From the Source with Frankie and Sarah

Frankie Loreto, Sarah Netley
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Welcome to From the Source with Frankie and Sarah from Baker Tilly KDN. In this podcast, we provide a place for business owners and entrepreneurs to get the facts they need to understand and overcome their tax planning challenges. Join us for this journey as Frankie Loreto and Sarah Netley draw from years of expertise and guest experts to help make complex tax planning concepts make sense. Baker Tilly KDN is a full-service accounting firm providing assurance, tax and related business advisory services to a broad range of clientele from our offices in the Kawartha, Durham and Northumberland regions of Ontario. Baker Tilly KDN LLP is a member of Baker Tilly Canada Cooperative, which is a member of the global network of Baker Tilly International Ltd.

  1. FEB 12

    Beyond Trust: Protecting Your Business with a Shareholder Agreement (Ep. 35)

    Most business owners assume strong relationships are enough to hold a company together. This episode explains why that belief can create serious risk, and how the right agreements can prevent years of conflict. In this episode, Frankie and Sarah are joined by returning guest Denise Branton, Lawyer and Owner, Byron Street Legal, to break down why shareholder agreements matter more than most business owners realize, especially in family businesses and closely held companies. What to expect: Why “we trust each other” is not a substitute for clear legal planning Common misconceptions around shareholder agreements in family and friend-owned businesses How shareholder agreements help manage conflict, decision-making, and exits What happens when a shareholder dies, becomes disabled, or wants out Why template agreements and one-size-fits-all solutions often fall short The importance of valuation clarity, including when certified business valuations make sense How shareholder agreements intersect with estate planning, and why ignoring this link creates problems And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Denise Branton: Byron Street Legal LinkedIn: Denise Branton About Our Guest: For over 20 years, Denise has been advising business owners, helping them navigate complex legal matters, providing strategic counsel, and mitigating risks to achieve their goals.  Denise earned her law degree from Toronto’s Osgoode Hall Law School in 2005 and was called to the Ontario bar in 2006. After practicing in Toronto for five years, she moved to Durham Region and eventually opened her own law practice. Denise’s practice has been focused on working with business owners, regularly advising them on corporate and commercial matters, including real estate, secured financing transactions, corporate reorganizations, buying and selling businesses and shareholders agreements.  With the intersection of business and wills & estates law, it was a natural progression for Denise to bring her expertise into the estate planning area.  Denise continues to develop her knowledge in estate planning, wills and trusts and is currently working towards her designation as a Trusts and Estates Practitioner (TEP) with STEP Canada.  Denise’s approach to client service is grounded and practical, with a strong commitment to open communication.  Denise is known for her ability to break down complex legal matters into simple terms.  To provide her clients with exceptional  legal service and advice, Denise collaborates with experts in various fields, including employment law, tax planning, and wealth transfer strategies.   When establishing her own practice, Denise chose to base it in her local community, reflecting her passion for Durham Region. She actively participates in and influences the growth of both personal and business communities, through her work with Rotary and various speaking engagements within the legal and business sectors. Outside of the office, Denise, along with her family, enjoys adventure travel that focuses on unique skiing and hiking opportunities, as well as attending her favorite music concerts.

    24 min

  2. JAN 8

    How Physicians Can Build Wealth Through Smart Tax Structures with Deanna Cregg (Ep. 34)

    For physicians and medical professionals, the financial journey from residency to retirement can be as complex as any clinical case.  Frankie and Sarah welcome Deanna Cregg, Partner at Arcadian Group, to unpack the key tax and structuring decisions doctors face at each career stage. From the first days of self-employment to planning for retirement, Deanna explains when it makes sense to incorporate, how to structure share ownership for maximum flexibility, and why thinking ahead about investment income, spouse involvement, and ancillary services can save headaches and money down the road.  Whether you’re a new resident, an established practitioner, or an advisor working with medical professionals, this conversation offers clear, practical insight into a highly specialized area of tax planning. What to Expect: When physicians should consider incorporating their practice How medical professional corporations differ from other professional corps Income splitting and retirement planning benefits for spouses Common misconceptions about investment income, ancillary services, and corporate structures And more! Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Deanna Cregg: LinkedIn: Deanna Cregg, CPA, CA About Our Guest:  As a partner at Baker Tilly KDN (BT KDN), Deanna Cregg serves a variety of small to mid-size businesses. Specializing in assisting professionals – doctors, lawyers, dentists, and veterinarians- Deanna provides comprehensive accounting and tax advisory services tailored to the unique needs of owner-managed businesses to achieve the greatest tax efficiencies available. Deanna graduated from Brock University with a Bachelor of Accounting (Honours) in 2012 and obtained her Chartered Accountant designation in 2013. She joined the Baker Tilly Canada network in 2009 as a co-op student and was hired full-time in 2012. Deanna became a partner with BT KDN in 2024.

    22 min

  3. 12/11/2025

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

    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:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with David Downie: ddownie@bakertilly.ca LinkedIn: 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.

    21 min

  4. 11/10/2025

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

    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:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Rosa Maria Iuliano: riuliano@bakertilly.ca LinkedIn: Rosa Maria Iuliano, FCPA, FCA 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.

    28 min

  5. 10/09/2025

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

    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:  What Non-Residents Need to Know Before Selling Canadian Property (Ep. 31) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Julianne McLaren: LinkedIn: Julianne McLaren, CPA, CA, CPA (Illinois), TEP jumclaren@bakertilly.ca  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.

    24 min

  6. 09/11/2025

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

    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:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659

    24 min

  7. 08/26/2025

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

    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:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659 Connect with Ben Lloyd: LinkedIn: 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.

    26 min

  8. 08/14/2025

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

    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: Navigating HST and Real Estate with Cathie Brogan (Ep. 15) Connect with Frankie Loreto and Sarah Netley:  Courtice.BakerTilly.ca LinkedIn: Baker Tilly Canada LinkedIn: Frankie Loreto LinkedIn: Sarah Netley Call: (905) 579-5659

    19 min
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About

Welcome to From the Source with Frankie and Sarah from Baker Tilly KDN. In this podcast, we provide a place for business owners and entrepreneurs to get the facts they need to understand and overcome their tax planning challenges. Join us for this journey as Frankie Loreto and Sarah Netley draw from years of expertise and guest experts to help make complex tax planning concepts make sense. Baker Tilly KDN is a full-service accounting firm providing assurance, tax and related business advisory services to a broad range of clientele from our offices in the Kawartha, Durham and Northumberland regions of Ontario. Baker Tilly KDN LLP is a member of Baker Tilly Canada Cooperative, which is a member of the global network of Baker Tilly International Ltd.

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