Trust Issues

Interesting this whole business of “trust”.  I’m pretty sure we’re all familiar with trust as it applies to us on a personal level.  We trust each other.  We place our trust in certain things, events, processes and institutions.  I need not go on.

In this particular case, the trust I’m talking about has to do with business and especially our financial dealings with the government.  Many of you will know that lawyers and legal firms deal with trust accounts where money is held for specific reasons like real estate transactions and corporate mergers.  The money held by the lawyers in trust must be kept for specific purposes and not diverted anywhere else.  Real estate firms deal with the same kinds of accounts.  The penalties for diverting trust money can be severe.

In a sense, any business that collects HST or withholds employee taxes, CPP and EI for remittance is also holding this money in trust.  This is often where we see the problems.  This money does not belong to the business and must be handed over to Canada Revenue Agency (CRA) by a specific time.  The issue is often that the tax money sits in the same bank account as the rest of the company money.  It is too easy to tap into this extra money as the need arises.  When the time comes to remit to CRA, the money isn’t there.  Wait a minute!  Why not?  The excuses are many but the fact remains, it’s CRA’s money and they want it right away.  Furthermore, they have the power to levy fines and interest on late payments.

In all fairness, as I am not a big fan of paying taxes myself, CRA is very patient with delinquent accounts.  The will send notices and make every effort to get the business to pony up.  Regardless, there will come a point when even they will say enough is enough.  Here’s where it gets even better.  They can freeze bank accounts and do a host of other things to enforce compliance.  I already mentioned the fines and penalties.  Audits of the books are inevitable.  This is really not something you want to mess with.  Trust me on this.

It would almost be better if moneys collected from sales were automatically split and deposited properly in a separate account for taxes and the rest into the general operating account of the company.  That way the business would have no excuse for tapping into the “trust” account.  The money should then be available when the time comes to hand it over.  Reality doesn’t quite work that way and the results can be catastrophic.  Remember that the product or service that you sell for $100 requires you to collect an additional $13 in HST.  The $13 isn’t yours and never was.  You are just a tax collector for the government.  It’s their money.  Are we having fun yet?

Just to take it one step further, if you are paying a staff member $500, or whatever the figure may be, you must withhold some of that money to satisfy the staff member’s CPP, EI and income tax obligations.  You are paying it out of the $500 that you owe him or her in the first place.  Again, it is not your money.  Ah, but some of you are saying that the business needs to supply matching additional funds for the CPP and EI portions.  This is true.  Welcome to having staff to help you grow your business.  Again, I never said taxes were fun.  Nevertheless, all businesses are required to “render unto Caesar”.

Most businesses that we deal with are fully aware of what I am talking about and make every effort to pay what they owe in a timely fashion.  I trust you will too.  Welcome to business.

Be careful out there.




Meet Vaidehi, a dedicated and professional Bookkeeper since 2021, who proudly supports and assists her clients. Her efficiency and expertise shines through her seamless handling of her clients’ financial records including Accounts Receivable, Accounts Payable, Bank Reconciliation and client communication. Trust Vaidehi to provide the support and solutions you need. During her personal time, Vaidehi enjoys dancing, cooking and tending to her garden.


Bookkeeping Manager

Introducing Tinna, our resourceful and dynamic Bookkeeping Manager with over 12 years of hands-on experience. An expert in all aspects of accounting and finance operations, she handles preparation and maintenance of statutory accounting books, reconciling revenue and expenditure accounts, overseeing the preparation of monthly, quarterly, bi-annual and year-end financial statements, implementing stellar accounting systems and controls, budgeting and financial projections. Tinna’s solid background in managing both financial and non-financial assets, investigating and auditing accounts, makes her an asset to the Fiscal Performance team.


Executive Director

A true believer in the power of streamlined workflows and strategic financial planning, Duane is not just about balancing the books; he is also about balancing success with sustainability, innovation with tradition, and growth with groundedness. Bringing together a blend of expertise, experience, and enthusiasm, he is focused on improving systems to continue on providing a high level of customer service to all of Fiscal’s partners, customers and vendors. He invites you to join the Fiscal Performance network and learn how to solve your accounting and bookkeeping challenges today.


Client Service Manager

If you’re seeking a bookkeeper with a passion for precision, a friendly demeanor, and a love for the beautiful game of soccer, then look no further than Olusegun. With over 10 years of experience with auditing and financial analysis, Olusegun brings a unique blend of expertise and enthusiasm to the table. Known for his approachable demeanor and willingness to go the extra mile, he’s not just your typical accountant – he’s a trusted ally in your company’s full cycle financial management. So, if you’re in need of a bookkeeper (with auditing know-how) who gets the job done, valuing integrity and reliability as part of every job, Olusegun is your go-to guy!


Task Manager & Quality Control

Sam is a seasoned Bookkeeping Manager with over 14 years of experience. Proficient in book cleaning, reviews, HST report preparation, and finalizing accounts using QuickBooks, he holds a Bachelor’s degree in Law, and Master’s degree in Commerce. Sam is known for his dedication to meeting deadlines, his collaborative work ethic, and equal prioritization of family and work. A nature and pet lover, he finds solace in music.



Meet Alex, a highly esteemed member of our team, whose accounting expertise spans back to 2015. Holding a semi-qualified Chartered Accountant designation and a post-graduate in Accounting (achieved in 2018) Alex remains steadfast in catering to the needs of clients. Over the course of this distinguished career, Alex has cultivated invaluable proficiency with an array of esteemed accounting software. Renowned for unwavering punctuality, Alex consistently maintains a proactive approach, ensuring meticulous oversight of all deliverables.



Meet Eric, a distinguished professional with a Master of Commerce and a semi-qualified Chartered Accountant. He boasts three years of specialized experience in Canadian and US accounting, using software such as QuickBooks Online, QuickBooks Desktop, and Dext. Eric’s proficiency shines through his seamless handling of onboarding, migration, clean-up, and catch-up projects. Renowned for his tech-savvy approach, Eric leverages his expertise in advanced Excel macro building to empower clients — enhancing their productivity and efficiency. Trust Eric to deliver unparalleled financial solutions tailored to your specific needs, ensuring excellence every step of the way.



Jess is a dedicated Bookkeeper, with a Bachelor of Accounting, who is proud to assist her clients with bookkeeping support, since 2020. Jess is well-versed in a suite of software programs with a focus on QuickBooks Online. Her expertise extends beyond conventional bookkeeping, encompassing Accounts Receivable, Accounts Payable Management, Payroll processing, and adeptly managing the books as per client specifications and needs. She stands out for her swift file processing capabilities and streamlined financial processes at Fiscal Performance.


Task Manager

Meet David, Fiscal Performance’s Task Manager. A distinguished accounting & finance professional since 2014, David is adept in leadership roles. Known for his advanced skills in process implementation and continuous improvement, David works to ensure optimal outcomes for clients. With extensive experience spanning global markets including Canada, USA, UK, and Australia, he specializes in providing comprehensive CFO & bookkeeping services. Proficiency in a variety of accounting software enables him to tailor solutions to meet his clients’ needs effectively. David is detailed oriented and his ability to deal with conflicting priorities in high-pressure situations makes him an VIP at Fiscal Performance.



Introducing Chris, a Reviewer at Fiscal Performance and a seasoned professional in the accounting & finance industry. He boasts a career, starting in 2017, that includes executive roles to team leader positions. A post graduate in accounting, he is proficient in software such as QuickBooks Online and QuickBooks Desktop. Chris has honed his skills over the years, optimizing his bookkeeping processes by prioritizing accuracy and efficiency. Known for his dedication and meticulous approach, Chris consistently seeks out innovative solutions to streamline operations and deliver top-tier results. His commitment to excellence and his proactive attitude makes him an invaluable asset at Fiscal Performance.

Tracy Khamis

CPB, DFA – Bookkeeping Services Specialist™

Managing Director

Always wanting to learn and gain knowledge, Tracy has worked for multiple companies from various industries. Having the opportunity to work in varied industries from small companies to large organizations such as banks, accounting firms, schools, restaurants, construction, manufacturing and the arts has been extremely exciting. Each industry has different rules that apply, along with different government requirements. This experience has provided Tracy with extensive growth and understanding of bookkeeping, multiple software platforms, and in-depth financial report preparation. To know Tracy is to appreciate what she can do to put your books in order and keep them in a timely, relevant and professional manner.

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