RLB Blog

You’ve done it. After years of hard work, saving and making smart investments, you can finally afford to purchase your first home. Now what?

The basic activity of a condominium, collecting monthly common element fees, qualifies it as a not-for-profit organization. A corporate tax return is filed annually but no taxes are assessed. In addition, the corporation may have to file a Non-Profit Organization (NPO) Information Return. This return must be filed if combined interest and rental income exceed $10,000 in the current fiscal year, if the corporation owned assets valued at more than $200,000 at the end of the previous fiscal year or if the corporation has ever filed an NPO Information Return in the past. It is important to file this return within six months of the fiscal year end to avoid penalties. This return does not assess tax but can impose penalties, if filed late, of $25 per day up to a maximum of $2,500.

All condo corporations in Ontario are legally required to file annual returns with the Condominium Authority of Ontario (CAO). Make sure you are prepared to file your return. Read our blog post about frequently asked questions regarding CAO returns:

As of November 2018, CRA will no longer provide peel and stick barcode labels with the Registered Charity Information Return (T3010) package. These barcodes contained the charity’s BN/registration number and the charity’s fiscal year end date. You will continue to receive the Registered Charity Basic Information Sheet (Form TF725) with the package, however, the barcode labels will no longer be on the back of it.

As a charity, you may prefer unrestricted donations, as you can determine how to best use those funds at your own discretion. However, you may come across a restricted fund donation when a donor wishes to restrict their gifts for a specific purpose, such as leaving a legacy gift.

On June 12, 2018, Quebec Bill 150 received Royal Assent. The Bill includes changes relating to the application of the Quebec Sales Tax (QST) to supplies made by suppliers with no significant presence in Quebec through the implementation of a new “specified registration system.”

Community and connection is what drives people to reach their dreams. Monetary and in kind contributions from individuals, families and businesses from in and around Guelph directly impact our ability to provide a safe space for those experiencing poverty. This incredibly important community support enables us to facilitate a vast variety of programs that promote healthy living, independence, and create a welcoming space so that members of our community may find in HOPE House a place to dream.

There is no denying that social media's importance to businesses and organizations, including not-for-profit organizations (NPOs), is growing exponentially. Just this past year, Facebook hit 2 billion monthly users, and this number continues to grow (Tech Crunch, 2017). This makes Facebook the largest social platform.

Trying to earn a little extra on the side is pretty common these days – everyone could use a little extra spending money.  But just because it isn’t your full time job doesn’t mean you don’t have to consider the tax implications.  Today we’ll cover an increasingly popular method of earning additional money:  Airbnb