Charity & NPO Preparation

Charity and non-profit tax filing preparation by Lowe CPA Inc. ensures that organizations meet their compliance obligations with the Canada Revenue Agency (CRA) while maintaining their tax-exempt status. The process involves several key tasks:

  • Review of Financial Records: Gathering and reviewing the organization’s financial statements, donation receipts, and operational expenses to prepare the necessary tax filings from the client.

  • Preparation of T3010 Registered Charity Information Return: For charities, preparation of the T3010 form, which includes reporting on revenues, expenditures, and details of charitable activities along with calculations for disbursement quota requirements where applicable. For other non-profits, preparing the T1044 form, outlining assets, liabilities, income, and more.

  • Compliance with CRA Regulations: The firm ensures that all the filings comply with CRA regulations, particularly regarding eligible charitable expenditures, issuance of official donation receipts, and the percentage of income allocated to charitable activities.

  • Advising on Tax-Exempt Status: Lowe CPA Inc. helps charities and non-profits maintain their tax-exempt status by ensuring compliance with rules related to political activities, unrelated business income, and disbursement quotas.

  • Filing GST/HST Returns: If applicable, the firm files any necessary GST/HST returns, ensuring that the organization properly accounts for exempt, zero-rated, or taxable goods and services.

  • Advisory on Financial and Tax Planning: Lowe CPA Inc. provides ongoing advice on effective financial management and tax planning, helping the organization maximize the funds available for its mission.

  • Handling CRA Correspondence: If the CRA requests additional information or conducts an audit, Lowe CPA Inc. can assists with all communications, ensuring the organization responds appropriately and accurately on the client’s behalf.

By utilizing services provided by Lowe CPA Inc., charities and non-profits can be confident that their tax filings are handled professionally, ensuring full compliance while allowing the organization to focus on its mission.