To Audit or Not to Audit Incorporated not-for-profit and charitable organizations must comply with specific rules in their founding Act concerning financial statement reviews, including audits. For now, the Ontario Not-for-Profit Act is not yet in effect so provincially incorporated entities will default to the Canada Not-for-Profit Act until the provincial Act can be ratified.
CRA is implementing new digital services that will be launched to the public in June of 2019, which will allow charities and their representatives to submit applications and returns more efficiently. The changes being made will affect forms T2050 (Application to Register a Charity under the Income Tax Act) and T3010 (Registered Charity Information Return).
A fiscal year is the 12 month period that an organization uses to report its annual revenues. Many registered charities have a fiscal year-end of December 31st. However, a fiscal year-end does not have to align with the calendar year. There are many reasons why you may want to change your fiscal year-end, such
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
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. Let’s break down the types of
Did you know that RLB offers a wide range of services to not-for-profit and charitable organizations, beyond the assurance and accounting services that you would expect? We can offer such services as: Board training on governance, financial literacy and risk management Strategic planning Succession planning HR consulting (including such things as policy development, recruitment and
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: ‘Canada Revenue Agency canada.ca/charities-giving’. After December 31st, you will be receipting calendar 2018 donations for release
The holidays can be such a wonderful and magical time of the year and it’s a great way to show our love and appreciation for our community. Each year, the team at RLB makes a donation to an organization within the four communities of which we work in. In the past, we have supported toy
Giving Tuesday is about creating a national movement for giving at the start of the annual holiday season. Giving Tuesday goes beyond charitable donations; it’s about building a stronger community through acts of generosity, kindness, and love. At RLB, Communities Count. We are members of four strong communities and as an organization, we are proud
Attention charities: Be on the lookout for a letter from the Canada Revenue Agency (CRA) informing you that you have been selected for a Charities Education Program (CEP) visit. The newly launched CEP was initiated by the CRA back in November. This program involves designated CRA staff, referred to as CEP Officers, visiting a