From the Source with Frankie and Sarah

How can you prepare your construction business for sale and make it less dependent on you?

You built your construction company from nothing, and you still do the quotes, hold the key client relationships, and make most of the calls. Now you’re picturing life after the business, and a strong backlog feels like proof that it’s ready to sell. But a business that leans on its owner can be harder to leave, even after the sale closes, because buyers may tie part of the payment and your time to what happens next.

In this conversation, Frankie Loreto and Sarah Netley of Baker Tilly talk with Mike McIsaac, CEO and National Managing Director of Baker Tilly Canada Capital Corporation, about what makes a construction business attractive to buyers and how preparation can shape both its value and the owner’s ability to step away. Frankie and Sarah connect everyday habits like delegating decisions, tracking backlog, and reporting monthly to exit flexibility, and they offer a simple readiness test: picture stepping away for a month and notice how that feels.

Mike joins Frankie and Sarah to discuss and break down several key points:

Thinking about selling your construction business? Start by asking yourself how well it would operate without you for a month. Listen to the full conversation to learn what buyers look for and how you can prepare your business for a future sale.

Resources:

Connect with Frankie Loreto and Sarah Netley: 

Connect with Mike McIsaac:

About our Guest: 

Mike is an entrepreneur at heart. He has built, acquired and sold many private and successful businesses. He is a passionate leader with more than 25 years of experience working with private and public businesses as a trusted advisor and valued business partner.

Mike focuses his activities on five key industry sectors: heavy construction and infrastructure, manufacturing and distribution, food & beverage, technology and consulting. He is a specialist in advising on corporate structure, valuation, taxation, business transactions and negotiating deals. His ultimate goal is to ensure his clients maintain the wealth they built within their business. He brings his wisdom, ethics, integrity and ability to make tough decisions to all his business negotiations, resulting in win-win results and transactions that get across the finish line.

For business owners, life insurance can become much more than income protection. As your business and wealth grow, questions around future tax liabilities, estate equalization, business obligations, and transferring wealth can make the right insurance structure increasingly important.

In this episode, Frankie and Sarah welcome Hemal Balsara, Head of Tax, Retirement and Estate Planning at Manulife, to explore how life insurance can support different planning needs. They look at term and permanent insurance, health and financial underwriting, conversion features, and how permanent policies may fit into tax and estate planning. They also explore corporate-owned life insurance, the capital dividend account, and why policy ownership and beneficiary designations require careful consideration.

For business owners, choosing a life insurance policy isn’t only about how much coverage to buy. The type of policy, underwriting requirements, conversion options, ownership structure, and beneficiary designation can all affect how that coverage fits into a broader tax and estate plan. Listen to the full episode to hear what Frankie, Sarah, and Hemal say business owners should understand as they evaluate those decisions.

Frankie, Sarah, and Hemal discuss:

Connect with Frankie Loreto and Sarah Netley: 

Connect with Hemal Balsara:

About our Guest: 

Hemal Balsara is Head of Tax, Retirement and Estate Planning at Manulife, where his work focuses on providing tax, retirement, estate, and insurance planning support to advisors navigating complex planning situations. His areas of focus include life insurance, retirement and estate planning, corporate planning, wealth transfer, and the tax implications associated with different insurance structures. In this episode, Hemal shares his perspective on how life insurance can address both temporary and permanent needs, while explaining considerations around underwriting, policy ownership, beneficiary designations, and corporate-owned insurance.

Canada’s July 2026 draft tax legislation includes several proposed changes that could affect businesses and individual taxpayers. From Disability Tax Credit applications and transfer pricing paperwork to the new $5,000 Red Seal Completion Bonus, understanding what’s being proposed can help you identify which changes may be worth discussing with your tax advisor.

In this episode, Frankie and Sarah welcome Rebecca Adrian, CPA, CFP, Senior Manager with Baker Tilly’s National Tax group, to explain several proposals included in the summer 2026 draft tax legislation. They look at who may be affected, when the proposed rules could offer relief, and why businesses shouldn’t assume that a single exemption eliminates all tax concerns. They also explore proposed changes to automobile benefits for partners and shareholder loans involving certain foreign affiliates.

These measures remain in draft form and may change before becoming law. Listen to the full episode for a practical overview of which proposed tax changes you or your business may want to review with a tax advisor.

Frankie, Sarah and Rebecca discuss:

Resources:

Connect with Frankie Loreto and Sarah Netley: 

Connect with Rebecca Adrian:

About our Guest: 

Rebecca Adrian is a Senior Manager with Baker Tilly’s National Tax group. She monitors new and proposed Canadian tax legislation and helps businesses and taxpayers understand how legislative developments may affect their tax planning, reporting, and compliance obligations. Rebecca also contributes to Baker Tilly Canada’s tax alerts and regularly joins From The Source to discuss federal budgets, economic updates, and draft tax legislation.

Planning to build, purchase, or expand a manufacturing facility? Proposed Canadian tax changes could create a meaningful opportunity for eligible businesses, but understanding the rules before making a major investment is essential.

In this episode, Frankie and Sarah are joined by Rebecca Adrian, CPA, CFP, a member of Baker Tilly’s National Tax team, to unpack proposed legislation in Bill C-31 and what it could mean for Canadian manufacturers. Together, they discuss immediate expensing for qualifying manufacturing and processing buildings, the conditions businesses must meet to remain eligible, proposed rules for suspending dividend refunds, and why proactive tax planning and audit readiness are more important than ever.

Frankie, Sarah, and Rebecca discuss: 

Connect with Frankie Loreto and Sarah Netley: 

Connect with Rebecca Adrian:

About our Guest: 

Rebecca Adrian is a member of Baker Tilly Canada’s National Tax team, where she specializes in interpreting complex tax legislation and helping advisors and clients navigate evolving tax rules. In this episode, Rebecca shares practical insights on Bill C-31, immediate expensing for manufacturing and processing buildings, proposed dividend refund suspension rules, and the importance of proactive tax planning and CRA audit readiness for Canadian businesses.

What actually changed in the Spring Economic Update, and what just sounds important? This episode breaks down what matters, what doesn’t, and where business owners should actually be paying attention.

In this episode, Frankie and Sarah are joined by Rebecca Adrian, CPA, CFP, National Tax Manager at Baker Tilly Canada, to discuss the latest Spring Economic Update and what it means from a practical tax and planning perspective. Together, they cut through the noise to highlight where there are real implications and where things are more about positioning than immediate action.

Frankie, Sarah, and Rebecca discuss: 

Resources:

Connect with Frankie Loreto and Sarah Netley: 

Connect with Rebecca Adrian:

About our Guest: 

Rebecca Adrian is a CPA and CFP and serves as National Tax Manager at Baker Tilly Canada. She specializes in tax planning and policy analysis, with a focus on translating complex legislation into practical insights for advisors and business owners. Rebecca works closely with teams across the country to interpret federal tax developments and guide strategic planning decisions.

What actually qualifies as a “farm” for tax purposes, and why does it matter more than most people think?

In this episode, Frankie and Sarah are joined by Bud Arnold, Tax Partner at Baker Tilly, to continue their conversation on Canadian farming tax rules, this time focusing on planning opportunities and how to access preferential tax treatments. This episode highlights how small structural and operational decisions can significantly impact long-term tax outcomes for farm owners and their families.

Frankie and Sarah discuss:

Resources:

Connect with Frankie Loreto and Sarah Netley: 

Connect with Bud Arnold:

About our Guest: 

Bud Arnold is a Tax Partner at Baker Tilly, Elora, with a specialty in agriculture and farming. He works closely with farm owners on tax planning and succession strategies, helping clients navigate complex rules and access available tax advantages within the farming sector. 

Farm succession planning is not just about who gets the land; it is about how to transfer it without creating an unmanageable tax bill. This episode explains why farm property is treated differently under the Income Tax Act and how those differences can shape estate and succession decisions.

In this episode, Frankie and Sarah are joined by Jamie Lee, Tax Manager at Baker Tilly Cadian, to walk through the unique tax rules that apply to qualifying farm property in Canada. From rollover provisions to the lifetime capital gains exemption, they break down what farm families need to understand before transferring property to the next generation.

What to expect:

Connect with Frankie Loreto and Sarah Netley: 

About our Guest: 

Jamie Lee is a Tax Manager at Baker Tilly Cadian with a growing focus on farm taxation and succession planning. Coming from a farming background herself, she brings both personal understanding and professional expertise to her work with farm clients.

Jamie Lee regularly advises on complex farm tax matters, including rollover provisions, capital gains exemption planning, and intergenerational transfers. She works closely with farm families to help them navigate evolving tax rules while supporting long term continuity and thoughtful succession strategies.

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:

Connect with Frankie Loreto and Sarah Netley: 

Connect with 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.

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:

Connect with Frankie Loreto and Sarah Netley: 

Connect with Deanna Cregg:

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.

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:

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.