From the Source with Frankie and Sarah

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:  The overall tone of the Spring Economic Update and why it feels more like a positioning document than a traditional budget Key themes, including balancing long-term economic stability with short-term affordability measures What business owners and taxpayers should (and shouldn’t) be reacting to right now Updates to the Disability Tax Credit and why improved access matters in practice Expanded affordability measures, including changes tied to the GST credit The Labour Mobility Tax Credit and what it signals about broader economic priorities What’s missing around expected tax legislation and guidance Ongoing concerns with dividend suspension rules and the unintended administrative burden they may create Employee Ownership Trusts being made permanent, and what that could mean for succession planning Why this period may signal a return to more stability and better opportunities for proactive planning Resources: Spring Economic Update (Government of Canada) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Rebecca Adrian: LinkedIn: Rebecca Adrian LinkedIn: Baker Tilly Canada 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 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: What the CRA considers a “farm” for income tax purposes, and how it differs from property tax or land transfer definitions Why eligibility depends on who is using the land and how it’s being used How corporations and partnerships can play a role in qualifying for tax advantages Common mistakes that can disqualify farmland from the lifetime capital gains exemption Planning strategies to convert passive rental income into active farming income Challenges with mixed-use properties, including principal residence vs. farmland allocation How non-farming assets inside a farm corporation can create issues Additional considerations, like HST and land transfer tax, when selling or transferring farmland Resources: Farm Transfers Under the Income Tax Act: Planning for the Next Generation (Ep. 36) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Bud Arnold: LinkedIn: Bud Arnold LinkedIn: Baker Tilly Canada 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 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: Why farm property rollovers extend beyond spouses to children, grandchildren, and great-grandchildren How transferring property between cost and fair market value can create planning flexibility What the “principally used” test means and why 50 percent matters Key differences between pre 1987 and post 1987 capital gains exemption rules How the gross revenue test can complicate eligibility Why rising land values create liquidity concerns at death How promissory notes are often used in farm transfers The 36-month holding rule and why timing matters Additional considerations, including alternative minimum tax, OAS clawback, and potential HST implications And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 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.

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: Why “we trust each other” is not a substitute for clear legal planning Common misconceptions around shareholder agreements in family and friend-owned businesses How shareholder agreements help manage conflict, decision-making, and exits What happens when a shareholder dies, becomes disabled, or wants out Why template agreements and one-size-fits-all solutions often fall short The importance of valuation clarity, including when certified business valuations make sense How shareholder agreements intersect with estate planning, and why ignoring this link creates problems And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Denise Branton: Byron Street Legal LinkedIn: 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.

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: When physicians should consider incorporating their practice How medical professional corporations differ from other professional corps Income splitting and retirement planning benefits for spouses Common misconceptions about investment income, ancillary services, and corporate structures And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Deanna Cregg: LinkedIn: Deanna Cregg, CPA, CA 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.

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: When a U.S. subsidiary actually makes sense Why LLCs, while popular in the U.S., are often disastrous for Canadians The surprising “services business” trap that catches companies off guard How cross-border loans between family members can trigger withholding taxes The real meaning of “it depends” in cross-border tax planning And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with David Downie: ddownie@bakertilly.ca LinkedIn: 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.

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: Why the 2025 budget was blissfully boring and why that’s a relief The elimination of UHT (finally!) and what still applies How the CRA is quietly cracking down on personal services businesses What professionals need to know about tiered corporations and refunds And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Rosa Maria Iuliano: riuliano@bakertilly.ca LinkedIn: Rosa Maria Iuliano, FCPA, FCA 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.

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: When estate distributions trigger CRA filing obligations The difference between T2062 and T2062C forms Why some distributions are considered “dispositions” for tax purposes How tax treaties with countries like the U.S. may affect your filing requirements And more! Previous Episode of Interest:  What Non-Residents Need to Know Before Selling Canadian Property (Ep. 31) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Julianne McLaren: LinkedIn: Julianne McLaren, CPA, CA, CPA (Illinois), TEP jumclaren@bakertilly.ca  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 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: When and why CRA requires clearance certificates Why rental income from a Canadian property still triggers tax, even if you live abroad How to avoid major penalties by filing early Special rules that apply after emigration, death, or transfer to non-resident beneficiaries And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659

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: Why more Canadian companies are eyeing international growth Cultural insights that make or break cross-border relationships How to build in-market trust with local partners or agents Tips for mitigating global risk through strategy, not guesswork And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Ben Lloyd: LinkedIn: 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.

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: What qualifies as a “flipped property” under CRA rules The tax implications of selling in under 12 months Key exemptions for life events like death, divorce, or job relocation Why waiting 366 days still might not protect you from CRA scrutiny And more! Resources: Navigating HST and Real Estate with Cathie Brogan (Ep. 15) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659

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: The evolution of her 33-year career and how it shaped her leadership style Baker Tilly’s mid-market focus and its unique value for both clients and team members The transformative role of AI and technology in reducing repetitive tasks and enhancing advisory services Strategies for fostering inclusivity and breaking down barriers in leadership development The importance of relationship-building in client advisory and its impact on career satisfaction And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Terri Holowath: Baker Tilly Team: Terri Holowath tholowath@bakertilly.ca (403) 750-5480 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: Winner, ICAA Early Achievement Award

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:  Introduction to Brenda Scott and her role in data advisory  Data visualization and its impact on business strategies  Understanding data maturity and getting started with analytics  Designing dashboards for effective business insights  The role of data in succession planning Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Brenda Scott: LinkedIn: Brenda Scott Baker Tilly 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.

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:  The rise of phishing and ransomware threats [00:02:30] How AI is used by cybercriminals to imitate voices and target businesses [00:06:25] Common cybersecurity challenges for small to medium-sized businesses [00:07:07] Success stories in enhancing cybersecurity measures and efficiency [00:17:15] Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Blair Brown: LinkedIn: Blair Brown Baker Tilly: 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.

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: Navigating the 183-day residency test for Snowbirds [02:01] Tax filing requirements for renting U.S. properties [05:51] Implications of selling a U.S. vacation property [10:00] How gambling wins (and losses) factor in across the border [13:47] Working remotely in Canada for a U.S. employer and tax pitfalls to avoid [18:39] Resources: Understanding US Tax Obligations for Canadians with Kevin Tippett (Ep. 23) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Kevin Tippett: LinkedIn: Kevin Tippett, CPA BakerTilly: Kevin Tippett Call: (613) 820-8010 Email: ketippett@bakertilly.ca 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.

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: Differences in filing between Canada and the US [00:03:01] U.S. citizenship-based taxation challenges [00:04:32] Mechanisms to avoid double taxation [00:07:56] Importance of filing to avoid penalties [00:09:05] Navigating voluntary disclosure [00:11:16] Resources: Report of Foreign Bank and Financial Accounts (FBAR) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Kevin Tippett: LinkedIn: Kevin Tippett, CPA BakerTilly: Kevin Tippett Call: (613) 820-8010 Email: ketippett@bakertilly.ca 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.

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:  Controversy surrounding the capital gains inclusion rate and its potential impact [09:00] Bear trust filing requirements and CRA’s latest decisions [12:16] Implications of the alternative minimum tax for trusts [17:55] CRA’s technical interpretation of professional fee payments by trusts [27:55] Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659

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:  The significance of tariffs on Canadian imports [03:08] Immediate and long-term strategies for businesses [10:48] The implications of retaliatory tariffs [20:47] Whether businesses should take a proactive or wait-and-see approach [24:43] Previous Episodes of Interest: Navigating Transfer Pricing with Dean Morris (Ep. 13) Decoding the Federal Budget: What Small Business Owners Can’t Afford to Miss (Ep. 14) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Sean Grant-Young: BakerTilly.ca LinkedIn: Sean Grant-Young Connect with Dean Morris: BakerTilly.ca LinkedIn: 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.

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:   The fundamental structure of Employee Ownership Trusts and their potential role in succession planning Key conditions and hurdles involved in implementing these trusts The advantages of the $10 million capital gains deduction available through these trusts Real-world challenges in adopting this new tax planning tool The complex criteria and risks associated with this deduction Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659

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:  The effects of prorogation on existing and proposed tax bills  The uncertainty surrounding the capital gains changes and how taxpayers can prepare Different options for managing tax liabilities amidst legislative limbo Strategies for dealing with trust and investment taxation during these uncertain times Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with John Oakey: LinkedIn: John Oakey CPA Canada 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.