Canadian – From the Source

Preparing for New Tax Challenges in 2025 (Ep.22)

By FromTheSource | February 27, 2025

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]

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Navigating Tariffs with Sean Grant-Young & Dean Morris (Ep. 21)

By From the Source | February 13, 2025

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:

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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.

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Understanding Employee Ownership Trusts (Ep. 20)

By From the Source | January 30, 2025

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

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Prorogued Parliament and the Impact on Tax Laws with John Oakey (Ep.19)

By From the Source | January 14, 2025

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

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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.

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