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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)

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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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.

Navigating Transfer Pricing With Dean Morris (Ep. 13)

Navigating Transfer Pricing With Dean Morris (Ep. 13)

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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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.

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

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

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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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.

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

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

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:

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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.

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

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

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)

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

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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.

Creditor Proofing Your Business (Ep. 8)

Creditor Proofing Your Business (Ep. 8)

As a business owner, it’s important to have a strategy in place to protect your assets from potential creditors. There are a number of instances that can arise that put your business assets at risk, the most common being a lawsuit. 

Get the information you need about creditor-proofing your business from Frankie and Sarah as they explain the concept of creditor-proofing and the importance of protecting your assets. Learn how to properly evaluate whether your business assets are protected, and if not, understand the process of legally protecting your assets from creditors.

Frankie and Sarah go over: 

  • What creditor proofing is and why it’s important for business owners 
  • How to evaluate your balance sheets for vulnerability to creditors
  • How to achieve creditor protection in a tax-efficient manner
  • What director liability is and the importance of being mindful of your liabilities

Resources:

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

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

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:

Connect with Frankie Loreto and Sarah Netley: 

 

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

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

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)

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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