Dov Goldberg, J.D.’s Post

Q: What is considered a soliciting corporation in Canada's Not-for-Profit Corporations Act❓ A: Under the Canada Not-for-Profit Corporations Act (CNCA), a soliciting corporation is a not-for-profit organization that actively seeks donations or public funds from the public. To be classified as a soliciting corporation, it must meet a specific threshold for receiving significant donations or public funds. Once designated as a soliciting corporation, it must fulfill additional obligations, including disclosing certain information to the public, preparing audited financial statements, having an independent public accountant, and complying with restrictions on director remuneration. Compliance with these requirements ensures transparency and accountability. Non-compliance may result in penalties or loss of status. Visit our website to learn more: CharityLawGroup.ca #notforprofit #canada #charity #corporations #Ontario #bigcharitylawgroup

The #WordoftheDay is Accumulated surplus or deficit Follow along for more accounting terms for charities and nonprofits! Learn more about Finance for the Arts in Canada: https://ow.ly/E5F550PpoNx

The Canada Revenue Agency (CRA) has recently provided updated guidance to Canadian charities seeking clarity on maintaining compliance with the Canadian Income Tax Act – in particular, the new enhanced reporting obligations for trusts under the Act. My colleagues Corina Weigl, Kevin Yip and I outline the significant updates to tax, trust and charity reporting obligations in Fasken's latest Charities and Non-Profit Law Bulletin: https://direc.to/kiyp   #Charities #CharitiesLaw #NonProfits #NotForProfits #TaxLaw

The #WordoftheDay is Reasonable, or Reasonability Follow along for more accounting terms for charities and nonprofits! Learn more about Finance for the Arts in Canada: https://ow.ly/E5F550PpoNx

The #WordoftheDay is Statistics Canada (Stats Can) Follow along for more accounting terms for charities and nonprofits! Learn more about Finance for the Arts in Canada: https://ow.ly/E5F550PpoNx

Do you have questions about Canada Revenue Agency - Agence du revenu du Canada rules when supporting or conducting #charitable activities in foreign countries? This CRA information page has a full overview of compliance requirements for Canadian charities under the Income Tax Act.

The #WordoftheDay is Surplus Follow along for more accounting terms for charities and nonprofits! Learn more about Finance for the Arts in Canada: https://ow.ly/E5F550PpoNx

Q: Who regulates Charities in Ontario❓ A: In Ontario, charities are regulated by the Canada Revenue Agency (CRA). The CRA is responsible for registering charities in Canada and ensuring their compliance with the Income Tax Act and Common Law. The agency plays a crucial role in protecting the integrity of the tax system and the charitable sector. Through a comprehensive approach that includes education, client service, and responsible enforcement, the CRA maintains oversight and promotes adherence to regulatory requirements for charities operating in Ontario. ✔Visit our website to learn more: CharityLawGroup.ca #Charities #ontario #incometaxact #law #registeredcharity #bigcharitylawgroup