CHARITIES TAX
OUR EXPERIENCE
Our range our services to registered charities and not-for-profit organizations includes support from initial registration to the design and implemention of strong accounting, finance, and tax functions.
Diverse in scope, our portfolio includes charities dedicated to alleviating poverty both globally and in Canada, fostering education by establishing schools, and advancing religious causes.
With extensive experience, we’ve served as advisors to Boards of Directors and Audit Committees, as well as supported management in diverse roles, including acting as CFO. Our commitment extends to the development, operation, and monitoring of finance departments, ensuring the sustainable success of charitable projects.
OUR EXPERTISE - CHARITIES
Charity Registration
Tailored assistance to not-profit organizations with registration for charitable status with the CRA and guiding through the rigorous application process.
Accounting & CFO Service
Comprehensive financial management support for the charitable organizations - empowering them to make informed decisions that drive impactful missions and ensure long-term sustainability.
Tax Compliance Service
Navigate complex tax regulations to ensure compliance with relevant tax laws and timely, accurate filing of annual tax returns.
Financial Reporting
Generate comprehensive financial reports that provide transparency and accountability, offering board, management and donors insights into the organization's financial position and resulting impacts of their contributions.
Advisory Service
Providing strategic counsel to the management and board on diverse governance, fiscal and compliance issues, including the introduction of partnerships with local and international organizations to optimize overall charitable impact.
Grants and Rebates
Identifying, applying for, and securing grants and government rebates by providing guidance on the application process, ensuring compliance with financial and regulatory requirements, and offering strategic advice on partnership development.
Charities Consulting FAQ
The process involves meeting eligibility criteria outlined by the CRA. Key steps include preparing a thorough application demonstrating your charitable purposes, activities, and public benefit. For a standard charity, the registration can be as quickly as 6 months. If the CRA requires additional information, the turnaround time is usually 8-12 months.
A non-profit organization can be established for any legal purpose, provided its members do not receive direct financial benefits from its revenues or assets.
In contrast, a registered charity is an organization exclusively established for charitable purposes, utilizes its resources for charitable activities, operates without profit, and has officially registered as a charity with the CRA. Only a registered charity can issue official donation receipts for gifts received from individuals and corporations.
Canadian charities are obligated to file annual charity information returns (T3010) with the CRA. These returns provide a comprehensive overview of the organization’s activities, finances, and governance. Non-compliance may result in penalties or loss of charitable status. The return is due within six month of the year end. Charities are required to submit a set of their financial statements with the T3010 return to the CRA.
Maintaining meticulous record-keeping is crucial for accuracy and potential audits. Timely issuance of donor receipts, aligned with CRA’s rules, builds trust and encourages support from the donors. Developing a realistic budget, understanding GST/HST implications, and exploring available grants and government rebates are essential for fiscal planning. Adhering to corporate governance regulations, payroll considerations for employees as well as preparation of financial statements in accordance with GAAP are all important steps for a newly registered charity.