There has been considerable talk regarding changes being made to the generally accepted accounting principles applied when preparing financial statements for non-profits and registered charities, as well as to the Canadian Auditing Standards. Some of these changes are effective as...
In the February 5, 2011 issue of the Financial Post, Jamie Golombek, Managing Director, Tax and Estate Planning at CIBC, reported on a new CRA audit initiative targeting “high net worth” individuals for audit or review. Mr. Golombek reports that...
Federal corporations established by their own legislation (“Special Act Corporations”) need to be aware that parts of the new Canada Not-For-Profit Corporations Act (the “CNPCA”) will apply to them. This article will provide an overview of these provisions and the...
On February 4, 2011, CRA released for consultation a proposed Guidance on the Promotion of Animal Welfare. The Guidance sets out the guidelines that CRA uses to determine if an organization established to promote the welfare of animals can be...
It is always wise to ensure that a charity’s public information return is filed on a timely basis. Now, with the number of CRA audits of charities on the rise, timely filing is even more important. While there are many...