B.I.G. Charity Accounting Firm

✅ Tips on Avoiding Mistakes When Filing Your Charity's T3010 Return Filing your charity's T3010 return requires precision and attention to detail to avoid potential penalties and non-compliance. To ensure you get everything, follow the checklist, including all necessary forms, file on time, describe your activities precisely, provide complete information, and use the correct mailing address. Even if your charity is inactive, you should still file your return to maintain compliance. Completing all the necessary sections correctly, like signatures and additional information, ensures a hassle-free filing process and supports your charity's impact on the community. ✔Visit our website to learn more: CharityAccountingFirm.ca #filing #T3010return #aviodingmistakes #charity #bigcharitylawgroup

Q: How Does the Canada Revenue Agency Safeguard Charitable Compliance and Address Potential Disputes in the Audit Process❓ A: This audit process is based on various factors and involves a review of the charities' finances and programs. There are two types of audits - Field Audits and Office Audits. But don't worry; over 90% of audited charities can continue after the audit. 〰 If any minor concerns are found, the CRA sends an educational letter. 〰 If there are moderate concerns, a compliance agreement is signed. 〰 And if serious problems exist, sanctions, revocation, or annulment may be proposed. However, if the CRA proposes any sanctions or revocation, the charity has 90 days to file an objection with the CRA's Appeals Branch. The charity can even appeal to the Federal Court of Appeal or the Tax Court of Canada if it disagrees with the outcome of the complaint. ✔Visit our website to learn more: CharityLawGroup.ca #canada #audit #finances #potential #bigcharitylawgroup

Q: Is it possible to issue receipts for items donated for auction purposes❓ A: Indeed, receipts can be issued for such items, but it is crucial to assess the fair market value of the donated item before generating a receipt. It's important to note that while donations of items can be receipted, services rendered cannot. ✔Visit our website to learn more: CharityLawGroup.ca ✔Visit our website to learn more: CharityAccountingFirm.ca  #receipts #charity #donated #fairmarketvalue #bigcharitylawgroup

Q: What is a 10-year gift in charitable donations, and how does it affect a registered charity's disbursement quota❓ A: A 10-year gift refers to a donation made to a registered charity with a written trust or direction from the donor, stipulating that the gift or any substituted property must be held by the charity (or another registered charity if transferred) for at least 10 years. Notably, this type of enduring property is excluded from the charity's disbursement quota until the year it is utilized or transferred to a qualified donee. However, if the charity doesn't use the 10-year gift for its charitable activities during the holding period, it may affect the calculation of its disbursement quota. ✔Visit our website to learn more: CharityLawGroup.ca #charity #donation #disbursement #quota #bigcharitylawgroup