What Is a Canadian Revenue Agency Trust Account?

What Every Business Owner Needs to Know

Payroll deductions and GST/HST collected from customers are amounts your business may hold in trust for the CRA. They are not simply extra cash available to spend. These amounts must be accurately recorded, reconciled, reported, and remitted according to your CRA requirements. Payroll remittance frequencies can vary, and GST/HST reporting may be annual, quarterly, or monthly depending on your circumstances. As your business grows, your reporting requirements can change, making it important to understand your obligations and monitor your CRA balances. Proper accounting processes help prevent unexpected liabilities, cash-flow problems, missed deadlines, and penalties.

At Resurgant Software Inc., we can help you understand your CRA trust accounts and make sure your accounting records, payroll, GST/HST, and reporting processes are working together. We can review your current processes, help reconcile your CRA accounts, improve your accounting systems and internal controls, and help you understand what you owe and when it is due. Not sure if your CRA trust accounts are being managed correctly? Give us a call. We can help you understand it—or do it for you.