Virtus Insights

Buy vs. Lease Image
Tax Implications of Leasing versus Buying Equipment: A Guide for Small to Medium Businesses
For business owners, deciding between leasing or purchasing essential equipment is a pivotal choice. This decision not only affects your cash flow and tax obligations but also impacts your operational efficiency and long-term growth. Whether you run a small business or a growing enterprise, understanding the tax implications and financial trade-offs of leasing versus buying...
capital gains on note pad with calculator
Capital Gains Inclusion Rate Deferred to 2026
The Department of Finance has announced a deferral in the implementation of the previously proposed increase to the capital gains inclusion rate. Initially set to take effect on June 25, 2024, the increase has now been postponed to January 1, 2026. This adjustment affects individuals, corporations, and most trusts. Key Highlights: Exemptions and Incentives: To...
portraying keeping money in the family
Understanding the Tax implications of Family Gifting
Family gifting is a meaningful way to support loved ones, whether it’s helping a child with a home down payment, contributing to a grandchild’s education, or transferring cherished assets. However, these acts of generosity can come with complex tax implications in Canada. Understanding these rules is essential to avoid unintended tax burdens while maximizing the...
Cloud-Accounting-Is-Your-Business-Ready-for-the-Cloud
Is Your Business Ready for the Cloud? A Guide to Embracing Modern Accounting
Discover how cloud accounting is revolutionizing financial management by offering unparalleled accessibility, automation, and real-time insights. This guide helps you evaluate your business's readiness for this shift while outlining the immense benefits and strategic steps to ensure a smooth transition. Unlock the future of accounting and position your business for success in today's competitive market.
2024 Fall Economic Statement: Key Takeaways for Businesses, Individuals, and Nonprofits
The federal government’s 2024 Fall Economic Statement introduces new measures and updates aimed at fostering economic growth and supporting Canadians in various sectors. Here, we highlight the key takeaways relevant to businesses, individuals, and nonprofit organizations (NPOs). For Businesses Reducing Credit Card Fees for Small Businesses The government has announced measures to lower credit card...
The importance of cybersecurity resiliency for nonprofit organizations
(authored by RSM CANADA) Cybersecurity resiliency is important for nonprofits. Organizations that have strong cybersecurity resiliency protect their sensitive data and ensure they can fulfill their missions
Canadian Dollars. Bills spread and variation of amount
Maximize Savings: Tax Breaks and Rebate for Canadians
On November 21 2024, the Canadian government announced two significant financial relief measures aimed at easing the financial burden on Canadians: the Working Canadians Rebate for individuals and a temporary GST/HST exemption on essential goods. Working Canadians Rebate The proposed Working Canadians Rebate is a tax-free payment of $250 targeted at individuals who worked in...
2024 CPP & EI Contributions - Virtus Group LLP
2025 CPP & EI Rates Updates
On November 1, 2024, the Government of Canada announced changes to contributions for both Canada Pension Plan (CPP) and Employment Insurance (EI) for the 2025 calendar year. The changes in how CPP is treated on a personal tax return (which began in 2019) mean that of the $4,034.10 of normal max contribution, $678.00 will be...
Fractional Controller - Virtus Group LLP
When and Why You Should Hire a Fractional Controller
Is a fractional controller the right fit for your business? Explore how this approach can provide strategic financial oversight and support your growth, on a flexible, part-time basis.
Canadian Small Business Carbon Rebate Payments & Dates Announced
On October 1, 2024, the Canadian federal government announced that it is set to return proceeds from the carbon tax to small and medium-sized businesses in Canada. As part of Budget 2024, the government introduced an accelerated and automated process to directly return over $2.5 billion to nearly 600,000 small and medium-sized businesses in provinces...