Virtus Insights

Tools to help business owners navigate this crisis In the below video you will learn about effective tools to help guide business owners through this crisis including a survive checklist, a waste audit to identify areas for potential cost savings, a pivot/adapt checklist, a competitor analysis to pinpoint areas of strength/weakness for further development or improvements, a COVID-19/PESTEL checklist (political, economic, social, technological,...

Canada Revenue Agency announced this week that they are temporarily simplifying and expanding the office-in-home deductions for employees. Background Traditionally office-in-home deductions are only allowed when the employer has a contractual expectation that the employee fulfill some of their duties at home; the deductions are then based on actual expenses incurred in residing in the...

Virtus Group, Saskatchewan’s largest independently owned firm providing accounting, audit, tax, and advisory services, is very pleased to announce it is merging the operations of HVB Chartered Professional Accountants into its core business operations, effective January 1, 2021. HVB Chartered Professional Accountants is a public accounting firm in Saskatoon with over 18 years of experience...

The government has launched several support programs since the pandemic, each with their own complicated set of rules. We feel it important to take the time to inform you of the reporting requirements to Canada Revenue Agency (CRA) for your 2020 T4 filings as well as for the Temporary Wage Subsidy (TWS) and Canada Emergency...

The Saskatchewan government introduced legislation yesterday to reduce its Small Business Corporate Tax Rate to 0% effective October 1, 2020. The tax rate will increase to 1% effective July 1, 2022, and then back to 2% effective July 1, 2023. The reduced rate will apply to up to $600,000 of taxable income per year in...

TAX ALERT | PROVIDED BY RSM CANADA On Nov. 30, 2020, Canada’s Minister of Finance, Chrystia Freeland, released Canada’s Fall Economic Statement, which represents the federal government’s first fiscal update since before the pandemic. There are several key messages in the government’s Fall Economic Statement. First, the government provides a summary of the steps it...

The Canada Emergency Rent Subsidy (“CERS”) received Royal Assent last week and applications opened Monday through the CRA online system. This program is broader than the name implies – both renters and property owners may qualify for benefits to help offset their property-related costs including rent, mortgage interest, property taxes, insurance and even other costs....

During uncertain times, it is natural for people to wonder if their affairs are in order and if their assets are protected if anything should happen to them. While we feel estate planning should always be a priority, it is especially important during this unprecedented time. In this article, we will discuss just a few...

Finance Minister Bill Morneau announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) program to provide support to employers for employees wages since March 15 as part of the government’s overall COVID-19 Economic Response Plan. Originally in place until June 6, the CEWS was extended to August 29 and is now being proposed to...

The revised application process became available today for the expanded CEBA loan program initially announced in May. The initial loan eligibility criteria was restricted to businesses with payroll between $20,000 and $1,500,000 in 2019 and many businesses have already accessed the $40,000 interest-free, partially forgivable loan through their main banking partner. Businesses that remunerate their...