One look at the recent charity headlines should remind charities of the importance of internal controls when it comes to filing the annual T3010 information return (also known as a charity’s tax return).
In particular, Charity Intelligence, an organization ostensibly dedicated to reviewing other charities lost its status for failing to file its information return on time. The result is not only a public relations embarrassment but the necessity to apply for re-registration as a charity with the possibility that the CRA may decline to re-register.
The lesson here is to keep a firm grasp on the deadlines facing the organization because the consequences are much more severe than for the standard taxpayer. This is a theme we will revisit in future posts.
Adam Aptowitzer LLB
Drache Aptowitzer LLP
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