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About the author: Brenden Bellai

Ask the Expert: Canadian Emergency Business Account (CEBA)

Ask the Expert: Canadian Emergency Business Account (CEBA)
September 14, 2020

The CEBA was created to assist small businesses, not for profits and charities through the current economic environment and to help them rebuild sooner. The CEBA was created to help pay for non-deferrable expenditures and restricts spending to things like payroll, rent, utilities, insurance, property tax, or regular debt payments. It cannot be used for certain capital transactions or increasing remuneration – it is best to think of the CEBA as an emergency response tool.

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What Your Organization Needs To Know About Record Keeping for The Canadian Emergency Wage Subsidy

What Your Organization Needs To Know About Record Keeping for The Canadian Emergency Wage Subsidy
August 1, 2020

The CRA may follow up on claims you have remitted, at its discretion. This is nothing to worry about; like with any government program, monitoring is always present. If your claims were made in good faith and you keep adequate books and records, you will be able to answer any inquiry they may have.

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To Audit or Not to Audit

To Audit or Not to Audit

Donation Receipts Must Include New CRA Web Address

Donation Receipts Must Include New CRA Web Address

Effective March 31, 2019, all charities must update their tax receipts to include CRA’s new website address. Previously, tax receipts were required to show ‘Canada Revenue Agency  www.cra.gc.ca/charities’. After March 31, 2019, all charity tax receipts must now show:

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The Difference Between Charity and Not-for-Profit Organization

The Difference Between Charity and Not-for-Profit Organization

Do I Need to Pay HST on my Services?

Do I Need to Pay HST on my Services?

CRA Launched New Educational Program for Charities

CRA Launched New Educational Program for Charities

CSRE 2400, The New Standard for Review Engagements

CSRE 2400, The New Standard for Review Engagements
January 22, 2018

Accounting standards for review engagements have been established and utilized for over 25 years. However, the current set of standards in use for review engagements is set to change for entities with financial statement dates ending December 14, 2017 or later. In order to better align Canadian financial statements with international standards, enabling better, more consistent reporting domestically and abroad, our governing bodies have taken steps to expand the review standards to fit better with International Standard on Review Engagements (ISRE). The result is the new Canadian Standard on Review Engagements (CSRE 2400).

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