The CRA has updated T4117 - Income Tax Guide to the Non-Profit Organization (NPO) Information Return (CRA). Certain non-profits that are NOT registered charities need to file the Form 1044 and this guide provides explanatory material on the CRA publication.
Essentially if your non-profit organization (that is not a registered charity) meets the following criteria it will need to file the form:
■ it received or was entitled to receive taxable dividends, interest, rentals, or royalties totalling more than $10,000 in the fiscal period
■ the total assets of the organization were more than $200,000 at the end of the immediately preceding fiscal period (the amount of the organization’s total assets is the book value of these assets calculated using generally accepted accounting principles)
■ it had to file an NPO information return for a previous fiscal period
Do you require legal advice with respect to Canadian or Ontario non-profits or charities?
Mark Blumberg is a partner at the law firm of Blumberg Segal LLP in Toronto and works almost exclusively in the areas of non-profit and charity law.