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Food Bank and new NPO reporting requirements

New NPO reporting requirements announced in 2024 Fall Economic Statement

Canadian tax / By

The federal government’s 2024 Fall Economic Statement is proposing significant changes to reporting requirements for non-profit organizations (NPO) in Canada. Currently, a non-profit organization must file an annual information return with the Canada Revenue Agency if any one of the following three conditions are met: Total passive income (interest, dividends, rents, royalties) exceeds $10,000 in …

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Accountant doing trust reporting to Canada Revenue Agency

New trust reporting rules apply to trusts wound up in 2023

Leave a Comment / Canadian tax / By

The federal government’s new trust reporting rules and failure to comply penalties apply to most inter-vivos trusts for taxation years ending on or after December 31, 2023. In the case of trusts that no longer serve a useful purpose, some trustees may believe they can avoid these new rules by distributing all assets to beneficiaries …

New trust reporting rules apply to trusts wound up in 2023 Read More »

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