It's expected that Baird and William Hague will announce a plan to cut costs by sharing embassies in some countries.
A senior government official says it will increase Canada's diplomatic reach in an efficient way.
The move is expected to involve countries where Britain has a diplomatic mission and Canada does not or vice versa.
Hague issued a statement yesterday in which he described Britain and Canada as "first cousins" and said linking up embassies will give Britain and Canada "a bigger reach abroad for less cost."
He also tweeted that today's meeting will be the first bilateral visit to Canada by a British foreign secretary since 1996.