Tax Advice

Saskatchewan Home Renovation Tax Credit
2025 Saskatchewan Home Renovation Tax Credit
The home renovation tax credit is available for Saskatchewan residents making renovations to their principal residence in 2025. Renovation expenses incurred between October 1, 2024 and December 31, 2025 may qualify for the credit. The non‑refundable 10.5% credit applies to eligible home renovation expenses exceeding $1,000 and is capped at $5,000 of claimable expenses, resulting...
Saskatchewan legislature building
2026-27 Saskatchewan Provincial Budget Commentary
The Saskatchewan government released its 2026–27 provincial budget on March 18, 2026. As expected, the budget focuses on stability, with no new taxes and no major service cuts, reflecting ongoing economic uncertainty. Below is a breakdown of the key tax changes, business incentives, and economic outlook, and what they mean for individuals and businesses in...
2024 CPP & EI Contributions - Virtus Group LLP
2026 CPP & EI Rates Updates
On October 30, 2025, the Government of Canada announced contribution rates, maximums and exemptions for both Canada Pension Plan (CPP) and Employment Insurance (EI) for the 2026 calendar year. The changes in how CPP is treated on a personal tax return (which began in 2019) mean that of the $3,519.45 of normal max contribution, $711.00...
Canadian Federal Budget Commentary 2025 | Virtus Group
2025-2026 Canadian Federal Budget Highlights and Analysis
Finance Minister Francois-Philippe Champagne released the 2025 Canadian Federal Budget on November 4th. This Budget was remarkable for a few different reasons – the fall timing has been announced as the new “norm” after traditionally being released in the spring (considered not practical earlier this year with the April 28th election that resulted in our...
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....