-resident beneficiaries or is managed by a non-resident executor? In this follow-up to their previous episode on non-resident property owners, Frankie and Sarah welcome Baker Tilly Ottawa partner Julianne McLaren for a deep dive into the lesser-known tax implications of estate distributions involving non-residents. From T2062 forms and treaty exemptions to CRA penalties and misunderstood clearance rules, this episode breaks down complex requirements in plain language. If you’re a lawyer, accountant, or executor overseeing an estate with Canadian real estate and beneficiaries abroad, this is a conversation you can’t afford to miss. What to expect:
Previous Episode of Interest: Connect with Frankie Loreto and Sarah Netley:
Connect with Julianne McLaren: About Our Guest: Julianne graduated from the University of Ottawa with a Bachelor of Commerce with Specialization in Accounting (Honours) in 2006, received her Canadian CA designation in 2008, and her US CPA designation in 2010. Julianne completed the CICA In-Depth Tax Course I in 2009, Tax Course II in 2010, and Tax Course III (Reorganization) in 2013. As a tax partner with over 15 years of experience, Julianne provides income tax and financial planning advice to individuals, proprietorship,s and owner-managed corporations and specializes in both trust and estate taxation and cross-border taxation. She provides a proactive approach to serving her clients and can provide a wide range of taxation services. Julianne is also a key member of our firm’s recruiting team, attending and coordinating events, conducting interviews with candidates, and participating in hiring decisions. | |||
| What Non-Residents Need to Know Before Selling Canadian Property (Ep. 30) | 11 Sep 2025 | 00:24:17 | |
What happens when someone who doesn’t live in Canada sells or rents out Canadian real estate? Frankie and Sarah explain the tax consequences non-residents face, many of which come as a complete surprise. From clearance certificates to withholding requirements, this episode walks through the most common (and costly) mistakes people make when disposing of or renting property across the border. It’s not just for non-residents, either. Canadian lawyers, accountants, and real estate professionals will benefit from knowing what’s at stake when their clients are dealing with these transactions. Whether it’s a family cottage, rental condo, or inherited home, this conversation helps clarify what needs to be filed, when, and why it matters. What you can expect from this episode:
Connect with Frankie Loreto and Sarah Netley: | |||
| Expanding Internationally: Insights for Canadian Businesses (Ep. 29) | 26 Aug 2025 | 00:25:46 | |
What does it really take to go global, and is your business ready for it? In this episode of From The Source, hosts Frankie Loreto and Sarah Netley sit down with Ben Lloyd, CEO of Baker Tilly Canada, to explore the strategic, cultural, and practical realities of international expansion. With more than two decades of global leadership experience across continents, Ben offers a front-row view into how Canadian businesses can seize cross-border opportunities without falling into common traps. From supply chain challenges and regulatory risks to dinner etiquette and gift-giving customs, this conversation goes far beyond spreadsheets. Whether you’re just starting to think globally or already building bridges abroad, Ben’s advice will help you navigate uncertainty and build trusted connections around the world. What you can expect from the episode:
Connect with Frankie Loreto and Sarah Netley:
Connect with Ben Lloyd: About Our Guest: Ben has been involved with Baker Tilly since 2009. From May 2023, he assumed the role of Chief Executive Officer for Baker Tilly in Canada, bringing to the role over 24 years’ experience in the services industry. Ben will focus on strategy, growth, and alignment, working closely with the board of directors to drive forward key initiatives in the network’s continued evolution. His leadership and experience will support Baker Tilly in advancing its goals and expanding the scope of its service offering. A key leader for more than a decade, he brings a wealth of experience in international business, strategic planning, and change management. Prior to this, Ben served as Chief Operating Officer for Baker Tilly International. He worked closely with the CEO in the development and implementation of the global network’s strategy and operational well-being. He had overall responsibility for the network’s functional areas of finance, services and industries, business development, marketing and communications, learning and development, legal and company secretarial affairs. Before assuming the COO role, Ben was Regional Director for Asia Pacific, one of the network’s fastest-growing regions. In this role, he was responsible for the development and execution of the network’s regional strategic plan and initiatives, driving sustainable growth across the Asia Pacific. | |||
| Selling Your Home in Canada? Don’t Get Burned by the New CRA Rules (Ep. 28) | 14 Aug 2025 | 00:18:38 | |
It’s summer in Canada, and while the weather heats up, so does the real estate market. But did you know selling your home too soon could trigger a surprise tax bill? In this episode of From the Source, Frankie Loreto and Sarah Netley break down the CRA’s flipped property rules that took effect in 2023 and how they affect homeowners, real estate investors, and anyone selling property in Canada. From misunderstood exemptions to the difference between capital gains and business income, this episode clarifies what truly constitutes a principal residence and what doesn’t. With relatable examples ranging from quick flips to new builds, they explore what it means to “ordinarily inhabit” a home and how timing, intent, and even TV shows like Love It or List It have shaped public perception (and CRA policy). What to Expect:
Resources: Connect with Frankie Loreto and Sarah Netley: | |||
| Building Stronger Connections and Fostering Leadership with Terri Holowath (Ep. 27) | 10 Jul 2025 | 00:22:18 | |
How does a professional services leader stay with one firm for over three decades and continue to offer fresh perspectives? In this episode, Frankie and Sarah sit down with Terri Holowath, Chair of Baker Tilly Canada, to explore the importance of relationships, innovation, and inclusivity in the accounting profession. Terri shares her career journey, insights into leadership development, and her passion for empowering the next generation of accountants. Terri discusses:
Connect with Frankie Loreto and Sarah Netley:
Connect with Terri Holowath:
About Our Guest: A part of the Baker Tilly Catalyst (formerly Catalyst) team since 1992, Terri transitioned into the role of managing partner in 2010. In addition to leading the firm, Terri channels her passion for the agriculture industry to serve as a trusted advisor to many agriculture clients. Committed to the success of both her firm and its clients, she makes it a priority to develop strong, supportive relationships. Professional, community, and social affiliations:
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| Harness Data Analytics for Business Success with Brenda Scott (Ep. 26) | 12 Jun 2025 | 00:25:24 | |
Join Frankie Loreto and Sarah Netley as they chat with Brenda Scott, Senior VP of Data Analytics at Baker Tilly KDN, about transforming raw data into strategic assets. Brenda explains the different facets of data advisory, comparing it to the structure of financial advisory, highlighting roles such as data engineers, analysts, scientists, and strategists. She emphasizes that businesses of all sizes and stages can benefit from data advisory, even those just beginning to track and understand their data. Using relatable analogies, Brenda illustrates how well-designed data visualizations allow businesses to monitor key metrics quickly and accurately, facilitating timely and strategic decisions. Her work exemplifies how thoughtful data processes and tools can unlock efficiency, clarity, and growth. This episode includes discussion surrounding:
Connect with Frankie Loreto and Sarah Netley:
Connect with Brenda Scott: About Our Guest: Brenda Scott joined Baker Tilly KDN LLP (BT KDN) as a senior accountant in 2014 after graduating from the University of Waterloo. During her time in this role, she worked primarily on assurance engagements for private enterprises. Brenda holds both a master of Accounting and a Bachelor of Mathematics, specializing in information systems management. Brenda’s educational background, paired with her analytical mindset, allowed her to become the firm’s champion for all matters data. She pursued a graduate certificate in Data Analytics for Business Decision Making from Durham College and transitioned into the role of data analytics manager in 2019. Continuing to develop her passion for data, Brenda began working in an advisory role as part of BT KDN’s Digital team. In 2022, she became senior vice president, data analytics, providing clients with tailored business intelligence and data visualization solutions. | |||
| Cybersecurity for Business Owners (Ep. 25) | 08 May 2025 | 00:24:26 | |
How can you secure your business against digital threats? Dive into the world of cybersecurity with Frankie Loreto, Sarah Netley, and their special guest, Blair Brown, in this episode of “From the Source.” Blair, who heads the digital services group at Baker Tilly, shares insights into the evolving cyber threat landscape, with a particular focus on small to medium-sized businesses. He discusses how artificial intelligence is being leveraged to create sophisticated phishing attempts and the importance of proactive risk management. Frankie, Sarah, and Blair discuss:
Connect with Frankie Loreto and Sarah Netley:
Connect with Blair Brown: About Our Guest: Blair Brown is an information technology and security professional with more than 30 years of experience providing executive-level consultation and direct operational support to private corporations, financial institutions, and credit unions; manufacturing, production, and distribution utilities; the education sector; law enforcement; and federal, provincial, and municipal governments and agencies. His areas of expertise include governance, risk, and compliance, audit and assurance, National Institute of Standards and Technology, and System and Organization Controls audits, security management, cybersecurity, supply chain security, digital forensics, and physical security. | |||
| Essential Tax Advice for Canadians with U.S. Ties with Kevin Tippett (Ep. 24) | 10 Apr 2025 | 00:22:45 | |
What does spending your winter in the U.S. mean for your taxes? Join Frankie Loreto and Sarah Netley as they chat with Kevin Tippet about the ins and outs of Canadian snowbirds managing their tax responsibilities when living or owning property in the United States. Whether it’s the intricacies of the 183-day rule, buying vacation homes, renting them out, or selling them, they break down everything you need to know to avoid unexpected tax obligations. Kevin shares insights on:
Resources:
Connect with Frankie Loreto and Sarah Netley:
Connect with Kevin Tippett:
About Our Guest: A proud Maritimer originally from Moncton, New Brunswick, Kevin graduated from Mount Allison University with a Bachelor of Commerce, majoring in Accounting. In 2009, he earned his U.S. CPA designation and has built over 20 years of experience specializing in personal cross-border tax, with a focus on Canada and the United States. After relocating from Moncton to Ottawa, Kevin began his career at a Big Four accounting firm, spending eight years developing expertise in cross-border tax matters, particularly advising employees on temporary assignments between Canada and the United States. Named partner in 2025, Kevin assists with the oversight of the cross-border tax practice, specializing in personal, cross-border income tax compliance, and advisory services. | |||
| Understanding US Tax Obligations for Canadians with Kevin Tippett (Ep. 23) | 13 Mar 2025 | 00:19:23 | |
Want to move to Canada but unsure how it affects your US tax obligations? Frankie Loreto and Sarah Netley are joined by US tax expert Kevin Tippett, to dive into the intricacies of tax implications for US citizens living in Canada. Kevin, a tax partner at Baker Tilly’s Ottawa office, brings clarity to a topic that affects many cross-border individuals. They explore key differences between the Canadian and US tax systems and offer detailed insights into the challenges of dual tax obligations. Kevin shares insights on:
Resources: Connect with Frankie Loreto and Sarah Netley:
Connect with Kevin Tippett:
About Our Guest: A proud Maritimer originally from Moncton, New Brunswick, Kevin graduated from Mount Allison University with a Bachelor of Commerce, majoring in Accounting. In 2009, he earned his U.S. CPA designation and has built over 20 years of experience specializing in personal cross-border tax, with a focus on Canada and the United States. After relocating from Moncton to Ottawa, Kevin began his career at a Big Four accounting firm, spending eight years developing expertise in cross-border tax matters, particularly advising employees on temporary assignments between Canada and the United States. Named partner in 2025, Kevin assists with the oversight of the cross-border tax practice, specializing in personal, cross-border income tax compliance, and advisory services. | |||
| Preparing for New Tax Challenges in 2025 (Ep.22) | 27 Feb 2025 | 00:28:17 | |
This episode aims to break down key considerations for filing trust returns, focusing on the current legislative uncertainty within the Canadian government. Frankie and Sarah revisit the capital gains inclusion rate changes and the political debate surrounding them, with both Conservative leader Pierre Poilievre and Liberal contender Chrystia Freeland vowing to scrap the proposed tax legislation if elected. They also discuss the shifts to Bear Trust filings, which have caused confusion due to unclear definitions and changing CRA requirements, and the Alternative Minimum Tax (AMT) and its growing impact on trusts. With recent legislative changes, AMT may apply more broadly, challenging traditional tax planning strategies. As tax rules continue to evolve, they stress the importance of staying informed. Gain insight with these key points:
Connect with Frankie Loreto and Sarah Netley: | |||
| Navigating Tariffs with Sean Grant-Young & Dean Morris (Ep. 21) | 13 Feb 2025 | 00:26:32 | |
What do tariffs mean for your business? In this episode, Frankie and Sarah delve into the complexities of tariffs with Sean Grant-Young and Dean Morris. Recorded just after President Trump’s temporary reprieve on tariffs for Canada, the discussion centers on the looming threat of tariffs and their potential impacts on Canadian businesses. They talk about strategies for navigating this challenging landscape, emphasizing the importance of being prepared. Sean and Dean discuss:
Previous Episodes of Interest:
Connect with Frankie Loreto and Sarah Netley:
Connect with Sean Grant-Young: Connect with Dean Morris: About Sean Grant-Young: As National Director of Tax, Sean supports tax experts and their clients across the Baker Tilly Canada network by leading nationwide tax advisory initiatives, informing members of regulatory changes, and driving the development of high‑quality and comprehensive tax practices within an ever‑shifting technology and regulatory landscape. Sean is committed to the ongoing development of tax professionals at every level of their career, serving as a facilitator and tutor for various CPA Canada In‑Depth Tax courses and leadership development programs. Prior to his role as National Director of Tax, Sean held multiple executive‑level positions at a publicly traded company. He was also a tax advisor and practice leader for a global professional services firm, where he focused on mergers and acquisitions, high-growth owner‑managed businesses, and ultra-high-net-worth individuals. About Dean Morris: As a Senior Tax Manager of Transfer Pricing, Dean Morris helps clients establish, implement, and protect their transfer pricing policies. With more than 25 years of experience, Dean has addressed challenges in a wide range of industries, including software as a service (SaaS), e‑commerce, fintech, cryptocurrency, and health sciences. Dean’s operational transfer pricing focus is on the design and implementation of policies that balance an optimal mix of having a high ease of use, being supportable to tax authorities, and achieving tax efficiency. Dean graduated with an MBA from McMaster University, worked for eight years in the Big Four environment, and 10 years with a global economic boutique firm. For 10 years he worked as an independent transfer pricing advisor for the cross‑border clients of regional and international accounting and law firms. | |||
| Understanding Employee Ownership Trusts (Ep. 20) | 30 Jan 2025 | 00:20:39 | |
Could the introduction of Employee Ownership Trusts in Canada transform your business exit strategy? Frankie and Sarah delve into Canada’s new rules around Employee Ownership Trusts, an intriguing option for business succession introduced in the 2023 federal budget. Their discussion highlights how this new format could revolutionize how businesses handle buy-sell transitions, especially with the anticipated wave of business sales in the coming decade. Frankie and Sarah discuss:
Connect with Frankie Loreto and Sarah Netley: | |||
| Prorogued Parliament and the Impact on Tax Laws with John Oakey (Ep.19) | 14 Jan 2025 | 00:30:03 | |
Are you ready to explore the complex but crucial world of tax legislation and its implications for your business? Frankie and Sarah are joined by John Oakey, Vice President of Taxation for CPA Canada, on a deep dive into how the prorogation of Parliament is shaking up tax legislation, with a particular focus on the proposed changes to the treatment of capital gains. Frankie and Sarah discuss:
Connect with Frankie Loreto and Sarah Netley:
Connect with John Oakey: About Our Guest: As Vice-President of Taxation, John leads CPA Canada’s Tax group, which influences the development of an equitable, effective and efficient tax system in Canada, as well as delivers practical information and fresh perspectives on tax to members and the broader tax community. | |||
| Your Guide to SR&ED Credits With Matt Zarowny and Rob D’Amico (Ep.18) | 21 Nov 2024 | 00:33:25 | |
What if your business could tap into a treasure trove of financial incentives? Join Frankie and Sarah with two more Baker Tilly professionals, Matt Zarowny, P.Eng, and Rob D’Amico, CPA, CGA, as they dive into the world of Scientific Research and Experimental Development (SR&ED) tax incentives, affectionately known as SR&ED Credits. From basic research to experimental development, discover how various projects across industries can qualify for these credits, transforming potential costs into real opportunities. Frankie and Sarah discuss:
Connect with Frankie Loreto and Sarah Netley:
Connect with Matt Zarowny and Rob D’Amico:
About Our Guests: Matt Zarowny A professional engineer with more than 20 years of experience servicing business leaders with industry, consulting, and financial services, Matt has led Scientific Research & Experimental Development (SR&ED) and government R&D incentives practices at several major firms. He provides leadership and guidance to his clients in the full range of incentive tax services, including opportunity assessments, claim preparation/review, system installation/training, and audit support. Matt works with a wide range of companies across many industries with a specialization in the automotive, aerospace, pharmaceutical, consumer business, technology, and general manufacturing sectors. Rob D’Amico A skilled and dedicated practitioner with more than 20 years of experience dealing with complex tax issues for Canadian corporations, Rob has led Scientific Research & Experimental Development (SR&ED) and government R&D incentives practices at several major firms. He provides leadership and guidance to his clients in the full range of incentive tax services, including opportunity assessments, claim preparation/review, system installation/training, and audit support. Rob works with a wide range of companies across many industries with a specialization in the information technology, engineering, pharmaceutical, automotive, aerospace, consumer business, and general manufacturing sectors. | |||
| Why You May Need a Family Trust (Ep. 17) | 17 Oct 2024 | 00:30:08 | |
This episode of From the Source focuses on the usefulness of a family trust in your corporate structure. Join Frankie and Sarah as they dive into the world of discretionary family trusts, highlighting their advantages and drawbacks within corporate structures. They discuss the key considerations for settling a trust as well as the ongoing management of a trust. Frankie and Sarah highlight the key benefits of a trust including how they are used to reduce your tax burden and they offer practical advice for incorporating trusts into your business. Tune in to understand how you can utilize trusts for optimal tax planning and financial management. Frankie and Sarah discuss:
Resources:
Connect with Frankie Loreto and Sarah Netley: | |||
| Understanding Corporate Structures for Business Owners (Ep. 16) | 26 Sep 2024 | 00:25:37 | |
Do you want to better understand your corporate structure and whether it is actually achieving your objectives? In this episode, Frankie and Sarah dive into the essentials of corporate structures and how your structure should evolve to optimize potential tax savings and operational efficiency. Focusing on the lifecycle of a business entity, they discuss the benefits of incorporating, address the key moments when restructuring becomes crucial, and explain the importance of creditor protection. Learn why business structures evolve over time, the benefits of introducing a holding company, and how to prepare your business for a sale to minimize income taxes. Tune in to understand when and how to adapt your business structure as your business grows. Frankie and Sarah discuss:
Resources:
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| Navigating HST and Real Estate with Cathie Brogan (Ep. 15) | 11 Jul 2024 | 00:28:10 | |
Curious about how HST could impact your next property deal? Join this episode of From The Source with Frankie and Sarah as they dive deep into the complexities of HST in real estate with fellow tax specialist, Cathie Brogan. In this episode, Frankie and Sarah introduce Cathie Brogan, an indirect tax expert with over 35 years of experience, to discuss the often-overlooked HST implications for real estate transactions. From understanding the rules around new builds and substantial renovations to the impact of short-term rentals, Cathie provides practical advice and real-world examples to help you navigate the tax landscape. Take advantage of these crucial insights to protect your investments. Frankie, Sarah, and Cathie discuss:
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About our Guest: Cathie gained her indirect tax expertise while working exclusively in indirect tax for over 35 years with both government and private practice experience. She also provides tax advisory services to resolve disputes with tax authorities both during and after government audits, in-depth analysis, and legislative interpretations of GST, HST, QST, and provincial sales tax issues and is readily available to deal with any complex indirect tax issue. Cathie received her CGA designation in 1988 and joined the firm in 2010. She has completed the CICA In-Depth GST In-residence and the CICA In-Depth Income Tax Course Part I and Part II. | |||
| Decoding the Federal Budget: What Small Business Owners Can’t Afford to Miss (Ep. 14) | 25 Apr 2024 | 00:31:00 | |
Navigating the stormy seas of tax changes following the 2024 federal budget announcement can be confusing. We’re here to tell you what you need to know From the Source. In this episode, Frankie and Sarah discuss the recent federal budget with Sean Grant-Young, CPA, CA, MBA, National Director, Tax at Baker Tilly Canada. Sean tackles the major updates and what they mean for small business owners, providing you with the essential knowledge to keep your business afloat in these turbulent tax waters. Frankie, Sarah, and Sean discuss:
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Connect with Sean Grant-Young About Sean Grant-Young: As National Director of Tax, Sean supports tax experts and their clients across the Baker Tilly Canada network by leading nationwide tax advisory initiatives, informing members of regulatory changes, and driving the development of high‑quality and comprehensive tax practices within an ever‑shifting technology and regulatory landscape. Sean is committed to the ongoing development of tax professionals at every level of their career, serving as a facilitator and tutor for various CPA Canada In‑Depth Tax courses and leadership development programs. Prior to his role as National Director of Tax, Sean held multiple executive‑level positions at a publicly traded company. He was also a tax advisor and practice leader for a global professional services firm, where he focused on mergers and acquisitions, high-growth owner‑managed businesses, and ultra-high-net-worth individuals. | |||
| Navigating Transfer Pricing With Dean Morris (Ep. 13) | 11 Apr 2024 | 00:29:20 | |
Today on From The Source, Frankie and Sarah discuss the complexities of transfer pricing with Senior Tax Manager, Dean Morris, MBA, delving into the crucial role of transfer pricing in multinational businesses. They explore the importance of understanding transfer pricing methodologies and their implications for tax planning strategies. Frankie, Sarah, and Dean discuss:
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Connect with Dean Morris: About Our Guest: As a Senior Tax Manager of Transfer Pricing, Dean Morris helps clients establish, implement, and protect their transfer pricing policies. With more than 25 years of experience, Dean has addressed challenges in a wide range of industries, including software as a service (SaaS), e‑commerce, fintech, cryptocurrency, and health sciences. Dean’s operational transfer pricing focus is on the design and implementation of policies that balance an optimal mix of having a high ease of use, being supportable to tax authorities, and achieving tax efficiency. Dean graduated with an MBA from McMaster University, worked for eight years in the Big Four environment, and 10 years with a global economic boutique firm. For 10 years he worked as an independent transfer pricing advisor for the cross‑border clients of regional and international accounting and law firms. | |||
| Protecting Your Estate From Litigation With Amelia Yiu (Ep. 12) | 14 Mar 2024 | 00:28:09 | |
While no one wants their will to be contested, estate litigation plays a crucial role in resolving disputes and ensuring the fair distribution of a deceased person’s assets. Today on From The Source with Frankie and Sarah, they’re joined by Amelia Yiu, the founder of Elm Law in Whitby, Ontario. With 17 years of experience in estate litigation and family law, she dives into the complexities of estate litigation, discussing who can contest an estate, common reasons for disputes, and strategies for expressing clear testamentary wishes to prevent litigation. Amelia underscores the need for a professional advisory team and examines the validity of wills. She provides examples, addresses the importance of evidence and full disclosure in litigation, and advises how to proactively address potential claims. Frankie, Sarah, and Amelia talk about:
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Connect with Amelia Yiu: About Our Guest: Amelia Yiu, LL.B., TEP is the owner and Principal Lawyer at Elm Law Professional Corporation: Estate Litigation and Powers of Attorney. Amelia’s practice is focused on Estate Litigation, Power of Attorney Disputes, and Family Law as it relates to Estates or Power of Attorney matters. Death or incapacity of a loved one is always a very difficult time for families, but family disputes bring emotional complications. As an experienced lawyer, Amelia believes that legal counsel should be accessible and cost-effective for her clients. That’s why Amelia takes the time to understand her clients and the family dynamics at the heart of the issues. She pursues her clients’ best interests to the greatest extent possible. Amelia has appeared before the Ontario Court of Appeal, Divisional Court, and the Superior Court of Justice. Amelia received her Bachelor of Laws from Queen’s University in 2006 and was called to the Ontario Bar in 2007. Amelia is the former Chair of the Elder Law Section of the Ontario Bar Association. She is listed as an expert in the area of Trusts & Estates Litigation on ReferToHer and is a member of STEP. She has also been a speaker and panelist at various continuing legal education seminars on elder and estate law. | |||
| The Fundamentals of Wills and Estate Planning with Denise Branton (Ep. 11) | 08 Feb 2024 | 00:30:59 | |
The idea of death and creating a will isn’t fun for anyone. However, it is one of the most important documents you will ever create. Joined by Denise Branton, lawyer and owner of Branton Law Professional Corporation, Frankie and Sarah delve into the critical topic of wills and estate planning. Denise underscores the necessity for every adult to have a will and the proper ways to go about creating one. Frankie, Sarah, and Denise discuss:
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Connect with Denise Branton: About Our Guest: Denise Branton has been working in the legal services field for 20 years. She got her start as a full-time law clerk working for a firm in Toronto. She earned her law degree from Osgoode Hall Law School in 2005 and was called to the Ontario Bar in 2006. After 5 years of practicing in Toronto, she moved her law practice to Durham Region. Denise prides herself on providing her clients with grounded and practical perspectives. Focusing on understanding her clients’ needs, so that she can deliver quality services and quality results. The information provided in this podcast is for information purposes only. It does not reflect changes in law subsequent to the podcast. The distribution of this information is made on the understanding that it does not constitute legal advice. Listeners are advised to consult with a lawyer to discuss the specifics of their own particular situation and estate plan. The contents are intended for general information purposes only and under no circumstances can be relied upon for legal decision-making. | |||
| Leaving a Legacy Through Charitable Giving Part 2 (Ep. 10) | 11 Jan 2024 | 00:30:07 | |
Last time on From The Source with Frankie and Sarah, they spoke about estate planning focusing on charitable giving through your Will, featuring Frank Cerisano. Today, Frankie and Sarah discuss the tax implications of charitable gifts, particularly the difference between doing it through your will versus during your lifetime. They cover the importance of donating to registered charities for the purpose of obtaining a tax receipt, the value of the donation that can be claimed, and the need for proper documentation. They also explore the different ways individuals and corporations can donate, including the tax benefits of donating publicly traded securities directly to charities. Sarah and Frankie emphasize that recent proposed changes to the alternative minimum tax (AMT) may impact decisions on whether to donate personally or through a corporation. Frankie and Sarah discuss:
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| Leaving a Legacy Through Charitable Giving with Frank Cerisano (Ep. 9) | 14 Dec 2023 | 00:28:27 | |
It’s the holiday season, a season of giving, so we’re jumping back into our conversation about estate planning with today’s focus on charitable giving through your Will. In this episode, Frankie and Sarah speak with Frank Cerisano, CEO of the Bowmanville Hospital Foundation, about leaving a legacy through charitable giving. They discuss the importance of researching charities before leaving a bequest in your Will, the potential issues that can arise with overly restrictive donations, and the key role a lawyer plays in supporting an executor of an estate with charitable gifts. They also discuss the concerns around the proposed changes to the Alternate Minimum Tax rules and how these changes could impact charitable giving across Canada. Frankie, Sarah, and Frank discuss:
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About Our Guest: Frank Cerisano is the CEO of the Bowmanville Hospital Foundation. Frank has been in the nonprofit sector for almost 30 years with a specialty in fundraising. He has helped numerous charities all over Ontario, across all of Canada, and down along the eastern seaboard of the United States. | |||
| Creditor Proofing Your Business (Ep. 8) | 09 Nov 2023 | 00:20:41 | |
As a business owner, it’s important to have a strategy in place to protect your assets from potential creditors. There are a number of instances that can arise that put your business assets at risk, the most common being a lawsuit. Get the information you need about creditor-proofing your business from Frankie and Sarah as they explain the concept of creditor-proofing and the importance of protecting your assets. Learn how to properly evaluate whether your business assets are protected, and if not, understand the process of legally protecting your assets from creditors. Frankie and Sarah go over:
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| Estate Distribution and Probate Planning: What You Need to Know (Ep. 7) | 18 Sep 2023 | 00:32:48 | |
How can you ensure your beneficiaries are getting what you expect them to? Frankie and Sarah discuss various aspects of probate and estate planning in this episode of From the Source. Listen as they explain probate fees, exemptions, and assets that can pass outside of the estate while stressing the need to understand asset ownership and distribution to determine what is subject to probate. Frankie and Sarah also talk about probate planning, issues with multiple property owners, and the potential tax liabilities that can arise. Gain insight as Frankie and Sarah discuss:
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| Why You Should Plan For Your Estate Taxes (Ep. 6) | 18 Sep 2023 | 00:28:30 | |
Planning for the future goes beyond your lifetime. Estate planning isn’t just about passing on assets; it’s also about ensuring a smooth transition for your loved ones. A little bit of tax planning with your estate plan can make things easier for your executors and loved ones when you pass away. In this episode, Frankie and Sarah discuss estate planning and the tax implications that come with it. They emphasize the importance of preparing for these events and provide an overview of what happens from a tax perspective when someone passes away. They also explain various strategies to reduce tax liability, such as capital gains exemptions and tax-deferred rollovers, and highlight the need to have a will and address potential liquidity issues that may arise when paying the final tax bill. Frankie and Sarah discuss:
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| Owner-Managed Businesses Part 4: The Canadian Capital Gains Exemption (Ep. 5) | 10 Jul 2023 | 00:32:15 | |
This episode concludes our miniseries for owner‑managed businesses, so if you haven’t heard parts 1‑3, we recommend you check those out! To round out the miniseries, Frankie and Sarah break down the specific criteria under the Income Tax Act (ITA) for the capital gains exemption, beginning with a brief overview of what it is, what it does, and how business owners can qualify. Become a little more savvy as Frankie and Sarah discuss:
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| Owner-Managed Businesses Part 3: How To Maximize Your Business Valuation with Scott Sonley (Ep. 4) | 12 Jun 2023 | 00:28:01 | |
Maximizing your business valuation doesn’t have to be a mystery. In this episode, Frankie and Sarah delve into the topic of business valuations with Scott Sonley, CPA, CA, CBV, CFF, CFDS, partner at Baker Tilly KDN. They explore the asset and income approaches used to value businesses and discuss how to determine which approach is most appropriate for evaluating a particular business. They also touch on the differences between EBITDA and normalized EBITDA, highlight the risks associated with being overly dependent on one customer or industry type, and share tips on how business owners can maximize the value of their businesses. Join the conversation as Scott discusses:
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Connect with Scott Sonley: About Our Guest: Scott Sonley’s career began in 2003 at a mid-market Southwestern Ontario firm where he obtained his Chartered Professional Accountant (CPA) designation. Family ties and friends brought him back to Durham Region when he rejoined Baker Tilly KDN LLP in 2008, having previously been with the firm as part of a university co-op placement. Throughout his career, Scott has developed long-standing clients who rely on him for his broad experience in accounting, assurance, and taxation. Scott obtained his Chartered Business Valuator (CBV) designation in 2015 and in 2017 the Certified in Financial Forensics (CFF) and Certified Divorce Financial Analyst (CDFA) designations – he transitioned from CDFA to Chartered Financial Divorce Specialist (CFDS) in 2021. In addition, he holds a bachelor of mathematics and a post-baccalaureate diploma in accounting from the University of Waterloo. Becoming a leader in his areas of expertise, he took on the role of senior vice president of Litigation Accounting & Valuation Services at Baker Tilly KDN Consulting. In 2023, Scott became partner at the firm and continues to provide clients with the clarity required to meet their diverse and complex valuation needs. | |||
| Owner-Managed Businesses Part 2: Creating Your Exit Plan (Ep. 3) | 01 May 2023 | 00:27:54 | |
It seems weird to plan an exit strategy for a business you just started, but planning your exit can give you peace of mind and save you time and money when the time comes to leave. In this episode, Frankie and Sarah continue the owner-managed businesses mini-series and talk about how to exit your business. They cover four topics, starting with the ways to exit your business, the impact each exit strategy has on the price you get for your business, and what some of the tax considerations are. They end it off with other non-tax-related considerations when planning an exit strategy. Listen in as Frankie and Sarah discuss:
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| Owner-Managed Businesses Part 1: How To Pay Yourself (Ep. 2) | 01 May 2023 | 00:27:45 | |
Welcome to part one of a four-part miniseries where Frankie and Sarah will focus and highlight key areas of interest for business owners, like, operation liabilities, exit strategies, and family succession. In this episode, Frankie and Sarah talk about different ways business owners can pay themselves, various tax benefits, and the drawbacks of dividends and income splitting. Listen as Frankie and Sarah discuss:
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| Get To Know Frankie And Sarah (Ep. 1) | 01 May 2023 | 00:29:06 | |
Welcome to From the Source with Frankie and Sarah from Baker Tilly KDN, where we aim to help business owners and entrepreneurs understand and overcome their tax planning challenges. In this inaugural episode, Frankie and Sarah introduce themselves, and share a little bit about Baker Tilly KDN, a full-service accounting firm with offices in the Kawartha, Durham, and Northumberland regions of Ontario. Listen as they talk about their specialties, share personal stories, and tease topics of future episodes. Join Frankie and Sarah as they discuss:
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