Virtus Insights

Salaries vs. dividends
6 things to consider when deciding how to pay yourself
As a business owner, you may have wondered about the differences between paying yourself via dividends versus drawing a salary, and how this may affect your tax burden.  Assuming your business is incorporated, you have the flexibility to pay yourself via dividends, drawing a salary, or a combination of both.  But the question becomes: which...
Parliament Hill Canada
Fall Economic Update released
The Department of Finance released its Fall Economic Update today and was largely used to promote the positive trajectory of many financial metrics in Canada, while also warning of a potential coming recession. There were few new announcements, and plenty of references to announcements made in the 2022 Budget that have not yet been finalized,...
Mastercard credit card on table
Mastercard rule changes for recurring charges: the impact on non-profit organizations
Mastercard has proposed new rules for recurring billing and subscription style transactions, a move that could affect many organizations in the non-profit and charitable sectors in Canada. The credit card giant will soon require all merchants to disclose the basic terms of subscriptions at the point of payment.  A specific donor consent will be required...
hand on calculator and papers on desk
6 key budgeting tips for a successful business
The difference between a company that succeeds and one that fails is often cash management. Businesses typically take on debt and it is important that you have cash flow projections to provide comfort that the debt can be repaid in a timely fashion.  Having too little cash flow means you may be unable to deal...
Select Luxury Items Tax in Saskatchewan
Select Luxury Items Tax (SLT) implications
The Government of Canada has introduced a luxury tax on the sale or importation of certain vehicles and aircraft priced above $100,000 and certain vessels priced above $250,000. On August 10, 2021, the Department of Finance Canada (Finance Canada) published a background paper on the design of the proposed luxury tax for public consultation. On...
Increasing a nonprofit’s impact through operational efficiency
(authored by RSM CANADA) Nonprofit organizations often have lean operational budgets. But a nonprofit that struggles with its operations will soon find itself with limited mission impact as well.
Canadian snowbirds tax implications
Tax considerations for Canadian snowbirds
(authored by RSM CANADA) Canadian residents travelling to the United States for extended stays should carefully plan travel to avoid unintended Canadian and U.S. income tax consequences.
What you need to know about transitioning the farm
Are you thinking of transitioning your farm from one owner or generation to the next? Ideally, you want to think ahead so you’ll feel prepared and proactive, rather than feel like you’re just responding to challenges as they arise. Succession planning is a helpful tool to help you plan for the successful transfer of ownership,...
7 ways to boost your business strategy
7 ways to develop your business strategy
How can you help your business take advantage of opportunities? Do you have a strategic plan in place to support business growth? How do you develop a business strategy to help you reach your growth goals? Here are seven tips for boosting your business strategy to position you for growth. Click here to download a...
Ransomware-as-a-service: A new business model for cybercriminals
(authored by RSM CANADA) Ransomware-as-a-Service (RaaS) is a new business model for cybercriminals, making cyberattacks easier than ever.