Virtus Insights

Bare trust arrangements and the new trust reporting regime in Canada
(authored by RSM CANADA) Bare trust arrangements are now subject to the filing requirements of a T3 Trust Income Tax and Information return.
Shareholders Agreement - Virtus Group LLP
Shareholder Agreements and their impact on value
Once a buy-sell provision is triggered in a unanimous shareholders agreement (USA), the valuation clauses in that agreement (which have usually been ignored for years) may lead to unintended financial outcomes for all parties. Careful consideration when preparing (or revising) the shareholder agreement can better reflect the shareholders’ intentions as well as provide useful instruction...
Man in plaid shirt standing reviewing business analytic data on table with tablet
Business Valuations: Common Misconceptions
Navigating the world of business valuations can be a daunting task for many business owners. This complex domain is rife with common misconceptions and misunderstandings that may obscure the true value of a business. Whether it’s simplistic reliance on valuation “rules of thumb,” outdated valuation reports, or ill-considered estimates of partial ownership interests, these misconceptions...
Sheila Filion awarded Fellow CPA Designation
Congratulations to Sheila Filion, FCPA, FCA on receiving the prestigious FCPA designation. Virtus Group is thrilled to highlight Sheila’s exceptional accomplishments and unwavering dedication to her profession, firm and community. Sheila earned her Bachelor of Accounting from the University of Saskatchewan and joined the firm in 1994. During her 29 years of experience in public...
Keeping the house in order: Enabling IT investment by cutting costs
(authored by RSM CANADA) Implementing a new framework can enable companies to optimize IT investments and uncover potential funding opportunities.
The middle market continues to battle evolving cybersecurity risks
(authored by RSM CANADA) RSM's annual cybersecurity report shows that reported breaches fell slightly in the middle market last year, but significant risks remain prevalent.
Canada Revenue Agency National Headquarters sign
Canada Revenue Agency (CRA) Strike
On Wednesday April 19, 2023 the Public Service Alliance of Canada declared a general strike. Bargaining groups including the 39,000 represented employees of the Canada Revenue Agency (CRA), are on strike. The federal government is still in negotiations with the groups. What a CRA strike means At this point, there has been no indication this...
man's hand with calculator and laptop
When can you claim a tax deduction on interest payments?
Paying interest on borrowed funds is an expectation for individuals and businesses alike. Interest payments can add up, but they can also be deductible on your tax return, helping to reduce your tax liability. However, not all interest payments are deductible. There are four specific criteria that must be met in order to claim a...
Person driving vehicle with two hands on steering wheel looking at traffic ahead
Understanding personal & business vehicle use
The distinction between personal and business vehicle use can be confusing at times. Whether you’re self-employed or an employee of a business, it’s crucial to understand the distinction between the two for taxation and compliance purposes. In this article we’ll attempt to provide some clarity as to what is considered “personal use” and what is...
man doing home renovations
Saskatchewan’s Home Renovation Tax Credit
The home renovation tax credit is available for Saskatchewan residents making renovations to their principal residence in 2022. (It was also available for expenses incurred between October 1, 2020 and December 31, 2021, so if you forgot, it’s not too late to adjust your 2021 return!) The 2022 credit is available for expenses incurred above...