Virtus Insights

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.
Financial conditions and Canada’s real economy
(authored by RSM CANADA) Tightening financial conditions are hurting the Canadian economy to the point where the rising risk of a recession and a housing contraction much larger than anticipated cannot be discounted.
ESG explained: What companies need to know
(authored by RSM CANADA) Environmental, social, and governance is now a key success factor for many companies. Learn more about ESG’s potential issues, risks, and opportunities.
Virtus Group Announces New Managing Partner
We would like to congratulate Jeremy Hansen on his new role as Managing Partner for Virtus Group. The role change will take effect January 1, 2023. Current Managing Partner, Neil Weber will step back from his role, but we will keep him busy with taking the lead on new Virtus Group initiatives. Jeremy joined Virtus...
Salaries vs. dividends
6 things to consider when deciding how to pay yourself
As a business owner, you may have wondered about the differences between paying yourself via dividends versus drawing a salary, and how this may affect your tax burden.  Assuming your business is incorporated, you have the flexibility to pay yourself via dividends, drawing a salary, or a combination of both.  But the question becomes: which...
Parliament Hill Canada
Fall Economic Update released
The Department of Finance released its Fall Economic Update today and was largely used to promote the positive trajectory of many financial metrics in Canada, while also warning of a potential coming recession. There were few new announcements, and plenty of references to announcements made in the 2022 Budget that have not yet been finalized,...