Virtus Insights

2022 Canada Federal Budget: Detailed commentary
(authored by RSM CANADA) The budget is based on three pillars: (i) investing in people by increasing the housing supply and establishing affordable child care, (ii) facilitating a transition to a green economy to fight climate change, and (iii) incentivizing and supporting Canadian production and innovation.
What kind of engagement report is right for you?
Do you have a newly incorporated company, are you contemplating a business sale or considering obtaining new financing? If so, it’s important to know the different types of engagements offered by your accounting firm, to ensure you receive the information that will best meet your needs. The engagement report provided by your accountant tells the...
two red combines in wheat field
4 Advantages to Incorporating Your Farm
Are you a grain or livestock producer? Are you thinking of incorporating your farming operation? Here are five significant advantages to consider as you make a decision. 1. Tax Deferral Opportunity In Canada, the income tax system is designed so that whether income is earned personally or inside a company, the total taxes paid should...
Expansion of Business Investment Tax Support Announced
On February 4, 2022, the Department of Finance released draft legislation intended to enact numerous measures previously announced in the 2021 Federal Budget. This draft legislation is open to public comment at this stage and is not yet enacted. The rules allowing immediate deductibility of eligible capital asset additions are of particular note.  Those rules...
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Preparing a business for sale – the final means to resolve a dispute?
NOTE: This article was written for and first appeared in the March 2022 issue of The Advocate, produced by the Saskatchewan Trial Lawyers Association The business sale process may not be something you assist with regularly, but sometimes a family law situation or a significant shareholder dispute may result in a business being marketed for...
Childcare facility in Saskatchewan
Childcare Changes in Saskatchewan
In August 2021, the Government of Saskatchewan and the Federal Government signed a childcare agreement aimed at reducing childcare fees at licensed daycare institutions. This agreement is the first step in a five-year plan to reach, on average, $10 a day licensed daycare by 2025. As a result of the agreement, licensed daycare centres in...
hand on calculator and papers on desk
New Compilations Standard
New compilations standard CSRS 4200 will impact former “Notice to Reader” engagements. Who does this impact? If you have previously had Virtus Group issue a “Notice to Reader” report on a set of financial statements, a new standard issued by CPA Canada will affect our engagement with your company or organization and the appearance of...
10 steps to reduce the impact of cyberattacks
(authored by RSM CANADA) No organization is immune to suffering a cybersecurity breach. Learn 10 key steps to reduce sophisticated cyberattacks on your business.
image of loonie on scale
CEBA Repayment Deadline Extended
On January 12, 2022, the Department of Finance announced that the repayment deadline for the Canada Emergency Business Account (CEBA) loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023. Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up...
Did That Project Make Money?
All too often when meeting with construction clients, I hear the comment: “I think we made money on that job” or “that job should have made money”.  With volatility in material pricing, supply chain issues and skilled labour shortages, being able to review accurate and meaningful project profitability reports on a regular basis is more...