Never mix any of your personal expenses with funds held in

trust. Money and trust are sensitive to misunderstandings. Keep

them clean.

TIP #22: SAVE THE STATEMENTS OF ADJUSTMENT AND

TRUST LEDGER STATEMENTS FOR YOUR
ACCOUNTANT.

Help your accountant help you!

The statement of adjustment and trust ledger statement provide a wealth of
information to your accountant. The information is used to determine the
correct total costs of the property and any required adjustments to the
income for the period. It is also ideal for future reference, years from now,
if the Canada Revenue Agency asks for evidence of the adjusted cost base
of the property when the property is sold.
Avoid the pre-tax-deadline-scramble and forward these statements to
your accountant as soon as you get them. This gives your accountant time
to clarify entries, make his or her own notes and complete any work well in
advance of the tax deadline rush. Remember Tip #4: The more you know
about how the process of an accounting practice works with regard to data
compilation and deadlines, the better you can control accounting costs and