Missed Deductions
Uncategorised expenses you can't claim at tax time
Uncategorised expenses cannot be claimed as deductions at tax time. If you can't prove a business expense happened, the CRA doesn't accept it. Every dollar you can't claim gets taxed as income instead.
GST/HST Interest
CRA compound interest on outstanding balances
If you're behind on GST/HST filings, the CRA charges compound daily interest on the balance owing. Even a modest balance accumulates quickly. The prescribed rate has been running around 8% annually.
Catch-Up Bookkeeping Premium
The extra cost of fixing a backlog versus staying current
A bookkeeper doing catch-up work charges more than one doing ongoing monthly maintenance. Backlogs require reconstruction, judgment calls, and more hours. You're paying for the complexity you created by waiting.
Your Time
Revenue you didn't earn while avoiding instead of doing
Every hour you spend worrying about, partially starting, or avoiding your finances is an hour not spent on client work. The cost isn't just the stress — it's real revenue you didn't earn. (Hint: 2–3 hours a week is 8–12 hours a month. Most people underestimate this.)
If the number is higher than you expected, that is worth knowing. CFO Bestie starts at $950/month. Most people who do this calculation find the math is closer than they thought.
See CFO Bestie →