Virtus Insights

Cash vs. Accrual Accounting: What Farmers Need to Know
When it comes to managing your farm’s finances, choosing the right accounting method can make a big difference. Although taxes are filed on a cash basis for farms, it is important to have accrual financials or at a minimum, understand your accrual position.  Whether you’re producing crops, raising livestock, or both, understanding the benefits and...
Man sitting in office in front of laptop holding his head with his glasses sliding down his nose
Interim Controller Services: What to Do When a Key Employee Leaves Suddenly
When a controller, senior accountant or key member of your finance team leaves without notice, the impact on your business can be immediate and far-reaching. Payroll, reporting, tax compliance and cash flow oversight are all at risk. Whether due to resignation, health issues, burnout or unforeseen events, losing a controller can have critical consequences for...
Death of a Taxpayer
Death of a Taxpayer: Tax Impact When Transferring Assets
Planning for the future means addressing two certainties—death and taxes. While losing a loved one is emotionally difficult, the tax impact and administrative burden that follow can be mitigated through proactive estate planning. Proper preparation ensures that assets are transferred efficiently, minimizing tax liabilities and legal costs. In Canada, unique tax rules apply upon death,...
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....