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There have been a number of new developments in statutory filing requirements for not-for-profit organizations. We are taking this opportunity to provide a brief update on the mandatory requirements and some of the non-mandatory filing requirements. Statutory requirements are in a constant state of evolution. You should periodically discuss the requirements with your professional advisors […]

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Many not-for-profit organizations are having to rely more heavily than ever before on donations as a key source of revenue. Organizations are becoming more creative in their efforts to both widen their donor bases and ward off competition from other fundraisers. Innovative fundraising ventures such as art auctions, silent auctions, 100 hole golf marathons and […]

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e are often asked whether providing childcare to employees will result in a taxable benefit to the employees. As with many taxation issues the answer is not straightforward. Employer Provided Childcare Interestingly enough, there is no taxable benefit in the hands of the employee in cases where:

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Not-for-Profit Filing Requirements

Published on 4:40 pm by in Taxation

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All corporations in Canada must file a tax or information return with Revenue Canada. Registered Charities must file a Charity Information Return (T3010) within six months of their year end. Failure to file a return could result in deregistration. Registered charities do not have to file a corporate tax return. Not-for-profit organizations that are not […]

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Recovery of Late Filing Penalties

Published on 4:37 pm by in Taxation

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Even centres with excellent financial controls are sometimes late paying their monthly remittances to the Receiver General and/or filing T4 and T4A Summaries at year end.

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For detailed and clearly written information on requirements for issuing chatitable receipts please go to the CRA Website at http://www.cra-arc.gc.ca/tx/chrts/prtng/rcpts/menu-eng.html We have attached for your information a summary of the information required on donation receipts and a list of some of the infractions that will give rise to financial penalties. A CRA reference has been […]

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An organization’s books and records are often costly and cumbersome to store. We frequently receive questions as to what must be kept and what can be discarded. This article summarizes the rules and regulations of the more common Acts governing not-for-profit organizations in Ontario regarding the retention of books and records.

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Employee Benefits

Published on 3:12 am by in Employment, Taxation

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Employers, especially those in the not-for-profit sector, often look for creative ways to remunerate staff. Non-cash benefits can fit the bill. It is important to understand the tax consequences of employee benefits being offered or your organization and staff could be in for a surprise at tax time.

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Deducting Childcare Expenses

Published on 10:00 pm by in Childcare, Taxation

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Most parents are aware that there is some relief from the high cost of childcare through the deduction of childcare expenses from personal taxable income. Given that centre staff are often asked questions on this topic, we thought it would be useful to review what expenses are deductible, when may they be deducted, how much […]

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Refund of HST Paid

Published on 4:35 am by in Taxation

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By now almost all not-for-profit childcare centres are aware of whether or not they are eligible for a partial refund of HST paid. All centres with registered charitable status are automatically entitled to a 70% refund of HST paid. Not-for-profit organizations without registered charitable status are eligible provided they have at least 40% of their […]

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