This week's tip is about Canada Revenue Agency and the forms that you might have to file for your organization. If you are a for-profit organization, then you file a Form T2, which is a corporate tax return. This form is due six months after you enter. If you are a charity, you file a charity return, which is also due six months after your enter. However, if you are a trust, you only have 90 days to file after you enter. The most common form that nonprofits have to file, and often forget about, is the Form 1044 or 104. This form is only two pages long and requires some information from your balance sheet and a little bit of information from your income statement. There is no tax charged for this form at the moment, but there might be a late filing penalty in the future. Remember, this form needs to be filed within six months of your year-end. Sierra, who is interested in not-for-profits, may require you to file a Form 1044 and a Form T2. The best course of action is to talk to your accountant and find out if you need to file these forms. It's important to ensure that you are following all the rules. That's it for this week's tip.
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Video instructions and help with filling out and completing Are Form 2350 Charities
