Virtus Insights

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...
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Federal Economic Update
On December 14, 2021, the Minister of Finance released the Economic and Fiscal Update 2021. Our tax experts have read through the document and extracted the important information that may affect you or your business. You can find the federal government release here. Farming Carbon Credit Corporations, individuals, and trusts (whether directly or via a...
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7 Reasons to Outsource Your Accounting & Bookkeeping
A fundamental concern we often hear from our clients is the struggle to keep up with routine accounting processes. This shouldn’t come as a surprise given that over 95% of businesses in Saskatchewan have less than 50 employees. This often means the business owner, or a generalist employee, is responsible for maintaining financial records, which...
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How ROMRS Will Impact Your Business
Learn about ROMRS, changes to accounting standards announced in December 2018 by the Accounting Standards Board of Canada (AcSB), and how they can affect your company’s balance sheet for 2021 and beyond. What are ROMRS? Retractable Or Mandatorily Redeemable Shares (ROMRS) are commonly issued in a tax planning arrangement. What has changed? Changes to the...
Updated CERS & CEWS subsidies announced by Ottawa
(authored by RSM CANADA) With the expiration of CEWS and CERS, the Federal government has announced new programs aimed at supporting the hardest-hit industries.
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4 Professional Services Trends in 2022 & Beyond
The past 18 months has radically transformed the professional services industry. See where accounting, finance and legal services in Saskatchewan, Canada and the rest of the world are trending in 2022 and beyond.
Federal Election Results 2021
(authored by RSM CANADA) The results are in and the Liberals have formed another minority government, what does this mean for taxpayers?
Replacement property: How to defer capital gains on farmland
(authored by RSM CANADA) Leanne Alexander outlines the capital gains tax implications of replacement farmland and offers expert guidance for farmers.
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Changes on the horizon for Agricultural producers
Are you ready for the new accounting standard for biological assets and harvested products? In the agricultural industry, there has been great diversity in how biological assets were accounted for, leading to inconsistency in reporting among producers. After years of consultations and analysis, the Canadian Accounting Standards Board released new guidance to account for the...
Bill C-208: The saga continues…
(authored by RSM CANADA) Bill C-208 has received Royal Assent and is now law, but legislative amendments are expected to support only bona fide business transitions.