Happy New Year

Happy New Year and Fiscal New Year (for those lucky enough to have a double celebration!).

With a new year, there are new beginnings, new opportunities, and new adventures. At Finatics, we started our New Year celebrations early when we welcomed our newest Finatic Gemma Lee as our Virtual Controller. Gemma is a CPA, CGA and has extensive experience in manufacturing and distribution sectors. Gemma will mainly be managing the day-to-day accounting, reporting, and regulatory compliance for the organizations that we work with. We are extremely excited for 2022 and to have another amazing Finatic helping our organizations achieve and exceed their goals and objectives. If you would like to learn more about Gemma, please visit our website at www.finaticsaccounting.ca.

2021 Year in Review

In late 2020, we identified the need to enhance our cyber security and provide additional assurance to the organizations that we work with that our systems, processes, and documents are secure and protected.  Over the course of 2021, we have implemented numerous initiatives to improve our overall security and data protection.

In early 2021, Practice Protect was implemented to provide us with a secure single login for our systems.  This allowed us to have a central system for passwords and logins, which allows our team to access client information without being required to know the client’s passwords or login details. This system also geofences our team to their specific work location, which limits access points to the system. Additionally, this system monitors if anyone is trying to access the system from outside of our geofenced locations and blocks them from acquiring access.  During this process, we also became Cloud Best Practice Certified.

In mid-2021, Finatics entered into an agreement with Rewind to provide QBO data backup (in the Cloud stored in Canada) at a discounted rate to the organizations that we work with. We did this because we discovered that QBO does not guarantee that the data within QBO is backed up. To reduce the risk to our clients of data loss or corrupt QBO data, we have implemented this for all our monthly package clients. Rewind can also back up your Shopify store data and now Microsoft 365 (Office365). If you are interested in these features, please let us know by emailing your Virtual Accounting Team or info@finaticsaccounting.ca (Finatics uses Rewind to back up our Microsoft 365).

In late 2021, Practice Ignition was implemented to provide a better proposal/agreement process that also has a security payment processor built into it so our clients can pay us directly using a security process.

For many organizations, it is fiscal year end. To help us stay on top of everything and to provide timely year-end closing, please ensure that your receipts, bills, expenses, and other back up information is loaded into Dext (or emailed to your designated email address) as soon as possible.

Happy New Year and we can’t wait to share in all of your experiences in 2022 and beyond!

Michael

Did you know Dext Mobile has a Messaging Feature?

You can respond to questions from Your Finatics Team Member directly from your Dext mobile app!

We may send you a message about a particular document or item that needs clarification. When you receive a message, you will see a notification appear in the Dext mobile app next to the bell icon and next to the item in question.  

Click on the notification to open the Communications screen and then tap the message to open it.

Type your reply in the message box and then tap the green send button and the message will be send to us.

Cyber Security
We are sure every business owner would agree secure software offers benefits such as:

  • Protected Business and company information
  • Protected Personal information of owners and employees
  • Employee’s ability to work safely online while using online business applications
  • Inspired client confidence in your business

At Finatics, we are committed to using secure systems to protect your information! We are regularly updating our practices, procedures, and systems in order to make sure we comply with all of our information security obligations.

To ensure secure services for our clients, we are engaged with protecting privacy through continued education and Cloud Best Practice certification.

We strive to be a responsible data custodian by having the technology, training, and policies in place to protect client data.

Watch out for Scams During Year End

Cyber criminals rely on current events to make scams more convincing, and tax season is a major event! Average losses in 2021 were far higher than in 2020 – each year over year has seen an increase in reported scams. Remember: do not give out any information to an unverified source.

Common Scams to watch for:

  • Voicemail Scams: such as threats of legal notification, warrant for arrest, awards, refunds.
  • Texts: for example, COVID-19 Safety false information.
  • Email Phishing: such as a fake Government or Organization page that mirrors valid departments and businesses (such as a Tax Refund). Monitor all emails to ensure they are from valid senders. Do not click suspicious links or links from unknown senders!

Ways to spot a fake email as defined by our Cybersecurity partner Practice Protect:

Changes to Federal Programs relating to COVID-19 Supports

As the Canada Emergency Wage Subsidy and the Canada Emergency Rent Subsidy programs are discontinued as of October 23, 2021, The Canada Recovery Hiring Program has been extended to May 7, 2022. For the period of October 24 to November 20, 2021, the subsidy rate will increase to 50 percent and is available to eligible employers with current revenue losses above 10 percent. 

Two new programs are becoming available for business that have had significant impact due to the pandemic.

One program is the Tourism and Hospitality Recovery Program for those in the tourism and hospitality industry. This program is effective October 24 to November 20, 2021, with the possible extension period to May 7, 2022. Eligible organizations are hotels, restaurants, travel agencies, and tour operators.

The second program effective for the same period of October 24 to November 20, 2021, with possible extension to May 7, 2022, is the Hardest-Hit Business Recovery Program. These are for all other organizations not eligible under the Tourism and Hospitality Recovery Program.

Under these two new programs, applicants will use new “two-key” eligibility systems. This means they will need to demonstrate significant revenue losses over the course of 12 months of the pandemic and also revenue losses in the current month. For the Tourism and Hospitably Recovery Program, a significant revenue loss is defined as 40 percent over the first 12 months of the Canada Emergency Wage Subsidy and a current month revenue loss of at least 40 percent. For the Hardest-Hit Business Recovery Program, these amounts increase to 50 percent.

If a business was affected by new local lockdowns, they may be eligible for an amount up to the maximum amount under the wage subsidy and rent subsidy programs regardless of the losses over the course of the pandemic. The government is temporarily expanding the Local Lockdown Program to provide financial assistance to businesses and organizations that suffer a decline in revenue of at least 25% and a capacity reduction of 50% or more due to local public health restrictions. This will apply for claim periods December 19, 2021, to February 12, 2022.

Initial information can be found here:

https://www.canada.ca/en/department-finance/news/2021/10/government-announces-targeted-covid-19-support-measures-to-create-jobs-and-growth.html

Please note that when you read this, this information might not be up to date as the Federal Government has announced potential changes to the programs due to new lockdowns happening due to Omicron. Keep monitoring government websites for the latest announcements.

New Finatic: Gemma Lee Your Virtual Controller
Are you interested in how Gemma could help your business as a Virtual Controller?

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Date

What’s Important

Why it is Important

January 1, 2022

CPP Rate Changes

CPP will be changing to 5.70% from 5.45% with estimated Earnings Max of $63,700 and Max Employee and Employer equaling $3,432 each

January 1, 2022

EI Rate Changes

EI will stay at $1.58 per $100 for a max  earnings of $60,300  up from $56,300. The max contributions per employee is $952.74 (up $63.20) and $1,333.84 (up $88.48) for employers

January 27, 2022

CEWS Claim Period 18:
July 4 to July 31, 2021

Deadline of Claim Period

January 27, 2022

CERS Claim Period 11:
July 4 to July 31, 2021

Deadline of Claim Period

February 24, 2022

CEWS Claim Period 19:
August 1 to August 28, 2021

Deadline of Claim Period

February 24, 2022

CERS Claim Period 12:
August 1 to August 28, 2021

Deadline of Claim Period

March 24, 2022

CEWS Claim Period 20:
August 29 to September 25, 2021

 Deadline of Claim Period

March 24, 2022

CERS Claim Period 13:
August 29 to September 25, 2021

 Deadline of Claim Period


Monday – Friday 8:30am – 4:30 pm

Please note we will be closed during the following holidays: 

February 21, 2022, Louis Riel Day
April 15, 2022, Good Friday