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Unified Accountants Inc. Blog

Unified Accountants Inc. is pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.

If you have any questions, simply contact us by email or call (778) 865-0009. We will be happy to meet with you for a free, no-obligation consultation.

BUSINESS FUNDS VERSUS TRUST FUNDS

Mary and Joe Brown own a computer business with 2 employees.  Mary completes the bookkeeping and assists Joe as a computer tech.  They opt to remit HST quarterly.  Mary has minimal bookkeeping experience and completes the books once a quarter.  Joe and Mary purchase computer inventory whenever necessary and make large shareholder withdrawals.  At the end of the quarter, Mary realizes that they do not have the funds necessary to pay the Receiver General so she neglects to file the HST.  The Receiver General sends the business a notice and Mary netfiles the first and second quarter.  Mary realizes that due to the large inventory and shareholder withdrawals, the business does not have the funds to pay the trust monies (HST), interest and penalties.

In the above scenario, Mary and Joe are spending Trust Funds and placing their business in jeopardy.

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Sunday, 25 February 2024

Contact Us

Surrey Office

Unified Accountants Inc.
Unit 248 - 8138 128 Street
Surrey, BC
V3W 1R1

Phone: 778-865-0009
Fax: 250-302-3632

Smithers Office

Unified Accountants Inc.
P.O. Box 3607, 1114 Main Street
Smithers BC
V0J 2N0

Phone: 250-847-2281
Fax: 250-847-4421