What is GST/HST? GST/HST is a type of value-added tax. In theory, should apply to all consumption irrespective of whether the supplier is in the for-profit or non-profit sector. There are special GST/HST provisions for the non-profit sector to exempt certain “public good” or non-commercial-like activities in an attempt to minimize the compliance burden for
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3 new & revised accounting & auditing standards for charities & not-for-profit organizations Fiscal years beginning on or after January 1, 2019 Early adoption permitted 2017 annual improvements to existing ASNFPOs Section 4433 & 4434: Tangible & intangible capital assets held by charities & not-for-profit organizations The roof of an owned building HVAC
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Have you booked your ticket to the upcoming Seminar hosted by Hogg, Shain & Scheck. Join other charities and not-for-profit organizations at this October program. See below for details. Session 1: Accounting & Auditing Standards Update – There’s a new audit report in Canada. Find out how this change and other standards changes will impact
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Hogg, Shain & Scheck (HSS) is a proud supporter of Nonprofit Driven 2018, an event that brings hundreds of not-for-profit industry leaders and enthusiasts together. Organized by Ontario Nonprofit Network, Nonprofit Driven is a place to exchange valuable knowledge, discuss important changes in the sector and promote a thriving community. The two-day conference is filled
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There are a number of factors related to for-profit and not-for-profit organization accounting that are virtually the same. For example, payroll taxes and reporting expenses and income are the same regardless of your charitable status. However, there are also a number of significant differences. These accounting differences are related to the not-for-profit organization’s allocation of
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Are you a Board member, Financial Officer or Treasurer of a not-for-profit organization? Perhaps you are an entrepreneur or owner-manager and have recently opened up your business or looking to start operations. In any of these circumstances, it might be wise to consult with a chartered accountant. Speaking with a chartered accountant could prove to
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As a not-for-profit organization you have a mandate to achieve certain goals. The money that is available to your not-for-profit organization is essential for reaching the goals, and a quality bookkeeping system is essential to keep track of and manage that money. Since the funds are such an essential part of keeping your organization running, it
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Canada makes a specific distinction between charitable organizations and not-for-profit organizations, commonly known as NPOs. NPOs encapsulate a variety of groups such as clubs, societies, and associations as well as agricultural organizations such as farmers markets. Once an organization has filed an NPO information return for a fiscal period, it must file an information return
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