If someone asked you “where” your cloud storage is, would you know the answer? The “cloud” is the common term used when data is stored remotely but yet accessible (to your multiple devices) through the internet. Given that the data is now ‘remote’ we often receive questions from clients as to whether keeping books and records in this way meets their obligation under the Income Tax Act.
As a condition of charitable registration, charities are required to keep proper books and records. This requirement not only enables the Canada Revenue Agency (“CRA”) to audit charities efficiently, but it also ensures that charities are able to justify and validate the information provided on their T3010, Registered Charity Information Returns. One of the most common […]
Planned giving has been an issue of interest to the charitable sector for several years. The enthusiasm by which the sector has taken up the discussion has permeated the donor community. As a result donations by will are a common occurrence. But if the donor does not monitor developments with the charity the gift could lapse and frustrate the donor’s intentions to support the organization.
It’s a rare not-for-profit that isn’t spending a great deal of its time and attention scrabbling for revenue. In fact, it hardly needs to be said that effective generation and management of revenue flows are almost always critical success factors for not-for-profits.
Charities need to be vigilant when accepting donations in kind. These include any non-monetary items, such as art, rare books, equipment and materials, personal objects of value, real property and computer-related assets. Receiving such donations is quite acceptable, but only after proper due diligence and professional advice is sought and followed. Donations in kind must […]
Most Canadians are aware of the effect that RRSP contributions have on their taxes, and are aware of the deadline for making contributions each year. This is mostly due to the educational efforts of the banks and others that ‘sell’ RRSPs make each year – as the March 1st (or February 29th as the case may be) deadline approaches. The run for RRSPs each year illustrate that when Canadians understand the incentive system they are quite prepared to alter their behaviour to take advantage of it.