The following material is designed to provide basic information about concepts that are relevant for a treasurer of a registered charity. It is divided into three sections.
N.B. Given that this information provides a brief overview of a concept and does not address all the nuances that must be considered, it is recommended that the reader access the more detailed information and examples available on the CRA website.
Source: Canada Revenue Agency http://www.cra-arc.gc.ca/tx/chrts/menu-eng.html
Go to: A. Financial Definitions and Accountability
- What is financial accountability?
- What is disbursement quota?
- What is a financial statement?
- What is an income statement?
- What is an asset?
- Should financial statements included with the T3010B be audited?
- What is a fiscal period?
- How can I change the fiscal period for our charity?
- What is an accrual method of accounting?
- What books and records must I keep to ensure compliance with CRA expectations?
- What is a qualified donee?
- What is at arms length and what is the implication of this concept to a charity?
- What is an undue benefit?
- Can I pay board members for their service to the charity?
- Can a charity pay for out-of-pocket expenses incurred by volunteers?
- What guidelines affect a charity with respect to fundraising?
- What can a charity issue a tax-receipt for?
- What is a gift?
- What is a gift-in-kind?
- Who can receive a tax receipt?
- What is split-receipting?
- What is an advantage?
- What is a gift threshold?
- What is the eligible amount of a gift for receipting purposes?
- What is fair market value?
- What is the “de minimus threshold”?
- What does not quality as a gift and thus, cannot be receipted?
- What information should appear on an official receipt?
