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• Inaccurate information will produce errors in financial reports and impact management decisions.
• Cash flow issues resulting in the inability to meet short term obligations and goals thru missed opportunities.
• Legal and taxation compliance will be impacted by poor or negligent bookkeeping. Inaccurate calculation of sales taxes, payroll withholding taxes and the inability to meet tax payment and reporting obligations. This will result in high penalties and interest expenses resulting unwanted attention from CRA.

• Taking on all the bookkeeping and accounting roles yourself with less than a good understanding of accounting understanding is not a prudent choice. In fact, it is risky and can end up costing the company money in sort our and correcting errors. Hiring a professional qualified  Bookkeeper/General Accountant  to keep your records straight is a better choice, allowing errors to be found, processes to be maintained and business owners time used for building and running their business.

• Taking the cheapest accounting person available is not a wise choice. Remember you get what you pay for. In the end an unqualified bookkeeper, accountant will cost you money. Make sure to research and hire a bookkeeper, accountant with the appropriate certifications.

• Neglecting to retain and track receipts for those small purchases, add up and cost the company money. Claiming all your company expenses even the smallest will result in savings. Any receipt regardless the amount where Sales tax has been applied will reduce the amount of Sales tax payable to the Gov’t.  Remember to keep your receipts, as proof of company expenditures and CRA compliance.

• Failing to remit sales tax returns and payments or forwarding withholding taxes on payroll held in trust is a big no. Unreported and unpaid sales tax will cost your company dearly in  interest and penalties.  Even worse are the consequences of not forwarding payroll withholding taxes for CPP, EI and Tax to CRA on time.  Remember payroll deductions from your staff are funds held in trust and must be remitted on time.  Failure to comply will result in penalties, CRA reviews, bank accounts being frozen or much worse such as business loss. 

• Having no interest in accounting, the lack of reviewing your bookkeeping, or learning the basics on how to read your financial statements is detrimental. Knowledge in your finances is an important part in keeping your company healthy and growing.  Learn it and do it.  Even the basics will help instill confidence and ensure the persons you hired to maintain your companies’  financial records are doing their jobs. Understanding your financial reports, will serve in making better management decisions, help with budgets and forecast  for future developments.  

• Falling behind in record keeping and not backing up your data. Staying up to date is very important in keeping your records current.  By keeping on top of the bookkeeping, your data is readily available in making important decisions, understanding how much money is owed to the business, or needed to pay bills, and the net profit or loss situation of the business.   Always backup financial data. Even though hard copies are passe, never rely on cloud storage keep the data safe. Maintain a fail-safe backup system, consider preserving extra digital copies of the records,  such as one in the cloud and one secured on an external hard drive.   A loss of any accounting data is costly to replace, if the data can be replaced.    Keep your records safe!

• Nonprofit organizations operate for no profit, receiving their funding through donations, donations-in-kind, government and municipal grants and fundraising activities. Nonprofit stakeholders and board members are concerned with properly utilizing and allocating the funding resources the organization has received. For profit businesses are interested in the company financial position, tax savings and profits gained thru the sale of goods and services.
• Nonprofits have special reporting requirements to their funders, and they have unique financial statements. A nonprofit balance sheet usually has accounts for deferred revenue and deferred contributions.
• Nonprofits are entitled to claim back 50% GST on applicable purchases, and do not collect GST on their services. For profit entities collect sales tax on goods and services and can claim back 100% GST paid on applicable purchases.

Yes, self-employed Canadian or permanent resident can have access to EI Special Benefits. Registration is voluntary with the Canada Employment Insurance Commission. Here is a link from CRA website with more information: https://www.canada.ca/en/services/benefits/ei/ei-self-employed-workers.html