Can a charity or not-for-profit organization change its fiscal period end?
To effect a modification to its fiscal year-end, a registered charity is obligated to seek formal approval from the Charities Directorate. This procedural step is imperative, as alterations to the fiscal period have significant implications for the charity’s filing obligations and regulatory compliance.
Navigating the Transition Period
Upon the charitable entity obtaining the necessary consent to alter its fiscal year-end, it embarks on a transition period that does not span the conventional 12 months. Consequently, the organization is required to submit a distinct information return that covers the specific months constituting this transitional phase. For illustrative purposes, consider a scenario where the initial fiscal year concluded on December 31, and the approval is granted to shift it to March 31. In this instance, the charity must diligently prepare and file a comprehensive return for the original fiscal year, encompassing the timeframe from January 1 to December 31. Simultaneously, a separate and complete return is mandated for the transition period spanning from January 1 to March 31.
Guidelines for Fiscal Year Duration
It is worth noting that, as a general rule, the fiscal year of a registered charity should not extend beyond the conventional 12-month cycle. This adherence to a standard timeframe ensures consistency in financial reporting and aids regulatory bodies in monitoring and assessing the organization’s fiscal health.
Prerequisites for Return Processing
It is crucial for the charity to recognize that the submission and subsequent processing of a return for the transition period, or for the newly adjusted fiscal year, hinge on the expeditious approval of the fiscal year-end modification. Hence, the charity is strongly advised to initiate the request for modification as soon as the decision to effect the change is made.
Governing Document Adjustments
In certain scenarios, the charity may find it necessary to amend its governing document to align with the altered fiscal year-end. For example, if the organization’s bylaws explicitly state a fiscal year-end of December 31, and the decision is made to shift it to March 31, an amendment to the governing document becomes imperative. Although the Charities Directorate acknowledges and processes such changes, the charity is also required to provide a certified copy of the amended document for official records.
For comprehensive details and guidance on making amendments to governing documents, charities are encouraged to refer to the dedicated section on changing bylaws for a seamless transition. This thorough approach ensures that not only the fiscal period is in compliance with regulatory standards, but the governing documents also accurately reflect the charity’s operational framework.
At Northfield & Associates our expert teams guidance on compliance requirements. Our team understands Canadian charity law and can help ensure your organisation follows proper procedures.
Get professional support today by email at info@northfield.biz, by phone at (416) 317-6806, or visit us or Schedule your free consultation to discuss your specific circumstances and receive expert assistance throughout the reinstatement process with our experienced legal team.
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What We Do!
We’re often asked by prospective clients what our Bookkeeping Service covers? People want to know what specific tasks we do, and what their responsibility is. This brief explainer page will answer that question. This is by no means an exhaustive list, but covers the most frequently asked questions.
Getting Started
- Review your existing books for needed corrections or back-work
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- Assistance with setting up bank feeds
- Limited assistance* with setting up payroll (QBO or Gusto only)
- Your books brought current and reconciled if needed
Ongoing Monthly Bookkeeping
- After-the-fact transaction recording
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- Bank account reconciliation
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Year End
- Assistance with 1099-NEC preparation*
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- Year-end financial statements and period-end closing
What We Don’t Do
Pay bills
We do not offer bill-pay services at this time, nor do we manage Accounts Payable (AP) or Accounts Receivable (AR).
Payroll tax responsibility
Our bookkeepers can assist you in setting up your initial payroll service in QBO or Gusto. We are not responsible for entering payroll hours/salary, accruing payroll taxes, nor the transmittal of payroll taxes to the IRS or the state. Your full-service payroll provider (QBO, Gusto, or whatever other service a client uses) will be the responsible party for payroll and payroll tax compliance.
*Payroll deductions and benefits
We provide assistance with setting up a payroll account in either Quickbooks Online or Gusto, including entry of employee data. We do not assist in state registrations, benefits, or advise on deductions. Those service areas are provided directly by either QBO or Gusto.
Preparation of W2s
Similar to the last item, your full-service payroll provider (QBO/Gusto) is responsible for preparation of Form W2 for employees.
Sales tax reporting
For those nonprofits that sell taxable goods and/or services, your bookkeeper will assist in accounting for sales taxes collected and transmitted, but we do not prepare state sales tax reports.
Donation recording
We do not provide individual donation data entry into your neither your donor CRM nor Quickbooks Online, nor do we prepare year-end donor acknowledgements.
Administrative tasks
We cannot provide administrative services unrelated to our bookkeeping function.
Attend board meetings
Due to the constraints of time and distance, we are unable to be present, physically nor virtually, at a meeting of a client’s board of directors.*May incur additional fee per 1099-NEC or 1099-MISC.
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Disclaimer: The information contained in this article is provided for general information purposes only and does not constitute legal or other professional advice. Readers should seek tailored legal advice in relation to their personal circumstances.
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Northfield & Associates International Corporation is a global consulting firm serving private enterprises, public institutions, not-for-profit organizations, and institutional capital providers. Operating across Cambodia, Canada, and global markets, the firm supports capital deployment, regulatory navigation, and enterprise decision-making in complex economic and geopolitical environments. Northfield & Associates delivers customized, execution-focused advisory solutions that drive measurable transformation, strengthen competitiveness, and enhance long-term highest value opportunities. The firm incorporates consulting, legal, regulatory, financial, and risk expertise to enable disciplined capital allocation, strong governance, and operational resilience. Northfield & Associates upholds a culture of applied insight and innovation, supporting clients across digital transformation, growth strategy, and organizational capability building. The firm advises individual, leading global corporations, midsize enterprises, government agencies, and mission-driven organizations through long-term partnerships. Enterprise-wide risk management, professional ethics, and fiduciary standards are embedded across all operations. Northfield & Associates’ diverse, globally unified teams are committed to execution certainty and sustainable, risk-adjusted returns aligned with ESG and stakeholder objectives.
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