Two University of Waterloo School of Accounting and Finance (SAF) alumni are among CPA Ontario’s Emerging Leaders for 2025 — a recognition that feels fitting for these remarkable women who have never stopped giving back to the school that launched their careers.
The Emerging Leader Award recognizes outstanding CPA Ontario members under 35 who are already making meaningful contributions as leaders in their organizations, industries and communities. The honour also helps amplify the impact of their work by connecting them with a broader network of respected peers and professionals.
Francesca Loreto (MAcc ’16), tax partner at Baker Tilly Canada, and Jacqueline Sue (MAcc ’19), director of finance and people operations at Palette Skills, have built careers that look different on the surface but share a common thread: a commitment to developing others and giving back to the community that shaped them.
Francesca and Jacqueline will be officially recognized at the CPA Ontario Emerging Leaders celebration on March 26. SAF is proud to count them among our alumni — and even prouder to watch them shape what's next.
Read along as they reflect on the journeys that brought them here and the lessons they are carrying forward.
Francesca Loreto (MAcc ’16)
Tax Partner, Baker Tilly Canada
Q: You've progressed from co-op student to tax partner. Looking back, what key experiences or turning points most shaped your leadership approach?
A: I have been incredibly fortunate in my career to be surrounded by not only exceptional professionals, but empathetic and compassionate people. I credit those who came before me and showed me what true leadership was. As CPAs, especially in the public accounting space, there is never a shortage of work and stress, but despite that fact, it is absolutely a people-first business.
A major turning point was transitioning from technical contributor to being primarily responsible for developing others and building new client relationships. Having strong technical skills is only one part of leadership — managing relationships with empathy and making complex tax issues accessible are just as important, if not more.
Another pivotal moment was when I began advising business owners on significant transactions and succession and estate planning. Seeing firsthand how our advice impacts families reinforced that leadership in tax is also about stewardship. It's not just about minimizing tax, it's about guiding people through difficult business and family decisions with confidence and support.
Q: You've maintained a strong connection to the School of Accounting and Finance (SAF) at UWaterloo, serving as a research and teaching assistant and staying engaged with the broader professional community. How has that influenced your career and leadership style?
A: My experience at the University of Waterloo played such an important role in my success as a professional. SAF has so many exceptional professors, and I cherish the relationships I developed along the way.
My involvement with the School hasn't stopped since graduating. I've mentored students through the Young Tax Professionals (YTP) group, judged their annual case competition, and last summer had the opportunity to speak to the group on campus.
Q: The tax and accounting landscape is becoming increasingly complex. What mindset or skill has been most important in helping you navigate that complexity and grow into partnership?
A: Earlier in my career I found the tax profession quite overwhelming — there is always changing tax legislation, new court cases, new interpretations and so on. Over time, I have learned that professional judgement and problem-solving skills are critical. I keep on top of my technical skills but also spend a lot of my energy building a strong network of support. Growing into partnership, I let go of the need to have all the answers. A strong leader knows how to ask the right questions, when to collaborate, and how to thoughtfully assess risk.
Q: In addition to your professional role, you serve in governance positions with the Bowmanville Hospital Foundation and STEP Toronto. How has that volunteer leadership shaped the way you lead within your firm and the profession?
A: I cannot stress enough how rewarding my volunteering experiences have been. Serving with both organizations has helped broaden my perspective beyond my day job, and learning to balance strategic direction with fiduciary responsibility is something I have carried into my role at the firm.
Joining the Toronto Branch of STEP Canada has been a wonderful opportunity to build my network of fellow professionals in the trust and estate planning space. And as treasurer of the Bowmanville Hospital Foundation, I have been involved in the We Care, We Can campaign — a fundraising initiative to build a new hospital for Lakeridge Health Bowmanville. It has been a big commitment, but an extremely rewarding way to spend my time.
Q: As a CPA Ontario Emerging Leader, how do you hope to use this recognition to support the next generation?
A: Being recognized as an Emerging Leader was a pleasant surprise, but it has given me a new responsibility to provide mentorship to those seeking guidance in their future career in tax. My hope is that this recognition opens doors to mentor the next generation of aspiring tax professionals. I want to encourage young CPAs and students to think of leadership as something you develop the more you practice it. You are never too young or too new in your career to start acting as a leader. I was encouraged early on not to wait for someone to offer you a seat at the table, but to bring your own chair.
Jacqueline Sue (MAcc ’19)
Director, Finance and People Operations, Palette Skills
Q: Your career spans senior finance leadership, founding organizations, and deep involvement with SAF. How have those experiences shaped your approach to leadership today?
A: My approach to leadership is grounded in the principles of servant leadership — the belief that true leadership is about enabling others to succeed, grow, and thrive. In senior finance roles, I learned the importance of strategy and disciplined execution, but the biggest impact came from supporting my team, removing obstacles, and listening closely.
Building organizations taught me that resilience and adaptability are critical, but culture matters even more. My early work with the University of Waterloo, where I had the opportunity to build a new curriculum and establish a venture fund, reinforced a core belief: the leader's work is not to create brilliance but to illuminate it — removing the obstacles so that others can fully engage their courage and voice to drive change.
Q: You've stayed closely connected to SAF — as a student, teaching assistant, and mentor. Why has that connection mattered to you?
A: My connection to SAF has mattered because it's never just been a place I studied — it's been a community that shaped how I think, lead, and show up for others. As a student, it gave me a foundation in rigour and curiosity. As a teaching assistant, it showed me how powerful it is when someone takes the time to invest in your growth. And as a mentor, it's reinforced how much potential people have when they're supported and encouraged to step forward.
It's a constant reminder that leadership isn't about titles or authority — it's about responsibility. The students I work with challenge my thinking and remind me that the next generation doesn't need to be "taught how to lead" as much as they need space and confidence to do it.
Q: What skill or mindset has been most critical in helping you navigate change in the profession?
A: For me, the most critical mindset has been values-based decision making. During a leadership course I took in my Master of Accounting (MAcc), students completed a values exercise that guided us to narrow down what truly matters to us. It sounds simple, but most people don't actually take the time to define their core values. That exercise gave me clarity I didn't realize I was missing. When complexity increases and there isn't a clear technical answer, values become the compass. In a profession that's constantly changing, technical competence is expected. What sustains impact is knowing what you stand for.
Q: As a CPA Ontario Emerging Leader, how do you hope to use this recognition to support the next generation?
A: Being recognized as a CPA Ontario Emerging Leader is meaningful to me not as a milestone, but as a responsibility. I hope to use this recognition to create more access and visibility for the next generation — particularly SAF students and early-career professionals who are still figuring out where they fit. It means encouraging young CPAs to think broadly about their careers and showing them that the designation can lead to entrepreneurship, leadership, and impact well beyond traditional roles. If this recognition gives me a slightly larger platform, I plan to use it to amplify others and remind students that they are more capable than they think.
Q: Was there a defining moment or challenge that reshaped how you lead today?
A: One moment came early in my career when I was frustrated by how slowly things were moving inside an organization. I kept running into process barriers and waiting for approvals that didn't seem to come. I shared that frustration with a senior leader, and they gave me advice I've carried ever since: "If you aren't given a way, then you make a way."
It shifted my mindset from waiting for permission to taking ownership — reframing obstacles as invitations to think creatively, build alignment and create paths forward responsibly. The leaders I admire most don't wait for perfect conditions; they help create them. I try to do the same, and I try to instill that mindset in the people I lead.
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