Definitions

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1. Substantially all

   The Canada Revenue Agency generally considers “substantially all” to mean 90% or more. Charity Tax Tools Definitions ...

2. General ledger

   The general ledger is the main financial record for summarizing all of an organization’s financial transactions, and is the basis for preparing all of its finanical statements and reports. Charity Tax Tools Definitions ...

3. Resources

   A charity’s resources include all its financial assets, staff, volunteers, directors, premises, and equipment. Charity Tax Tools Definitions ...

4. Personal use property

   Personal use property refers to items that you own primarily for the personal use or enjoyment of your family and yourself. It includes all personal and household items, such as furniture, automobiles, boats, a cottage, and other similar properties. It ...

5. Directors/trustees

   Directors and trustees are persons who make up the registered charity's elected or appointed governing body. This generally means persons who hold positions identified in the registered charity's governing documents, such as chair, treasurer, ...

6. Financial information

   Financial information includes: annual financial statements, copies of official donation receipts, copies of annual information returns (Form T3010, Registered Charity Information Return), general ledgers, bank statements, revenue and expense account ...

7. Advantage

   An advantage is the total fair market value of all property, services, compensation, or other benefits that a donor receives or is entitled to receive in return for making a gift. The benefits may be contingent or receivable in the future, by either the ...