Reminders for charities as 2023 draws to a close
Changes under the Income Tax Act could affect the way a charity carries out its operations and completes annual reporting for fiscal years ending in 2023 and beyond.
A new version of form T3010 is coming in January 2024
On November 9, 2023, the federal government announced measures to boost charitable spending in communities and passed legislation changing disbursement quota rules for registered charities in 2022; with these measures in place, form T3010 needed to be updated.
CRA adds additional questions and schedule to T3010 annual return
The CRA has updated its T3010 forms to include the questions on the new qualifying disbursement regime. In other words, if a Canadian charity makes a grant to a grantee that is a non-qualified donee, then they will have to report certain information on the T3010 and also fill in the new Form T1441, Qualifying Disbursements: Grants to Non-Qualified Donees (Grantees).
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