• 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.

  • Charitable organization

    is established as a corporation, a trust, or under a constitution; has exclusively charitable purposes; primarily carries on its own charitable activities, but may also gift funds to other qualified donees, (e.g., registered charities); more than 50% of its governing officials must be at...

  • Sponsorship

    Sponsorship occurs when a business makes a donation to a charity and in return receives advertising or promotion of its brand, products, or services. Generally, tax receipts cannot be issued for sponsorships. However, the cost of the sponsorship to the business is generally considered a tax-...

  • Gift in kind

    A gift in kind is a gift other than cash.

  • Community foundation

    A community foundation is an organization established to manage a community endowment fund, the income from which is distributed to registered charities within a community. A community foundation can qualify for registration as a charity. (CRA : Charities Glossary)

  • Accrual

    Accrual accounting is the method of recording transactions, where revenues and expenses show in the results for the period in which they were earned and/or incurred, whether or not cash has changed hands for the transaction.

  • Non-qualifying security

    A non-qualifying security is, generally, a security where the owner of the security (e.g. a shareholder) is not at arm's length with the issuer of the security (e.g. a private company).  A charity can issue a tax receipt to the donor of a non-qualifying security in some circumstances.  ...

  • Compensation

    Compensation, for persons (employees) working full-time or part-time for a registered charity, includes salaries, wages, commissions, bonuses, fees, and honoraria, plus the value of taxable and non-taxable benefits. (CRA : Charities Glossary)

  • Adjusted cost base

    Generally, the adjusted cost base is the amount originally paid for a property, plus the costs (such as legal fees or surveys) associated with the purchase, plus the cost of any improvements to the property.

  • Official donation receipt

    Registered charities may issue an official donation receipt (or "tax receipt") to acknowledge a gift. An official donation receipt is subject to particular requirements under the Income Tax Act including identification that it is an official receipt for income tax purposes. Registered charities can...

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