Category: Finances

FEATURE
Estate Distribution and Probate Planning: What You Need to Know (Ep. 7)

Estate Distribution and Probate Planning: What You Need to Know (Ep. 7)

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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: 

  • What probate is and how the probate fee is calculated in Ontario
  • How assets pass through an estate versus outside of an estate
  • The three main pitfalls of probate planning 
  • What executor compensation is and how it’s calculated
  • The impact of probate planning on asset distribution

Resources:

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Why You Should Plan For Your Estate Taxes (Ep. 6)

Why You Should Plan For Your Estate Taxes (Ep. 6)

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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: 

  • Why preparing for taxes is an important part of estate planning
  • The various types of assets that are subject to taxation
  • Ways to reduce tax liability after someone’s passing
  • What the benefits of deferring tax and income shifting are
  • The potential liquidity issues with illiquid assets and what options are available to cover the tax bill

Resources:

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Owner-Managed Businesses Part 4: The Canadian Capital Gains Exemption (Ep. 5)

Owner-Managed Businesses Part 4: The Canadian Capital Gains Exemption (Ep. 5)

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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:

  • The definition and purpose of the capital gains exemption, and its specific qualifying criteria
  • Tips on balance sheet categories for business owners
  • The three main capital gains exemption tests of the ITA

Resources:

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Owner-Managed Businesses Part 3: How To Maximize Your Business Valuation with Scott Sonley (Ep. 4)

Owner-Managed Businesses Part 3: How To Maximize Your Business Valuation with Scott Sonley (Ep. 4)

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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: 

  • How businesses are valued
  • What asset and income approach valuations are
  • How to determine which approach should be used to evaluate a business
  • The differences between  EBITDA and normalized EBITDA
  • 7 ways to maximize the value of your business

Resources:

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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.

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Owner-Managed Businesses Part 2: Creating Your Exit Plan (Ep. 3)

Owner-Managed Businesses Part 2: Creating Your Exit Plan (Ep. 3)

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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: 

  • What the different ways to exit your business are
  • How each exit strategy impacts the price of your business
  • What tax and non-tax considerations business owners need to make when planning their exit strategy

Resources:

  • Owner-Managed Businesses Part 1: How To Pay Yourself (Ep. 2)

Connect with Frankie Loreto and Sarah Netley: 

 

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Owner-Managed Businesses Part 1: How To Pay Yourself (Ep. 2)

Owner-Managed Businesses Part 1: How To Pay Yourself (Ep. 2)

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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: 

  • The difference between a salary and dividends
  • Why there are tax implications when you spend business income freely
  • How you can take advantage of tax benefits from dividends
  • The benefits and drawbacks of income splitting
  • What Tax On Split Income (TOSI) is

Resources:

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Get To Know Frankie And Sarah (Ep. 1)

Get To Know Frankie And Sarah (Ep. 1)

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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: 

  • Their specialties, and a little bit about Baker Tilly KDN
  • What they plan to achieve through this podcast
  • The one thing they recommend to people searching for professional advice

Connect with Frankie and Sarah: 

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