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.