Transcript

Continuing now with "Key Points to Keep in Mind." The following are key points to keep in mind. Understand the rules for maintaining charitable registration. If your charity is unsure about a specific issue, please verify our website or call the Client Service Section in order to ensure your charity continues to maintain its charitable registration. Simply ask to find out.

Maintain adequate books and records. Ensure you have filed the information return with the financial statements on time and that the information you provide us is complete and accurate. And issue receipts properly. And be sure to know what's to be reported. And again, please ensure that you're accurate.

Do not lend your charitable number or issue receipts for other organizations. If another organization requires you to issue official tax receipts, they must apply to be a registered Canadian charity. A charity may issue one annual cumulative tax receipt for cash donations, but gifts in kind require individual receipts, as different information is provided for gifts in kind. The CRA suggests that charities issue receipts to donors by February 28 of the following year so that donors may claim the deduction on their income tax return. It's also very important that charities fully understand the rules for receipting so their tax-exempt privileges are not put at risk.

"Receipting Best Practices." There is a general list of best practices, and is not a statement of charity's legal requirements or CRA policy. These are only a few of the suggestions that the CRA is giving in its newsletter no. 33. Also, provide training on receipting gifts and issuing donation receipts to your charity's directors, officers, staff, and volunteers. You may also wish to establish a donation and/or receipting policy. Also, limit the number of individuals authorized to issue receipts on the charity's behalf, keep receipt books and copies of receipts in a secure place, make sure to inform your donors about the fundraising campaigns that you will be conducting, and if you discover lost or stolen receipts, please notify the Charities Directorate.

These are some other Canada Revenue Agency requirements. Payroll deductions: those can include Canada Pension Plan and employment insurance and income tax. As an employer, you are responsible for deducting, remitting, and reporting payroll deductions. Scholarships: all periods of scholarships must file a T4A summary and T4A supplementaries. GST and HST: some registered charities also required to register for GST/HST purposes and there's also a rebate program for charities. For further information, you can contact the Business Enquiries line that is listed right there. It's the 1-800-959-5525 number.

Here are a couple of addresses that relate to charities for additional information. So we have Payroll, we have Business Number Enquiries, Revenue Quebec and Service Canada. The Business Enquiries telephone number as stated before is 1-800-959-5525.

Thank you for participating in today's webcast. If you would like more information on our next webinars, please consult the Educational Resources for Charities webpage on our Charities and Gifting website. We would also like to remind you to subscribe to our electronic mailing list. By subscribing, you will receive one to two emails a month which will update you on new and relevant information for your charity. Also, if you have any further questions on the information presented today, please contact our Client Service Section at 1-800-267-2384. Thank you.