Questions from the floor

No. We do not send your information to the CRA on our own, and we are not the tax police. What we do is keep a clean, accurate record of the tips you earned, so that when it is time to file, you have the paperwork. Like any bank or platform that keeps financial records, we can be required by law to share information if the CRA ever formally asks, but we do not volunteer it.

Using Industry Savings does not put a target on your back. Tips have always been taxable income, whether they are cash or card, whether you used an app or not. What actually raises audit risk is income that does not add up, not income that is clean and documented. Having a clear record works in your favour, not against you.

No. Lots of people in this industry are in the same spot, and starting to keep clean records now is a good thing, not an admission of anything. Going forward, your tips are documented and you can set aside a little for tax as you go, so filing stops being scary. If you are behind on past years, you are not stuck and you are not alone: a tax professional can help you sort it out, and it is usually far less painful than people fear. We are glad to point you toward one.

It depends on your total income, but for most tipped workers it is a manageable slice, not half your money. The app shows you a running estimate (a common rule of thumb is around 15%, and you can adjust it), and it can automatically move that estimate into your own Tax Savings as tips come in. So the money for tax is set aside before you spend it, and tax season is not a shock. The estimate is a guide, not the exact number your accountant will calculate.

No. It is optional and it is your money either way. If you turn it on, we move your estimated tax into your own Tax Savings account, which is still yours and still withdrawable any time. We never hold it back or send it anywhere. It is just a way to not get caught short.

Because declared income is what lets you build a real financial life. No bank approves a car loan, a mortgage, or sometimes even a phone plan on income you cannot prove. Undeclared cash keeps you invisible to the system that decides those things. Documented tip income is the paperwork that gets you approved, and over time it builds your credit history.

Your money is held at a licensed bank, in a pooled account, and the app tracks exactly how much of it is yours, down to the cent. Industry Savings is the record-keeper, not the vault. We do not hold your money in our own company account, and we cannot spend it. That is deliberate, and it's how we guarantee that your money is always there and always safe.

No. Your account is yours, not the restaurant's. The staff 'captain' sets up the tip allocation but they have no access to your account and cannot pull or remove your funds, only deposit.

Nothing bad. Your account, your balances, and your income history stay with you. Your next restaurant just re-verifies you and adds you back. You do not start over.

Yes. You cash out to your own bank by Interac e-Transfer, and standard cash-out is free. New tips show as pending for a short time while the card payment clears, then they are available to withdraw.

No fee when the guest tips, and free cash-out. A small card-processing fee (about 3%) comes out of the pool before tips are split, the same card cost every business pays, so your tip lands clean and documented. Industry Savings never adds a fee when you receive a tip, and standard cash-out to your own bank is free.

Every time someone pays by card, the card companies (Visa, Mastercard) charge the business a fee, usually around 3%. That is how they make their money, and every restaurant already pays it on card sales. Industry Savings does not add a fee of its own when you receive a tip; that card-company fee simply comes out of the pool before tips are split, the same as anywhere a card is tapped. It is the cost of accepting a card, not a cut Industry Savings takes. Tips paid in cash have no card fee at all.

A safe place to keep your tips instead of spending them on the way home, an automatic tax set-aside so tax season does not bite, documented income that helps you get approved for the things cash cannot, and savings goals you can lock money into. Your money, working for you.

Yes. Your funds are held by a real bank, moved by a trusted payment processor, and paid out through Interac, the same systems and tools your own bank uses. It is built to be the legitimate, above-board way to handle tips, for people who want to build something.