Liability insurance is provided by national headquarters and paid for through national contributions. This insurance is renewed annually and covers the period from April 1 to March 31. It covers activities authorized by either the Air Cadet League or the Canadian Armed Forces. In addition, all activities involving cadets MUST be authorized by the Canadian Armed Forces. In the event of a claim, the Insurer will require confirmation that the activity was authorized in accordance with the instructions of the appropriate authority.

The insurance provided by the Air Cadet League of Canada does not apply to persons working for the Department of National Defence, including members of the Canadian Armed Forces and civilian instructors.

• Insurance coverage booklet
• Squadron application for certificate of insurance 

It is strongly recommended that all SSCs have a property insurance policy in force at all times. The Quebec and Ottawa Valley Provincial Committee offers group insurance for participating squadron sponsoring committees (SSCs), but an SSC may choose to obtain its own insurance policy. The QOVPC insurance covers the period from November 1 to October 31, and is renewed annually. The cost of this insurance varies from year to year. Each participating SSC is billed directly by the QOVPC for the amount of coverage it chooses.

Regardless of the SSC’s insurance policy decision, it must maintain an inventory of its own property, but without including property owned by the military partner. The inventory must be prepared by the outgoing SSC before the end of its mandate (before June 30), since it must be sent to the provincial office by July 15 for the following year’s insurance coverage.

One of the SSC’s main responsibilities is to manage the squadron’s financial affairs during the SSC’s fiscal year, which runs from July 1 to June 30. The squadron budget is prepared in partnership between the Commanding Officer and the SSC Chairperson, based on squadron requirements and expenditures approved by the Eastern Regional Cadet Support Unit ( RCSU-E ) and approved by a quorum of the SSC (as are all SSC decisions). The SSC is responsible for the bank account and for paying invoices for approved expenses, including those subsequently reimbursed by the RCSU-E. The treasurer and chairperson are primarily responsible for the financial management of the SSC. However, the SSC as a whole assumes financial decisions and responsibilities, with advice, input and feedback from the Commanding Officer. Since squadron financial decisions are primarily the responsibility of the SSC, military personnel cannot impose decisions in this area.

The well-being of each squadron depends greatly on the existence and management of financial resources. The treasurer is responsible for all SSC accounting records, keeping them up to date and ensuring that they are accurate and complete. The SSC Financial Report (commonly known as the ACC9) is the tool used to keep these records up to date, as well as to produce the year-end report and draft budget for the following year. The SSC treasurer is responsible for keeping the ACC9 up to date throughout the year, finalizing this document before the end of his or her term, sharing it with the chairperson of his or her SSC and, where appropriate, providing the next treasurer with the final, balanced version. Use of ACC9 is also necessary to meet the obligations of the QOVPC and of the League’s national headquarters to the Canada Revenue Agency.

• ACC9: SSC Financial Report Version 2024

SSCs with a charity number have legal obligations at the federal level and (in the case of SSCs located in Quebec) at the provincial level. The ACC9, mentioned above, is used to generate the documents required for the annual information return to the Canada Revenue Agency (CRA). The deadline for sending the required documents to the CRA is 6 months after the end of the fiscal year, i.e. December 31. An SSC that fails to submit its documents by the deadline is at risk of losing its charitable number and facing significant consequences for its SSC.

• Canada Revenue Agency: T1235 Directors/Trustees and Like Officials Worksheet
• Canada Revenue Agency: T3010 Registered Charity Information Return
• Revenu Québec: TP-985.22-V Information Return for Registered Charities and Other Donees

Taxes paid by the SSC and not reimbursed by the military partner are eligible for partial reimbursement, which varies according to the province in which the SSC is located.

• Revenu Québec : FP-2066-V GST/HST and QST Public Service Bodies’ Rebate Application
• Canada Revenue Agency: GST66 Application for GST/HST Public Service Bodies’ Rebate  (Ontario SSCs only)
• Canada Revenue Agency: RC7066-SCH Provincial Schedule – GST/HST Public Service Bodies’ Rebate (Ontario SSCs only)