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NPO Tax Filing Accounting

Manning Elliott can help NPOs keep up to date with tax services and filing requirements. 

An advantage of registered charities is that it can issue a donation receipt. Registered charities must file a registered charity information return (T3010), which gets filed on the Canada Revenue Agency (CRA) website for public access. 

Manning Elliott can help prepare the charity return, assuring the organization maintains charitable status. It must be filed six months after the fiscal year-end. This work is done in conjunction with the audit or review of financial statements. 

If an NPO is not a registered charity, it must file a non-profit organization information return (T1044) that must also be filed with the CRA within six months after the fiscal year-end. 

Here are some common blunders Manning Elliott can help registered charities avoid when filing the charity return:

  • Incorrect disclosure of compensation – if the charity issues T4 slips. 

  • Gross versus net remuneration – the CRA is after the gross amount on the tax return, not the net.

  • Incomplete disclosure of fundraising expenses. For instance, if the charity hires a third party to do fundraising, that must be disclosed to the CRA in the return. The return must include how much money was spent in order to achieve the fundraising goals.

  • Incomplete cross-disclosure. When charities provide funds to political activities or programs that take place outside of Canada, it reports that in the tax filing. BUT, the corresponding section that asks for more details on those funds must also be completed. Many forget, and that often leads to being audited. 

  • Donation receipts. There are a lot of rules around what constitutes a donation and how much information a charity needs to provide for the CRA when a receipt has been issued. Be thorough with your note-taking and filing. Donations can be received only as gifts, not out of obligation. Charities need to figure out the fair market value to report for any gifts that aren’t cash. Track the money!

NPO Tax Filing Accounting

Contact our NPO Accounting – Non-Profit, Charities, Foundations team

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