I'm wondering if any fellow Canadian bookkeepers or accountants can help me please.
I have a client who runs a non-profit charity. This is her first year of having her books done. I've entered all of her back transactions and have her up to date. Until 2010 nothing much happened with the charity, and even since it's start (2007) it's been running at a loss. Hopefully I'll be able to help her become more "profitable" without the profit.
My questions is this....
What tax forms does she have to file for 2010? I've read some conflicting information and need it sorted out. I know every year she will have to file a "Non-Profit Organization Information Return". I read on one page from the CRA that she will have to file a T2 at least once. But then another page says that unless it has donations over $100,000 (could be lower) it never has to file a T2 at all. So far the NPO has only had losses every year and never over $50,000 total donations within any year. What forms does she need to file?
Kim.
Taxes for a non-profit in Canada.
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