Category: Tax Planning

FEATURE
Your Guide to SR&ED Credits With Matt Zarowny and Rob D’Amico (Ep.18)

Your Guide to SR&ED Credits With Matt Zarowny and Rob D’Amico (Ep.18)

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What if your business could tap into a treasure trove of financial incentives? 

Join Frankie and Sarah with two more Baker Tilly professionals, Matt Zarowny, P.Eng, and Rob D’Amico, CPA, CGA, as they dive into the world of Scientific Research and Experimental Development (SR&ED) tax incentives, affectionately known as SR&ED Credits. From basic research to experimental development, discover how various projects across industries can qualify for these credits, transforming potential costs into real opportunities. 

Frankie and Sarah discuss: 

  • What SR&ED is and its eligibility criteria
  • The types of projects that qualify under the SR&ED program
  • Financial incentives and benefits for businesses
  • Ensuring proper documentation and avoiding common pitfalls

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Connect with Matt Zarowny and Rob D’Amico:

About Our Guests: 

Matt Zarowny

A professional engineer with more than 20 years of experience servicing business leaders with industry, consulting, and financial services, Matt has led Scientific Research & Experimental Development (SR&ED) and government R&D incentives practices at several major firms.

He provides leadership and guidance to his clients in the full range of incentive tax services, including opportunity assessments, claim preparation/review, system installation/training, and audit support.

Matt works with a wide range of companies across many industries with a specialization in the automotive, aerospace, pharmaceutical, consumer business, technology, and general manufacturing sectors.

Rob D’Amico

A skilled and dedicated practitioner with more than 20 years of experience dealing with complex tax issues for Canadian corporations,​ Rob has led Scientific Research & Experimental Development (SR&ED) and government R&D incentives practices at several major firms.

He provides leadership and guidance to his clients in the full range of incentive tax services, including opportunity assessments, claim preparation/review, system installation/training, and audit support.

Rob works with a wide range of companies across many industries with a specialization in the information technology, engineering, pharmaceutical, automotive, aerospace, consumer business, and general manufacturing sectors.

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Why You May Need a Family Trust (Ep. 17)

Why You May Need a Family Trust (Ep. 17)

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This episode of From the Source focuses on the usefulness of a family trust in your corporate structure.

Join Frankie and Sarah as they dive into the world of discretionary family trusts, highlighting their advantages and drawbacks within corporate structures. They discuss the key considerations for settling a trust as well as the ongoing management of a trust. Frankie and Sarah highlight the key benefits of a trust including how they are used to reduce your tax burden and they offer practical advice for incorporating trusts into your business. Tune in to understand how you can utilize trusts for optimal tax planning and financial management.

Frankie and Sarah discuss: 

  • What family trusts are, and how they function for a small business owner
  • The potential tax advantages and how they apply
  • The operational benefits of having a discretionary family trust integrated into your business structure
  • Strategic planning for creating and managing trusts amidst evolving business needs

Resources:

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Understanding Corporate Structures for Business Owners (Ep. 16)

Understanding Corporate Structures for Business Owners (Ep. 16)

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Do you want to better understand your corporate structure and whether it is actually achieving your objectives? 

In this episode, Frankie and Sarah dive into the essentials of corporate structures and how your structure should evolve to optimize potential tax savings and operational efficiency. Focusing on the lifecycle of a business entity, they discuss the benefits of incorporating, address the key moments when restructuring becomes crucial, and explain the importance of creditor protection. Learn why business structures evolve over time, the benefits of introducing a holding company, and how to prepare your business for a sale to minimize income taxes. Tune in to understand when and how to adapt your business structure as your business grows.

Frankie and Sarah discuss: 

  • An overview of common corporate structures for new businesses 
  • The benefits of introducing a holding company into the corporate structure
  • The optimal time to set up a holding company
  • Legal and tax advantages of separating operational assets from other investments
  • How to prepare your business for sale and the steps to ensure you minimize income taxes

Resources:

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Navigating HST and Real Estate with Cathie Brogan (Ep. 15)

Navigating HST and Real Estate with Cathie Brogan (Ep. 15)

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Curious about how HST could impact your next property deal? Join this episode of From The Source with Frankie and Sarah as they dive deep into the complexities of HST in real estate with fellow tax specialist, Cathie Brogan.

In this episode, Frankie and Sarah introduce Cathie Brogan, an indirect tax expert with over 35 years of experience, to discuss the often-overlooked HST implications for real estate transactions. From understanding the rules around new builds and substantial renovations to the impact of short-term rentals, Cathie provides practical advice and real-world examples to help you navigate the tax landscape.

Take advantage of these crucial insights to protect your investments.

Frankie, Sarah, and Cathie discuss: 

  • When HST applies to new builds, substantial renovations, and property flips
  • The tax implications of purchasing property for investment purposes
  • How substantial renovations affect HST
  • The registration requirements for short-term rental properties
  • Proving your intentions to CRA to avoid unexpected tax liabilities

Resources:

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About our Guest: 

Cathie gained her indirect tax expertise while working exclusively in indirect tax for over 35 years with both government and private practice experience. She also provides tax advisory services to resolve disputes with tax authorities both during and after government audits, in-depth analysis, and legislative interpretations of GST, HST, QST, and provincial sales tax issues and is readily available to deal with any complex indirect tax issue.

Cathie received her CGA designation in 1988 and joined the firm in 2010. She has completed the CICA In-Depth GST In-residence and the CICA In-Depth Income Tax Course Part I and Part II.

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Decoding the Federal Budget: What Small Business Owners Can’t Afford to Miss (Ep. 14)

Decoding the Federal Budget: What Small Business Owners Can’t Afford to Miss (Ep. 14)

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Navigating the stormy seas of tax changes following the 2024 federal budget announcement can be confusing. We’re here to tell you what you need to know From the Source.

In this episode, Frankie and Sarah discuss the recent federal budget with Sean Grant-Young, CPA, CA, MBA, National Director, Tax at Baker Tilly Canada. Sean tackles the major updates and what they mean for small business owners, providing you with the essential knowledge to keep your business afloat in these turbulent tax waters.

Frankie, Sarah, and Sean discuss: 

  • Behind the scenes of the federal budget lockup
  • Break down the capital gains inclusion rate change and its impact
  • The Canadian Entrepreneurs Incentive and what it means for business founders
  • The significance of the capital gains exemption increase for small business owners
  • Practical advice for navigating tax planning in the wake of these changes

Resources:

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Connect with Sean Grant-Young

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.

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Navigating Transfer Pricing With Dean Morris (Ep. 13)

Navigating Transfer Pricing With Dean Morris (Ep. 13)

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Today on From The Source, Frankie and Sarah discuss the complexities of transfer pricing with Senior Tax Manager, Dean Morris, MBA, delving into the crucial role of transfer pricing in multinational businesses. They explore the importance of understanding transfer pricing methodologies and their implications for tax planning strategies.

Frankie, Sarah, and Dean discuss: 

  • An overview of the concept of transfer pricing and how it is relevant for businesses with cross-border transactions
  • Identifying transfer pricing risks and potential consequences for multinational businesses 
  • The importance of understanding transfer pricing methodologies and proper documentation 
  • The role of AI and technological tools in streamlining transfer pricing processes

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Connect with Dean Morris:

About Our Guest: 

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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Protecting Your Estate From Litigation With Amelia Yiu (Ep. 12)

Protecting Your Estate From Litigation With Amelia Yiu (Ep. 12)

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While no one wants their will to be contested, estate litigation plays a crucial role in resolving disputes and ensuring the fair distribution of a deceased person’s assets.

Today on From The Source with Frankie and Sarah, they’re joined by Amelia Yiu, the founder of Elm Law in Whitby, Ontario. With 17 years of experience in estate litigation and family law, she dives into the complexities of estate litigation, discussing who can contest an estate, common reasons for disputes, and strategies for expressing clear testamentary wishes to prevent litigation. Amelia underscores the need for a professional advisory team and examines the validity of wills. She provides examples, addresses the importance of evidence and full disclosure in litigation, and advises how to proactively address potential claims.

Frankie, Sarah, and Amelia talk about: 

  • Who can make a claim against an estate
  • Different types of claims against an estate
  • Common reasons for estate litigation
  • The importance of having a team of professionals
  • Real-life examples of estate litigation cases

Resources:

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Connect with Amelia Yiu:

About Our Guest: 

Amelia Yiu, LL.B., TEP is the owner and Principal Lawyer at Elm Law Professional Corporation: Estate Litigation and Powers of Attorney.

Amelia’s practice is focused on Estate Litigation, Power of Attorney Disputes, and Family Law as it relates to Estates or Power of Attorney matters. Death or incapacity of a loved one is always a very difficult time for families, but family disputes bring emotional complications.

As an experienced lawyer, Amelia believes that legal counsel should be accessible and cost-effective for her clients. That’s why Amelia takes the time to understand her clients and the family dynamics at the heart of the issues. She pursues her clients’ best interests to the greatest extent possible.

Amelia has appeared before the Ontario Court of Appeal, Divisional Court, and the Superior Court of Justice. Amelia received her Bachelor of Laws from Queen’s University in 2006 and was called to the Ontario Bar in 2007.

Amelia is the former Chair of the Elder Law Section of the Ontario Bar Association.  She is listed as an expert in the area of Trusts & Estates Litigation on ReferToHer and is a member of STEP. She has also been a speaker and panelist at various continuing legal education seminars on elder and estate law.

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The Fundamentals of Wills and Estate Planning with Denise Branton (Ep. 11)

The Fundamentals of Wills and Estate Planning with Denise Branton (Ep. 11)

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The idea of death and creating a will isn’t fun for anyone. However, it is one of the most important documents you will ever create.

Joined by Denise Branton, lawyer and owner of Branton Law Professional Corporation, Frankie and Sarah delve into the critical topic of wills and estate planning. Denise underscores the necessity for every adult to have a will and the proper ways to go about creating one.

Frankie, Sarah, and Denise discuss:

  • The purpose of a will and how to choose your Executor
  • When to create a will and the importance of doing so
  • The process and criteria for creating a valid will
  • Considerations for business owners when drafting a will
  • The importance of considering digital assets in your will

Resources:

Connect with Frankie Loreto and Sarah Netley:

Connect with Denise Branton:

About Our Guest:

Denise Branton has been working in the legal services field for 20 years. She got her start as a full-time law clerk working for a firm in Toronto. She earned her law degree from Osgoode Hall Law School in 2005 and was called to the Ontario Bar in 2006. After 5 years of practicing in Toronto, she moved her law practice to Durham Region.

Denise prides herself on providing her clients with grounded and practical perspectives. Focusing on understanding her clients’ needs, so that she can deliver quality services and quality results.

The information provided in this podcast is for information purposes only. It does not reflect changes in law subsequent to the podcast. The distribution of this information is made on the understanding that it does not constitute legal advice. Listeners are advised to consult with a lawyer to discuss the specifics of their own particular situation and estate plan. The contents are intended for general information purposes only and under no circumstances can be relied upon for legal decision-making.

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Leaving a Legacy Through Charitable Giving Part 2 (Ep. 10)

Leaving a Legacy Through Charitable Giving Part 2 (Ep. 10)

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Last time on From The Source with Frankie and Sarah, they spoke about estate planning focusing on charitable giving through your Will, featuring Frank Cerisano.

Today, Frankie and Sarah discuss the tax implications of charitable gifts,  particularly the difference between doing it through your will versus during your lifetime. They cover the importance of donating to registered charities for the purpose of obtaining a tax receipt, the value of the donation that can be claimed, and the need for proper documentation. They also explore the different ways individuals and corporations can donate, including the tax benefits of donating publicly traded securities directly to charities. Sarah and Frankie emphasize that recent proposed changes to the alternative minimum tax (AMT) may impact decisions on whether to donate personally or through a corporation.

Frankie and Sarah discuss: 

  • Potential tax benefits of charitable giving
  • Why charitable receipts from qualified donees are necessary
  • The different ways you can donate
  • Considerations for donating to non-Canadian charities
  • A refresher of the proposed alternative minimum tax (AMT) changes
  • Whether you should donate personally or through a corporation
  • The differences between gifting during your lifetime versus through your estate

Resources:

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Leaving a Legacy Through Charitable Giving with Frank Cerisano (Ep. 9)

Leaving a Legacy Through Charitable Giving with Frank Cerisano (Ep. 9)

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It’s the holiday season, a season of giving, so we’re jumping back into our conversation about estate planning with today’s focus on charitable giving through your Will.

In this episode, Frankie and Sarah speak with Frank Cerisano, CEO of the Bowmanville Hospital Foundation, about leaving a legacy through charitable giving. They discuss the importance of researching charities before leaving a bequest in your Will, the potential issues that can arise with overly restrictive donations, and the key role a lawyer plays in supporting an executor of an estate with charitable gifts. They also discuss the concerns around the proposed changes to the Alternate Minimum Tax rules and how these changes could impact charitable giving across Canada.

Frankie, Sarah, and Frank discuss: 

  • Why it’s important to do your research and find a charity that aligns with your values before leaving a bequest in your Will
  • The differences between donating a fixed sum and leaving the charity a residual interest in the estate
  • Initial steps the executor should take when administering an estate with a large bequest to a charity

Connect with Frankie Loreto and Sarah Netley: 

Connect with Frank Cerisano:

About Our Guest: 

Frank Cerisano is the CEO of the Bowmanville Hospital Foundation. Frank has been in the nonprofit sector for almost 30 years with a specialty in fundraising. He has helped numerous charities all over Ontario, across all of Canada, and down along the eastern seaboard of the United States.

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