Starting January 1, 2024, there is a significant change in how businesses can make payments or remittances to the Receiver General of Canada (CRA).

What You Need to Know:

• New Electronic Payment Requirement: For transactions exceeding $10,000, electronic payments are now mandatory. This change aims to streamline processing and enhance security.
• Penalty for Non-Compliance: If payments are made non-electronically for amounts over $10,000, the CRA may impose a penalty of $100. Visit the “Payments to the CRA” page for comprehensive information and guidance

In the summer of 2017, an accounts payable employee at MacEwan University received an email that, at first glance, appeared innocent enough. The Edmonton-based institution was in the midst of a massive construction project, and one of its vendors requested a change in their banking information. What made this email particularly convincing was the fact that it bore the vendor’s official logo. But appearances can be deceiving. This seemingly harmless email led to a devastating discovery, highlighting the alarming prevalence of fraud in today’s business landscape.

It wasn’t long before the truth came to light. A few months after making the requested change, MacEwan University discovered that it had fallen victim to a phishing scam, resulting in a staggering loss of $11.8 million. This incident served as a stark reminder that email fraud cases, especially those involving Business Email Compromise (BEC), have become distressingly commonplace in recent years.

In the spirit of Small Business Month, we’re excited to share an inspiring success story that highlights how innovative payment solutions can empower small businesses to achieve growth and efficiency. Meet Paul Aucoin, the founder of Aucoin Enterprises, a thriving small business that has effectively utilized Telpay’s payment platform to simplify operations and enhance customer satisfaction.

Paul Aucoin is the driving force behind Aucoin Enterprises, a nimble team of seven highly skilled professionals. With over a decade of industry experience, they specialize in accounting, bookkeeping, business management, and payroll services. Despite their small size, they’ve made a significant impact by serving a diverse clientele, including film and television, the music industry, iconic Toronto coffee shops, and so much more.

In Case You Missed It – Telpay Online is Here!

With the hustle and bustle of running your small business, you may have missed the big news – Telpay Online has launched. This user-friendly, all-in-one platform is poised to transform your payment processes and streamline your workflow. Just like its desktop counterpart, Telpay Online, a cloud-based platform, provides a wide range of payment solutions, including CRA payments, government remittances, supplier payments, utility payments, and even recurring collections via Pre-Authorized Debits. This secure platform combines flexibility, portability, and power to enhance your small business operations.

So, let’s take a closer look at some of its features:

1. Work From Anywhere:

Say goodbye to the confines of a traditional office. Telpay Online enables you to work from anywhere – whether it’s from the comfort of your home, a remote location, or your office. The flexibility you’ve wanted is now at your fingertips.

In such a fast-paced business environment, it is crucial to streamline your payment processes and maximize efficiencies. That’s why Telpay Online has developed a seamless integration with QuickBooks Online. This innovative integration enables businesses to save valuable time by simplifying processes and reducing manual workload.

Let’s explore the advantages of Telpay’s two-way sync with QuickBooks Online, and elevate your business to the next level.

Automate and Sync Data Effortlessly: Manual data entry is tedious and comes with the risk of human error. Telpay’s seamless integration with QuickBooks Online enables automated data synchronization between both platforms. This means payments, invoices, and vendor/supplier information seamlessly flow between the two platforms in real-time. Having your records automatically updated with accuracy and efficiency, leaves you confident spending your newfound free time on more valuable tasks.