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.