Tag: Small businesses

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What Canadian Businesses Get Wrong When Expanding to the U.S. with David Downie (Ep. 33)

What Canadian Businesses Get Wrong When Expanding to the U.S. with David Downie (Ep. 33)

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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: 

Connect with 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.

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Inside the 2025 Federal Budget with Rosa Maria Iuliano (Ep. 32)

Inside the 2025 Federal Budget with Rosa Maria Iuliano (Ep. 32)

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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: 

Connect with Rosa Maria Iuliano:

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.

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Non-Resident Beneficiaries? Here’s Where Estate Taxes Get Complicated (Ep. 31)

Non-Resident Beneficiaries? Here’s Where Estate Taxes Get Complicated (Ep. 31)

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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: 

Connect with Frankie Loreto and Sarah Netley: 

Connect with Julianne McLaren:

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.

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What Non-Residents Need to Know Before Selling Canadian Property (Ep. 30)

What Non-Residents Need to Know Before Selling Canadian Property (Ep. 30)

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What happens when someone who doesn’t live in Canada sells or rents out Canadian real estate? 

Frankie and Sarah explain the tax consequences non-residents face, many of which come as a complete surprise. From clearance certificates to withholding requirements, this episode walks through the most common (and costly) mistakes people make when disposing of or renting property across the border.

It’s not just for non-residents, either. Canadian lawyers, accountants, and real estate professionals will benefit from knowing what’s at stake when their clients are dealing with these transactions. Whether it’s a family cottage, rental condo, or inherited home, this conversation helps clarify what needs to be filed, when, and why it matters.

What you can expect from this episode:

  • When and why CRA requires clearance certificates
  • Why rental income from a Canadian property still triggers tax, even if you live abroad
  • How to avoid major penalties by filing early
  • Special rules that apply after emigration, death, or transfer to non-resident beneficiaries
  • And more!

Connect with Frankie Loreto and Sarah Netley: 

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Expanding Internationally: Insights for Canadian Businesses (Ep. 29)

Expanding Internationally: Insights for Canadian Businesses (Ep. 29)

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What does it really take to go global, and is your business ready for it? 

In this episode of From The Source, hosts Frankie Loreto and Sarah Netley sit down with Ben Lloyd, CEO of Baker Tilly Canada, to explore the strategic, cultural, and practical realities of international expansion. 

With more than two decades of global leadership experience across continents, Ben offers a front-row view into how Canadian businesses can seize cross-border opportunities without falling into common traps.

From supply chain challenges and regulatory risks to dinner etiquette and gift-giving customs, this conversation goes far beyond spreadsheets. Whether you’re just starting to think globally or already building bridges abroad, Ben’s advice will help you navigate uncertainty and build trusted connections around the world.

What you can expect from the episode:

  • Why more Canadian companies are eyeing international growth
  • Cultural insights that make or break cross-border relationships
  • How to build in-market trust with local partners or agents
  • Tips for mitigating global risk through strategy, not guesswork
  • And more!

Connect with Frankie Loreto and Sarah Netley: 

Connect with Ben Lloyd:

About Our Guest: 

Ben has been involved with Baker Tilly since 2009. From May 2023, he assumed the role of Chief Executive Officer for Baker Tilly in Canada, bringing to the role over 24 years’ experience in the services industry. Ben will focus on strategy, growth, and alignment, working closely with the board of directors to drive forward key initiatives in the network’s continued evolution. His leadership and experience will support Baker Tilly in advancing its goals and expanding the scope of its service offering. A key leader for more than a decade, he brings a wealth of experience in international business, strategic planning, and change management.

Prior to this, Ben served as Chief Operating Officer for Baker Tilly International. He worked closely with the CEO in the development and implementation of the global network’s strategy and operational well-being. He had overall responsibility for the network’s functional areas of finance, services and industries, business development, marketing and communications, learning and development, legal and company secretarial affairs.

Before assuming the COO role, Ben was Regional Director for Asia Pacific, one of the network’s fastest-growing regions. In this role, he was responsible for the development and execution of the network’s regional strategic plan and initiatives, driving sustainable growth across the Asia Pacific.

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Selling Your Home in Canada? Don’t Get Burned by the New CRA Rules (Ep. 28)

Selling Your Home in Canada? Don’t Get Burned by the New CRA Rules (Ep. 28)

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It’s summer in Canada, and while the weather heats up, so does the real estate market. 

But did you know selling your home too soon could trigger a surprise tax bill? 

In this episode of From the Source, Frankie Loreto and Sarah Netley break down the CRA’s flipped property rules that took effect in 2023 and how they affect homeowners, real estate investors, and anyone selling property in Canada.

From misunderstood exemptions to the difference between capital gains and business income, this episode clarifies what truly constitutes a principal residence and what doesn’t. With relatable examples ranging from quick flips to new builds, they explore what it means to “ordinarily inhabit” a home and how timing, intent, and even TV shows like Love It or List It have shaped public perception (and CRA policy).

What to Expect:

  • What qualifies as a “flipped property” under CRA rules
  • The tax implications of selling in under 12 months
  • Key exemptions for life events like death, divorce, or job relocation
  • Why waiting 366 days still might not protect you from CRA scrutiny
  • And more!

Resources:

Connect with Frankie Loreto and Sarah Netley: 

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Building Stronger Connections and Fostering Leadership with Terri Holowath (Ep. 27)

Building Stronger Connections and Fostering Leadership with Terri Holowath (Ep. 27)

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How does a professional services leader stay with one firm for over three decades and continue to offer fresh perspectives?

In this episode, Frankie and Sarah sit down with Terri Holowath, Chair of Baker Tilly Canada, to explore the importance of relationships, innovation, and inclusivity in the accounting profession. Terri shares her career journey, insights into leadership development, and her passion for empowering the next generation of accountants.

Terri discusses:

  • The evolution of her 33-year career and how it shaped her leadership style
  • Baker Tilly’s mid-market focus and its unique value for both clients and team members
  • The transformative role of AI and technology in reducing repetitive tasks and enhancing advisory services
  • Strategies for fostering inclusivity and breaking down barriers in leadership development
  • The importance of relationship-building in client advisory and its impact on career satisfaction
  • And more!

Connect with Frankie Loreto and Sarah Netley: 

Connect with Terri Holowath:

About Our Guest: 

A part of the Baker Tilly Catalyst (formerly Catalyst) team since 1992, Terri transitioned into the role of managing partner in 2010. In addition to leading the firm, Terri channels her passion for the agriculture industry to serve as a trusted advisor to many agriculture clients. Committed to the success of both her firm and its clients, she makes it a priority to develop strong, supportive relationships.

Professional, community, and social affiliations:

  • Winner, ICAA Early Achievement Award

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Harness Data Analytics for Business Success with Brenda Scott (Ep. 26)

Harness Data Analytics for Business Success with Brenda Scott (Ep. 26)

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Join Frankie Loreto and Sarah Netley as they chat with Brenda Scott, Senior VP of Data Analytics at Baker Tilly KDN, about transforming raw data into strategic assets. 

Brenda explains the different facets of data advisory, comparing it to the structure of financial advisory, highlighting roles such as data engineers, analysts, scientists, and strategists. She emphasizes that businesses of all sizes and stages can benefit from data advisory, even those just beginning to track and understand their data. Using relatable analogies, Brenda illustrates how well-designed data visualizations allow businesses to monitor key metrics quickly and accurately, facilitating timely and strategic decisions. Her work exemplifies how thoughtful data processes and tools can unlock efficiency, clarity, and growth.

This episode includes discussion surrounding: 

  • Introduction to Brenda Scott and her role in data advisory 
  • Data visualization and its impact on business strategies 
  • Understanding data maturity and getting started with analytics 
  • Designing dashboards for effective business insights 
  • The role of data in succession planning

Connect with Frankie Loreto and Sarah Netley: 

Connect with Brenda Scott:

About Our Guest: 

Brenda Scott joined Baker Tilly KDN LLP (BT KDN) as a senior accountant in 2014 after graduating from the University of Waterloo. During her time in this role, she worked primarily on assurance engagements for private enterprises. Brenda holds both a master of Accounting and a Bachelor of Mathematics, specializing in information systems management.

Brenda’s educational background, paired with her analytical mindset, allowed her to become the firm’s champion for all matters data. She pursued a graduate certificate in Data Analytics for Business Decision Making from Durham College and transitioned into the role of data analytics manager in 2019. Continuing to develop her passion for data, Brenda began working in an advisory role as part of BT KDN’s Digital team. In 2022, she became senior vice president, data analytics, providing clients with tailored business intelligence and data visualization solutions.

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Cybersecurity for Business Owners (Ep. 25)

Cybersecurity for Business Owners (Ep. 25)

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How can you secure your business against digital threats? 

Dive into the world of cybersecurity with Frankie Loreto, Sarah Netley, and their special guest, Blair Brown, in this episode of “From the Source.” Blair, who heads the digital services group at Baker Tilly, shares insights into the evolving cyber threat landscape, with a particular focus on small to medium-sized businesses. He discusses how artificial intelligence is being leveraged to create sophisticated phishing attempts and the importance of proactive risk management.

Frankie, Sarah, and Blair discuss: 

  • The rise of phishing and ransomware threats [00:02:30]
  • How AI is used by cybercriminals to imitate voices and target businesses [00:06:25]
  • Common cybersecurity challenges for small to medium-sized businesses [00:07:07]
  • Success stories in enhancing cybersecurity measures and efficiency [00:17:15]

Connect with Frankie Loreto and Sarah Netley: 

Connect with Blair Brown:

About Our Guest: 

Blair Brown is an information technology and security professional with more than 30 years of experience providing executive-level consultation and direct operational support to private corporations, financial institutions, and credit unions; manufacturing, production, and distribution utilities; the education sector; law enforcement; and federal, provincial, and municipal governments and agencies. His areas of expertise include governance, risk, and compliance, audit and assurance, National Institute of Standards and Technology, and System and Organization Controls audits, security management, cybersecurity, supply chain security, digital forensics, and physical security.

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Essential Tax Advice for Canadians with U.S. Ties with Kevin Tippett (Ep. 24)

Essential Tax Advice for Canadians with U.S. Ties with Kevin Tippett (Ep. 24)

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What does spending your winter in the U.S. mean for your taxes?

Join Frankie Loreto and Sarah Netley as they chat with Kevin Tippet about the ins and outs of Canadian snowbirds managing their tax responsibilities when living or owning property in the United States. Whether it’s the intricacies of the 183-day rule, buying vacation homes, renting them out, or selling them, they break down everything you need to know to avoid unexpected tax obligations.

Kevin shares insights on:

  • Navigating the 183-day residency test for Snowbirds [02:01]
  • Tax filing requirements for renting U.S. properties [05:51]
  • Implications of selling a U.S. vacation property [10:00]
  • How gambling wins (and losses) factor in across the border [13:47]
  • Working remotely in Canada for a U.S. employer and tax pitfalls to avoid [18:39]

Resources:

  • Understanding US Tax Obligations for Canadians with Kevin Tippett (Ep. 23)

Connect with Frankie Loreto and Sarah Netley: 

Connect with Kevin Tippett:

About Our Guest: 

A proud Maritimer originally from Moncton, New Brunswick, Kevin graduated from Mount Allison University with a Bachelor of Commerce, majoring in Accounting. In 2009, he earned his U.S. CPA designation and has built over 20 years of experience specializing in personal cross-border tax, with a focus on Canada and the United States.

After relocating from Moncton to Ottawa, Kevin began his career at a Big Four accounting firm, spending eight years developing expertise in cross-border tax matters, particularly advising employees on temporary assignments between Canada and the United States. Named partner in 2025, Kevin assists with the oversight of the cross-border tax practice, specializing in personal, cross-border income tax compliance, and advisory services.

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