What Need to Be Filed by June 30?

Did you know that there are three things that have to be filed by June 30? This includes Form RC243 TFSA Return and RC243 – Schedule A – Excess TFSA amounts, as well as the Registered Charity Information Return (T3010). Read on to find out more about the requirements for charities:

For many registered charities, the donations they receive are vital to continuing to deliver services and support to the communities they serve. In some cases, the key to receiving donations is to provide tax receipts to the donor. To do this, the charity needs to register as a charity and maintain their registered status. There are key requirements for an organization to maintain their charitable status. Filing of an annual Registered Charity Information Return (T3010) is one and the deadline to do is June 30^th.

Though many registered charities and not-for-profit organizations are tax-exempt, they still need to file annual reports to the Canada Revenue Agency. These reports will also be valuable to the organization when they are reporting their financial status for grants and other financial benefits. Not-for-profit organizations will generally need to file a T1044 while registered charities will need to file a T3010.

The consequences of failing to file the Registered Charity Information Return can be severe. The charity can have its charitable status revoked within months of failing to file and then be unable to issue charitable receipts as a result. In addition, or alternatively, the charity would be issued a $500 Failure to File penalty. Once charitable status is revoked, it may not be possible to re-register. If you’re allowed to re-register, there may be a Revocation Tax imposed.

The following are key components when filing:

Schedules – Ensure that all the necessary schedules are completed and filed with the return, or it can result in an incomplete filing and subsequently a suspension.

Financial Statements – The organization’s financial statements must be included for the filing to be considered complete. This is the case even for an organization who is just starting and has nothing on the financial statements. In this case, the organization would send a financial statement with zero’s to avoid the suspension and the hassle of having to answer to CRA.

Directors – Complete information on the directors must be listed in the appropriate place on the Return. In particular, a common area that is incomplete in this section is the date of birth of each director.

Complete and Accurate Information – Not providing all the information on the T3010 or providing inaccurate information can also cause a suspension of the registration.

The government is becoming much more rigid with these filings and each organization should take the time to ensure they are completing their T3010 – Registered Charity Information Return under the proper guidelines considering all the issues noted above.

There are resources available on the internet on various charity websites and the CRA website to assist organizations with the preparation of these returns. It is always recommended to use the CRA website as the most current source of information.

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