Taxation - Registered Charities and NFPOs

Overview:

Although registered charities and not-for-profit organizations (NFPOs) usually escape the full wrath of the dreaded taxman, they are still faced with strict tax rules that, if not followed, can lead to loss of tax status, financial penalties, and bad press. Registered charity and NFPO tax rules differ substantially from those that apply to private sector companies. Without a solid understanding of these rules, organizations may encounter difficulties in meeting their tax filing requirements and in complying with the numerous rules established in the Income Tax Act along with the related jurisprudence and guidance.

This course will assist in developing and documenting the firm’s monitoring and remediation processes.  It provides guidance on what should be included in the process, such as determining when, who, why and what should be included in developing these processes tailored to your firm.  The course includes examples and exercises to assist in the recognition of deficiencies, the effect of these deficiencies on the SOQM, the determination of the root cause of the deficiency and the development of a remediation plan.  The delivery of the material takes you through various forms and how they interact with each other to meet the requirements of CSQM 1. This course will refer to CPA Canada’s Digitized Quality Management Guide – QMG Cloud templates and PACT forms as examples to assist practitioners in documenting the firm’s monitoring and remediation processes.

Course Content:

In this course, you will gain knowledge about the following topics: 

• Tax compliance requirements for registered charities and NFPOs
• Canadian tax rules pertaining to loss of tax-exempt status
• Planning techniques designed to minimize the risk of lost tax-exempt status
• The latest proposed and enacted tax legislation affecting these entities as well as the associated Canada Revenue Agency’s administrative interpretation and guidance
• Preparing the T3010 Registered Charity Information Return and T1044 Non-Profit Organization (NPO) Information Return through the use of relevant case studies
• Basic sales tax issues applicable to registered charities and NFPOs

Learning Objectives:

Upon completing this course, you should be able to: 

• Identify income tax issues and assess related risks associated with the activities carried on by registered charities and NFPOs
• Comply with the income tax rules as they apply to registered charities and NFPOs
• Complete the T3010 Registered Charity Information Return and T1044 Non-Profit Organization (NPO) Information Return 

Who Will Benefit: 

This course caters to several professionals, including the following groups: 

• Practitioners who:
  • provide advice to registered charities or NFPOs
  • require a review of their taxation knowledge of charities/NFPOs
• Board Members, management, volunteers, and/or other professionals involved with a charity/NFPO who are:
  • new to the organization
  • wish to ensure that the organization is fully compliant with the applicable tax rule
  • Members of charities and/or NFPOs