Virtus Insights

Man in a black jacket working on a tablet fixing machinery in a factory
Automate and elevate: Driving business value to new heights
(authored by RSM CANADA) Automation solutions that improve operational efficiency and the client and talent experience.
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.
Server room at mid-market business
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...
Dealing with down markets in Canada
Staying Calm When Markets are Volatile
Why Avoiding Short-Term Performance Figures Can be a Sound Strategy In times of economic turbulence, it’s normal to feel apprehensive when you’re about to read your portfolio’s performance. And, of course, seeing the fluctuating short-term results doesn’t help. It is more important to keep your sights on the bigger picture and stay focused on your...
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...
2023 Federal Budget Synopsis
Budget Announcement: The 2023 Federal Budget released March 28th was relatively tame compared to the big-spending COVID relief measures of the last few years. There were no widely applicable tax increases or savings to most Canadians. The Finance Minister did her best to walk a fine line of providing support to lower income individuals and...
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...