Not For Profit
Taxes in Toronto

There are numerous groups, societies, and clubs operating as a non-profit that come to us for accounting and taxation services. At GTA Accounting Professional Corporation, we have just the expertise and skill to deal with not for profit organizations (NPO). Just like any other business, NPOs have expenses like rent, utilities and payroll. They also collect money from clients and donations. Understanding how NPOs treat their profits and revenues is important to providing effective accounting and taxation solutions.

With non-profit companies, any revenue that is generated by the business must be put back into the organization. This is unlike other businesses that may decide to reinvest the money, pay stocks or award themselves bonuses. NPOs are run differently and an experienced accounting firm in Toronto will ensure that everything is done according to the applicable rules.

If you are thinking of coming up with a non-profit organization, partner with our tax advisor to ensure you meet all the requirements. Remember that each province or territory has its own unique set of requirements that must be met when establishing a not for profit organization. For instance, you must fill out and submit important documents such as the Form 4001, Form 4002, first board of directors and articles of incorporation when incorporating an NPO.

The NPO will need to create bylaws which should also address important matters like record-keeping processes. We can help you create bylaws involving financial record keeping so you don’t have to lose any money due to poor structures and processes. We’ll help you navigate this process and ensure all tax regulations are met.