Understanding how the Goods and Services Tax (GST) works is important to all Canadians. In this podcast, find out exactly what the GST is and how it works, whether it is similar to PST in some provinces, as well as...
Wherever you turn these days, there is no escaping the talk of financial doom and gloom. From newspaper articles to television news reports, from politicians and economists to the general public, the economic downturn and its impending consequences are on...
In this podcast, we continue the discussion of disbursement quotas that began in Part 1 and explore such topics as how to calculate your disbursement quota, whether or not an accountant is necessary, how foundations amass large endowments, and the...
The Income Tax Act requires charities, as nontaxable entities, to spend a certain percentage of their income each year on charitable activities. In this podcast, find out more about these disbursement quotas, what happens when a charity doesn't comply with...
Much has been made in the press over the last year about the alleged fraudulent use of tax shelter plans by Canadian charities. If you’re at all interested in the charitable sector in this country, then you’ve likely read the...
I read that a nonprofit employee recently committed suicide after being confronted with evidence that she had defrauded a nonprofit. Was the nonprofit ethically responsible for leading her into temptation? The responsibility for wrongdoing always rests primarily with the wrongdoer....
Donors and agencies, who evaluate nonprofit performance, often look to see that most of your organization's funds are being used for core programming purposes. However, different sources recommend differing practices and policies for allocating disbursements among the functional categories. As...
The numerous corporate failures and director scandals of recent years have brought financial literacy to the forefront of board governance issues today. Literacy signifies the ability to read and understand fundamental financial statements as well as the ability to ask...
Since June 2005, the Canada Revenue Agency (CRA) has had the power to impose penalties on charities for breaking certain rules which stop short of revoking the charity's registered status. These intermediate penalties range from a $500 penalty for not...
When B.C. policeman Caedmon Nash took his financial planner's advice and became an art donor, he never thought the Canada Revenue Agency (CRA) would come knocking. After buying pieces of native art at a low cost, he donated them two...
