Tax Advice

Death of a Taxpayer
Death of a Taxpayer: Tax Impact When Transferring Assets
Planning for the future means addressing two certainties—death and taxes. While losing a loved one is emotionally difficult, the tax impact and administrative burden that follow can be mitigated through proactive estate planning. Proper preparation ensures that assets are transferred efficiently, minimizing tax liabilities and legal costs. In Canada, unique tax rules apply upon death,...
CRA Defers Corporate Tax and GST/HST Payments Until June 30, 2025
Important tax relief update for Canadian businesses: The Canada Revenue Agency (CRA) has introduced temporary relief measures that will benefit businesses navigating the current tariff environment. Business clients should take note of the payment deferrals for T2 Corporate Income Tax and GST/HST remittances now in effect.  What’s Changing Effective April 2, 2025, through June 30,...
Saskatchewan legislature building
2025-26 Saskatchewan Provincial Budget Commentary
On March 19, Finance Minister Jim Reiter tabled the 2025-26 Saskatchewan provincial budget. The new budget contained several spending initiatives but few major tax changes. We’ve detailed some of the new tax incentives and their impact on individuals and business owners in the province. Business Impact: Personal Tax Measures: General Tax Measures Budget Surplus Projected...
Two people examining financial statements
Bare Trusts and Alternative Minimum Tax (AMT): What’s Changing for Trustees?
Recent federal initiatives in Canada are reshaping how bare trusts and trusts in general approach their filing obligations, particularly with regard to the Alternative Minimum Tax (AMT). While some proposed changes remain in draft legislation, they signal significant shifts for trustees and beneficiaries to be aware of. Understanding these updates is crucial for ensuring compliance...
Tax Filing
CRA Administrative Filing “Extensions” Announced
February 20, 2025 Canada Revenue Agency (CRA) has announced a series of administrative “extensions” to the regular tax reporting filing deadlines as a consequence of some challenges faced by taxpayers the last few weeks. While we still encourage everyone to make their best efforts to file by the regular deadline as the CRA announcements do...
RRSP vs. TFSA
Understanding RRSP vs. TFSA: A Guide for Canadian Business Owners
As a Canadian business owner, managing your finances can sometimes feel like navigating a complex maze. Between running day-to-day operations and planning for the future, finding the time to focus on personal and business financial planning can be challenging. However, understanding the tools available for retirement savings and tax planning is crucial for long-term success....
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...
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...
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...