Virtus Insights

saskatchewan legislative building
2023 Saskatchewan Budget commentary
On March 22, 2023, Saskatchewan Minister of Finance Donna Harpauer released 2023 Saskatchewan Provincial Budget. A budget surplus is forecasted after increased spending. No significant direct business or tax announcements. Provincial Budget Announcement The 2023 Saskatchewan Budget, titled Growth that Works for Everyone, includes increased funding for health care, education, infrastructure, and social programs. There...
Shared-Custody Parents and the Canada Child Benefit
When parents separate and divorce, typically they are able to agree on an arrangement to share custody of their children. A shared custody agreement is often to the benefit of all involved, especially the children. A shared custody agreement usually makes the most sense from a human perspective, it can cause legal, financial, and tax...
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Managing cash flow for small business owners
How you manage your business cash flow can have a significant impact on your taxes and the long-term health of your business. Managing your cash flow involves taking steps to ensure that there is no shortage of funds available when you need them. Poor cash flow management is one of the major reasons for business...
Gold coins stacked in front of brass alarm clock with TAX sticky on face of it
Underused Housing Tax – key information & filing deadlines
Announced in the 2021 Federal Budget, the Underused Housing Tax (UHT) is a tax designed to target underused properties owned by non-residents or non-Canadians. However, many Canadian individuals, corporations, partnerships and trusts will have to file a UHT return in order to avoid significant penalties.  How does the Underused Housing Tax (UHT) work? The expressed...
Woman in black shirt sitting at table reviewing financial documents with pen in hand
5 elements of a successful business exit plan
Are you thinking of stepping away from your business or enterprise? You're not alone. More than 69% of business owners are planning their exit sometime in the next 10 years. Here are some exit stats and five things to consider when closing or selling your company.
Business people reviewing financial statements
Changes to non-profit legislation in Saskatchewan
The Non-profit Corporations Act, 1995 has been in place for many years. In 2022, the legislation was updated to modernize the Act and reflect the current operating environment. The Non-profit Corporations Act, 2022 was enacted in May 2022 with a wide variety of changes. We recommend that organizations  review the new Act to determine whether...
Tax Court of Canada building
TCC reminds corporate directors to actively consider tax
(authored by RSM CANADA) The Tax Court of Canada released a decision on director liability for unpaid GST and payroll taxes of a corporation.
Law firms: decreased demand, increased expenses show challenges ahead
(authored by RSM CANADA) Law firms are still struggling with the tight labor market and the high cost of labor.
2023 CRA Instalment Reminder: What are my options?
The early months of the new calendar year can feel like a never-ending series of bills and other financial obligations, especially tax-related financial obligations. Canadians must also contend with an instalment reminder received from the Canada Revenue Agency (CRA) around the middle of February. While many of those who receive such reminders are already familiar...
RSM’s economic outlook for Canada in eight charts
(authored by RSM CANADA) While the Canadian economy may avoid a recession next year, we expect growth will slow below 1% over the next few quarters, well below its long-term capacity.