Five Good Ideas about staying on the right side of the CRA
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Description
In this session, originally recorded on November 26, 2019, we look at how your non-profit can minimize the risk of a CRA audit, and be in a good position if and when that auditor gives your organization a call. Our guest speaker for this session is Susan Manwaring.   For the full transcript and the ideas, visit https://maytree.com/five-good-ideas/five-good-ideas-about-staying-on-the-right-side-of-the-cra/   Charities know about the tax regulations that govern their work and work hard to stay compliant. That said, as organizations are all faced with competing pressures for time and resources in their work, it is often tough to prioritize what gets done and figure out how to meet these requirements efficiently. But there are things your organization can do when operating and maintaining its books and records to ensure that the CRA gives you a good report card if an audit occurs. In this session, learn about five good ideas to help minimize the risk of a CRA audit and be in a good position if and when the CRA auditor gives your organization a call   Five Good Ideas 1. Know your charitable purpose and stay focused on furthering your mission 2. Understand the CRA rules and regulations 3. Organize your books and records 4. Don’t be fearful if contacted by CRA 5. Prepare! Prepare! Prepare! – Consult internally and with your advisors before CRA arrives   Resources 1. Chartered Professional Accountants (CPA) Canada: Not-for-profit governance: Summary resource guide 2. Imagine Canada: Charity tax tools – record keeping 3. Robert Hayhoe, Miller Thomson LLP: Canada Customs and Revenue Agency charity audits 4. Canada Revenue Agency: Public policy dialogue and development activities by charities 5. Canada Revenue Agency: Compliance and audits 6. Canada Revenue Agency: Issuing receipts   A cautionary note The ideas and resources are provided for general information purposes only. They are neither intended as, nor should be considered, legal advice, and readers and viewers are cautioned against making any decisions based on this material alone. Rather, a qualified lawyer should be consulted.   About Susan Manwaring Susan Manwaring is a recognized leading expert advising social enterprises, charities and non-profits in her practice. Susan provides both general counsel and specialized tax advice to her clients across Canada and internationally. Susan is the national lead of the Social Impact Group at Miller Thomson LLP. In addition to her work as general counsel to charitie
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