Virtus Insights

CRA Defers Corporate Tax and GST/HST Payments Until June 30, 2025
Important tax relief update for Canadian businesses: The Canada Revenue Agency (CRA) has introduced temporary relief measures that will benefit businesses navigating the current tariff environment. Business clients should take note of the payment deferrals for T2 Corporate Income Tax and GST/HST remittances now in effect.  What’s Changing Effective April 2, 2025, through June 30,...
Saskatchewan legislature building
2025-26 Saskatchewan Provincial Budget Commentary
On March 19, Finance Minister Jim Reiter tabled the 2025-26 Saskatchewan provincial budget. The new budget contained several spending initiatives but few major tax changes. We’ve detailed some of the new tax incentives and their impact on individuals and business owners in the province. Business Impact: Personal Tax Measures: General Tax Measures Budget Surplus Projected...
Two people examining financial statements
Bare Trusts and Alternative Minimum Tax (AMT): What’s Changing for Trustees?
Recent federal initiatives in Canada are reshaping how bare trusts and trusts in general approach their filing obligations, particularly with regard to the Alternative Minimum Tax (AMT). While some proposed changes remain in draft legislation, they signal significant shifts for trustees and beneficiaries to be aware of. Understanding these updates is crucial for ensuring compliance...
How Nonprofits Can Protect Their Donor Information From Cyberattacks
(authored by RSM CANADA) There are several best practices that nonprofits can embrace to enhance their cybersecurity.
Small business owner reviewing financial information - QuickBooks Desktop or QBO
QuickBooks Desktop Phase-Out: Important Details & Preparing for a Smooth Transition to QBO
As QuickBooks Desktop phases out, businesses must adapt to avoid disruptions and security risks. This article explores why transitioning to QuickBooks Online is advantageous, offering a secure, efficient solution with modern features. Discover the key dates, challenges, and strategies to smoothly navigate this shift while safeguarding your financial operations.
Tax Filing
CRA Administrative Filing “Extensions” Announced
February 20, 2025 Canada Revenue Agency (CRA) has announced a series of administrative “extensions” to the regular tax reporting filing deadlines as a consequence of some challenges faced by taxpayers the last few weeks. While we still encourage everyone to make their best efforts to file by the regular deadline as the CRA announcements do...
RRSP vs. TFSA
Understanding RRSP vs. TFSA: A Guide for Canadian Business Owners
As a Canadian business owner, managing your finances can sometimes feel like navigating a complex maze. Between running day-to-day operations and planning for the future, finding the time to focus on personal and business financial planning can be challenging. However, understanding the tools available for retirement savings and tax planning is crucial for long-term success....
AgriInvest and AgriStability Changes in 2025
Key Changes to AgriInvest & AgriStability Programs in 2025: What Producers Need to Know
Important changes are coming for both AgriInvest and AgriStability for producers in Saskatchewan. In late 2024, Agriculture & Agri-Food Canada announced changes to the AgriInvest program for 2025. Similarly, the Saskatchewan Crop Insurance Corporation (SCIC) has also made changes to the AgriStability filing deadline in Saskatchewan beginning with the 2024 program year. Understanding these updates...
Buy vs. Lease Image
Tax Implications of Leasing versus Buying Equipment: A Guide for Small to Medium Businesses
For business owners, deciding between leasing or purchasing essential equipment is a pivotal choice. This decision not only affects your cash flow and tax obligations but also impacts your operational efficiency and long-term growth. Whether you run a small business or a growing enterprise, understanding the tax implications and financial trade-offs of leasing versus buying...
capital gains on note pad with calculator
Capital Gains Inclusion Rate Deferred to 2026
The Department of Finance has announced a deferral in the implementation of the previously proposed increase to the capital gains inclusion rate. Initially set to take effect on June 25, 2024, the increase has now been postponed to January 1, 2026. This adjustment affects individuals, corporations, and most trusts. Key Highlights: Exemptions and Incentives: To...