Costly bookkeeping and filing mistakes, CRA penalties, shareholder loan traps, record-keeping rules and where to verify everything.
Most expensive accounting bills come from problems found late: a missed GST/HST registration, personal expenses booked to the corporation, a shareholder loan that was never repaid, bank feeds that duplicated transactions, or a return filed months late. This section explains the mistakes that turn a routine year end into a clean-up project, and the penalties attached to them.
Start with the pillar guide on common corporate accounting mistakes. Then read about late-filing penalties for T2 and GST/HST returns, shareholder loans and personal expenses, CRA reviews and record retention, automation errors and input tax credit support, switching accountants or disputing a bill, and the directory of official sources.
This site explains general rules. It is not tax or legal advice for your corporation; where the stakes are high, talk to a CPA or tax lawyer before you act.
Mistakes, Penalties and Official Sources
The most common errors automated bookkeeping creates for Canadian corporations, how they affect GST/HST and ITC claims, the CRA's invoice thresholds, and a monthly review routine.
Mistakes, Penalties and Official Sources
The bookkeeping, sales tax, shareholder and filing mistakes that most often turn a Canadian corporation's routine year end into an expensive clean-up, and how to avoid them.
Mistakes, Penalties and Official Sources
How long a Canadian corporation must keep records, what electronic records must meet, how CRA review letters and audits work, and how accountant fees for responding are usually billed.
Mistakes, Penalties and Official Sources
How the CRA calculates late-filing penalties on corporate T2 and GST/HST returns, repeat penalties, e-filing and payment penalties, interest, and when relief may be available.
Mistakes, Penalties and Official Sources
Where to verify corporate tax deadlines, GST/HST and QST rules, accounting standards, CPA licensing and complaints in Canada, and which source answers which question.
Mistakes, Penalties and Official Sources
How the Income Tax Act treats money an owner takes from a Canadian corporation, the one-year repayment rule, imputed interest, personal expenses as benefits, and how to keep it clean.
Mistakes, Penalties and Official Sources
How a Canadian corporation changes accountants mid-year or at year end, what records to ask for, how to update CRA authorizations, and where to turn when a fee or service dispute cannot be settled.
