Insights

Running a profitable farm is complex. Managing costs and ensuring your farm stays on budget is no easy task. Especially as costs continue to go up for things like equipment, inputs and labour. That’s where the AgriInvest program steps in, offering a financial cushion and encouraging Canadian producers to save for challenging times. AgriInvest is...

In 2020, the Canadian government launched the Canada Emergency Business Account (CEBA) to support small businesses and non-profit organizations impacted by the COVID-19 pandemic. This initiative offered interest-free loans of up to $60,000, with a portion of the loan being forgivable if the repayment terms are met. As we approach the end of the 2023,...

Investing in rental properties can be a worthwhile venture, but it also comes with various financial and legal considerations. When looking to purchase a rental property, one is often faced with the decision of whether to own rental properties personally or through a corporation. This choice can significantly impact your tax liabilities, asset protection, long-term...

(authored by RSM CANADA) The Canadian economy added 18,000 jobs in October, down from a gain of 63,800 in September, as the unemployment rate rose by 0.2% to 5.7%.

On November 1, 2024, the Government of Canada announced changes to contributions for both Canada Pension Plan (CPP) and Employment Insurance (EI) for the 2024 calendar year. The changes in how CPP is treated on a personal tax return (which began in 2019) mean that of the $3,867.50 of normal max contribution, $631.00 will be...

With only hours to spare, the Minister of National Revenue today announced a further extension of filing deadline for 2022 Underused Housing Tax returns – filing by April 30, 2024 will avoid interest and penalties. The filing deadline had been extended to October 31, 2023 from an original deadline of May 1, 2023. “The Underused...

(authored by RSM CANADA) Bare trust arrangements are now subject to the filing requirements of a T3 Trust Income Tax and Information return.

Once a buy-sell provision is triggered in a unanimous shareholders agreement (USA), the valuation clauses in that agreement (which have usually been ignored for years) may lead to unintended financial outcomes for all parties. Careful consideration when preparing (or revising) the shareholder agreement can better reflect the shareholders’ intentions as well as provide useful instruction...

Navigating the world of business valuations can be a daunting task for many business owners. This complex domain is rife with common misconceptions and misunderstandings that may obscure the true value of a business. Whether it’s simplistic reliance on valuation “rules of thumb,” outdated valuation reports, or ill-considered estimates of partial ownership interests, these misconceptions...

Congratulations to Sheila Filion, FCPA, FCA on receiving the prestigious FCPA designation. Virtus Group is thrilled to highlight Sheila’s exceptional accomplishments and unwavering dedication to her profession, firm and community. Sheila earned her Bachelor of Accounting from the University of Saskatchewan and joined the firm in 1994. During her 29 years of experience in public...