CRA Sheds Some Light on the Charitable Sector
On December 30, 2016, the CRA issued its first “Report on the Charities Program 2015-2016”. The purpose of this report was to improve CRA’s transparency with regards to the regulation of charities. The report is broken down into the following sections:
- The Charitable Sector: This section touches on some fascinating facts, one being that 86,196 charities exist throughout Canada with 1,670 new charities in 2015-2016.
- The Audit and Regulatory Process: The results of 726 audits are discussed along with statistics around non-compliance.
- Outreach and Engagement: This section outlines some future action plans including sending email reminders to charities to encourage timely filing of T3010 Annual Returns, which are due six months after the charity’s year end.
- What’s Next: Through CHAMP, the CRA plans to modernize its IT over a five year period. One such improvement charities can look forward to will be the ability to electronically file T3010 Annual Returns.
Overall, this publication provides some interesting statistics around the regulation of charities and helps to achieve CRAs purpose of increased transparency.
For more details on the report, please click on the following this LINK.
Written by: Michelle Adams and Jessica Reuel
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