The answer depends on where your charity operates and how much revenue it brings in each year. The Canada Revenue Agency does not require charities to submit audited financial statements with their annual information returns.
However, provincial laws, funding organizations, or a charity’s governing body may require audits based on specific thresholds and circumstances.
Different provinces set different rules for when charities need audited statements. In Ontario, charities incorporated under the Ontario Not-for-Profit Corporations Act (ONCA) require a Review Engagement for revenue between $100,000 and $500,000, and a full Audit when annual revenue reaches $500,000.
Under the Alberta Societies Act, charities generally require a review engagement for revenue between $100,000 and $250,000, and an audit when annual revenue exceeds $250,000. British Columbia and other provinces have their own thresholds and requirements that charities must follow.
Understanding these requirements helps charities stay compliant and maintain trust with donors and stakeholders.
This article explains when audits are required, what alternatives exist for smaller organizations, and how charities can meet their financial reporting obligations across Canada.
When Are Audited Financial Statements Required for Charities in Canada?
The requirement for audited financial statements depends on several factors including annual revenue levels, provincial versus federal jurisdiction, and whether the charity solicits public donations.
The Canada Revenue Agency does not mandate audits, but other regulatory bodies often do.
Understanding Revenue Thresholds and Audit Triggers
Revenue thresholds vary by jurisdiction. Federal charities typically require audits at $250,000, while Ontario charities incorporated under the Ontario Not-for-Profit Corporations Act (ONCA) require audits at $500,000. Requirements are set by provincial laws and incorporating statutes.
Organizations that fall below the audit threshold typically qualify for a Review Engagement (providing limited assurance) or a Compilation (providing no assurance).
Revenue calculations include all sources of income. This covers donations, grants, investment income, and program fees.
Charities need to track their total revenue carefully throughout the fiscal year to determine if they cross the audit threshold.
When revenue drops below $250,000 in subsequent years, charities may transition from an audit to a review engagement. This change takes effect in the following fiscal period after financial statements are prepared.
Organizations should consult with their accountant to confirm when this shift can occur.
Some charities with revenue below the threshold still choose to conduct audits voluntarily. Donors and funders often view audited financial statements as a sign of transparency and sound financial management.
Provincial and Federal Requirements
Charities incorporated under the Canada Not-for-Profit Corporations Act follow federal rules that often differ from provincial standards.
Federal corporations typically face stricter audit requirements based on member approval rather than revenue alone.
Provincial requirements vary significantly across Canada. Ontario charities incorporated under the Ontario Corporations Act face different thresholds than those in British Columbia or Alberta.
Some provinces require audits at lower revenue levels or impose additional conditions based on organizational structure.
Organizations operating in multiple provinces must comply with the most stringent applicable requirements.
A charity registered federally but operating primarily in one province needs to follow both sets of rules where they apply.
The Canada Revenue Agency itself does not require audited financial statements for the annual T3010 return.
However, other government authorities, funding bodies, or the charity’s governing documents may mandate audits regardless of CRA requirements.
Soliciting Corporations Versus Non-Soliciting Corporations
Soliciting corporations actively seek donations from the public through fundraising campaigns, online appeals, or direct mail.
These organizations face stricter audit requirements in many provinces due to their public accountability obligations.
Non-soliciting corporations rely primarily on membership fees, government grants, or other restricted funding sources.
They typically have more relaxed audit requirements and may qualify for review engagements at higher revenue levels than soliciting organizations.
The distinction matters particularly at the provincial level. Some provinces impose audit requirements on soliciting corporations at lower revenue thresholds, sometimes as low as $100,000 in annual revenue.
Non-soliciting organizations in the same province might not require audits until they reach $250,000 or higher.
Charities should verify their classification with their provincial regulator. The determination depends on actual fundraising activities rather than charitable registration status alone.
Legal and Regulatory Framework for Charity Financial Reporting
Canadian charities operate under federal tax law through the Income Tax Act and the Canada Revenue Agency’s oversight. They must also comply with provincial incorporation laws that often set their own financial reporting rules.
The Charities Directorate maintains charitable status requirements. Provincial statutes like the Ontario Not-for-Profit Corporations Act add extra layers of compliance.
Income Tax Act and CRA Oversight
The Income Tax Act establishes the federal framework for registered charities in Canada. This law defines what qualifies as a charitable organization and sets out the basic requirements charities must follow to maintain their tax-exempt status.
The Canada Revenue Agency enforces these rules through the Charities Directorate. All registered charities must file a T3010 annual information return with financial statements attached, even if the charity had no activity or a zero balance during the fiscal period.
The CRA requires these statements to include a balance sheet showing assets and liabilities and an income statement showing revenue and expenditures.
The CRA recommends professional audits for charities with income over $250,000. However, the agency does not legally require audited statements.
For smaller charities, the treasurer can sign the financial statements instead of hiring a professional auditor.
Charities Directorate and Charitable Status
The Charities Directorate manages the registration and oversight of all Canadian charities. This division of the CRA determines whether organizations qualify for charitable status and monitors their ongoing compliance with federal requirements.
Organizations must meet specific criteria to obtain and keep charitable status. They must demonstrate that their purposes fall under recognized charitable categories and that they spend their resources on charitable activities.
The Charities Directorate reviews annual returns and financial statements to verify compliance. Loss of charitable status means losing tax-exempt benefits and the ability to issue donation receipts.
The Charities Directorate can revoke registration if a charity fails to file complete returns or violates other federal requirements.
Provincial Legislation: ONCA and Others
Provincial laws add requirements beyond federal regulations. In Ontario, the Ontario Not-for-Profit Corporations Act governs incorporated charities and sets financial reporting rules based on revenue thresholds.
Most provinces require charities to have audited financial statements when annual revenue exceeds certain thresholds—typically $250,000 to $500,000 depending on the province and type of corporation.
Incorporated registered charities must check their provincial incorporation statute to determine audit requirements. The law in their province of incorporation dictates whether they need to appoint a public accountant or auditor.
Some provinces also require charities to file financial statements with provincial authorities in addition to federal filing.
A charity’s bylaws may impose stricter requirements than provincial or federal law. These governing documents sometimes mandate audits at lower revenue levels or require specific types of financial reviews.
Types and Components of Charity Financial Statements
Charity financial statements contain specific sections that show how organizations manage their money and resources.
The statement of financial position displays what a charity owns and owes, while the statement of operations tracks income and spending on programs throughout the year.
Statement of Financial Position and Assets
The statement of financial position serves as a charity’s balance sheet. It shows all assets, liabilities, and net assets at a specific point in time.
This document reveals the financial health of the organization by listing what it owns versus what it owes.
Assets include cash, investments, property, equipment, and amounts owed to the charity. Liabilities cover debts, accounts payable, and deferred revenue from funds received but not yet used for their intended purpose.
Net assets represent the difference between total assets and total liabilities. The statement of assets and liabilities helps donors and regulators understand if a charity can meet its obligations.
Organizations with strong net assets demonstrate stability. Those with significant liabilities may face challenges in maintaining operations or funding programs.
Statement of Operations and Program Spending
The statement of operations tracks all revenue and expenses during a fiscal period. It shows where money comes from and how charities spend it on programs, administration, and fundraising activities.
Revenue sources include donations, grants, fundraising events, and investment income. Expenses break down into three main categories: program spending (direct charitable work), administrative costs (management and oversight), and fundraising expenses (costs to raise donations).
This statement helps stakeholders evaluate how effectively a charity uses its resources. Most donors want to see that organizations spend a significant portion of their budget on actual programs rather than overhead costs.
Restricted Versus Unrestricted Funds
Charities must separate restricted funds from unrestricted funds in their financial statements. Restricted funds come with donor-imposed conditions that limit how the organization can use the money.
These funds must be spent according to specific purposes or timeframes set by the donor. Unrestricted funds give charities flexibility to use money where it’s needed most.
The board can allocate these resources to any program or operational need without external limitations. The statement of financial position displays both types of funds separately.
This distinction matters because it shows how much financial flexibility a charity actually has, even if total net assets appear strong.
Audit, Review, and Compilation Engagements: Key Differences
Canadian charities can choose between three types of financial engagements depending on their revenue levels and regulatory requirements.
An audit engagement provides the highest level of assurance, while a compilation offers basic statement preparation with no assurance at all.
Audit Engagement Explained
An audit engagement involves an independent accountant examining a charity’s financial records, transactions, and internal controls to provide an opinion on whether the financial statements present a fair picture of the organization’s financial position.
The accountant tests underlying documentation, confirms balances with third parties, and assesses whether the statements follow Canadian accounting standards.
This process delivers positive assurance, meaning the auditor states that the financial statements are free from material misstatement.
Most provinces require audits when annual revenue exceeds $250,000. During board meetings, directors review and approve these audited statements before sharing them with members, funders, and the Canada Revenue Agency.
Audits take the most time and cost more than other options. They also provide the strongest credibility with donors and grant-makers.
Review Engagement Requirements
A review engagement involves less extensive procedures than an audit engagement but still provides limited assurance on the financial statements.
The accountant performs analytical procedures and makes inquiries of management to determine if the statements are plausible and free from obvious errors.
A financial review does not include testing transactions or examining source documents in detail. The accountant issues a report stating whether anything came to their attention suggesting the statements are not fairly presented.
This level of assurance sits between an audit and a compilation. Charities below provincial audit thresholds often use review engagements to satisfy funders or bylaws while keeping costs manageable.
Review reports are commonly accepted for grant applications and regulatory filings when a full audit is not mandatory.
When to Use a Compilation
A compilation involves an accountant preparing financial statements from information provided by the charity without performing any verification or providing assurance.
The accountant simply organizes the data into proper financial statement format following accounting standards. No opinion or assurance is issued.
The compilation report clearly states that readers should not rely on the statements for investment or credit decisions. This option costs the least and works for smaller charities with minimal revenue that are not required to meet the disbursement quota through audited records or satisfy funder requirements.
Some charities use compilations for internal purposes or board meetings while reserving review engagements or audits for external reporting when needed.
Accounting Standards and Financial Reporting for Charities
Canadian charities must follow specific accounting frameworks that ensure their financial statements are accurate, consistent, and transparent.
These standards guide how organizations recognize revenue, report expenses, and present financial information to donors and regulators.
Canadian Accounting Standards for Not-For-Profit Organizations (ASNPO)
Most Canadian charities follow the Accounting Standards for Not-For-Profit Organizations (ASNPO), which are designed specifically for organizations that don’t operate for profit.
These standards are part of the CPA Canada Handbook and provide clear rules for recording financial activities unique to charities.
ASNPO requires charities to prepare three main financial statements:
- Statement of financial position (balance sheet)
- Statement of operations (income statement)
- Statement of changes in net assets
Charities must also classify their net assets into categories: unrestricted, internally restricted, and externally restricted.
This classification shows donors and regulators how funds can be used. Externally restricted funds come with donor-imposed conditions that must be followed.
The standards require disclosure of accounting policies, such as how depreciation is calculated and how donated goods are valued.
Charities must also explain any significant transactions with related parties or unusual financial events.
CPA Canada Handbook Guidance
The CPA Canada Handbook provides detailed guidance that accountants and charity leaders use to apply ASNPO correctly.
This handbook is updated regularly to reflect changes in financial reporting requirements and best practices.
The handbook covers specific situations charities face, such as:
- How to record government grants and contributions
- When to recognize pledged donations as revenue
- How to account for endowment funds
- Treatment of tangible capital assets
Charities can also choose to follow Public Sector Accounting Standards (PSAS) instead of ASNPO, particularly if they receive substantial government funding or are controlled by government entities.
However, ASNPO remains the most common choice for independent charitable organizations.
The handbook helps ensure consistency across the charitable sector. This makes it easier for donors and funders to compare financial statements between different organizations.
Revenue Recognition and Reporting Consistency
Revenue recognition rules determine when a charity records donations, grants, and other income in its financial statements.
ASNPO uses the deferral method or the restricted fund method for recognizing contributions.
Under the deferral method, restricted contributions are recorded as liabilities when received.
They are recognized as revenue when the related expenses occur.
Unrestricted contributions are recorded as revenue immediately when received.
The restricted fund method tracks each type of restricted fund separately.
This makes it easier to show compliance with donor restrictions.
This method works well for charities with multiple restricted programs or endowments.
Consistency in applying these methods year after year is essential.
Changing methods requires disclosure and can affect how financial trends appear.
Charities must document their revenue recognition policies clearly in the notes to their financial statements.
Maintaining Transparency, Accountability, and Donor Confidence
Financial transparency and accountability are the foundation for building donor confidence in Canadian charities.
Organizations with clear financial management and open communication strengthen public trust and improve their ability to secure ongoing support.
Importance of Public Trust
Public trust determines whether donors choose to support a charity and continue giving over time.
When charities share financial information openly, donors can verify that their contributions are being used effectively for the intended charitable purposes.
Donor confidence relies on an organization’s ability to demonstrate responsible financial management.
Charities that provide clear financial records help donors understand how their money is spent and what impact their contributions make.
This transparency reassures both current and potential donors that the organization operates with integrity.
The loss of public trust can severely impact a charity’s ability to raise funds and maintain operations.
Organizations that fail to demonstrate transparency often face declining donations and increased scrutiny from regulators.
Building trust requires consistent effort, and maintaining it depends on ongoing transparency and accountability.
Best Practices for Annual Reporting
Annual reports should include complete financial statements that show all revenue sources and expenses.
The report needs to break down spending by program area so donors can see how funds are allocated across different charitable activities.
Charities should present financial information in clear, accessible language that non-accountants can understand.
Including charts or graphs helps donors visualize spending patterns and program costs.
The report should also explain any significant changes in revenue or expenses compared to previous years.
Organizations must make annual reports easily available to the public through their websites and upon request.
Timely distribution of these reports, ideally within a few months of the fiscal year end, demonstrates organizational efficiency.
Including stories of impact alongside financial data helps donors connect their contributions to real outcomes.
Transparency and Accountability Measures
Registered charities must file annual information returns with the Canada Revenue Agency and provide financial statements regardless of activity level.
These filings become public records that anyone can access to review a charity’s financial practices.
Organizations should maintain detailed financial records throughout the year and implement internal controls to prevent errors or misuse of funds.
Regular financial reviews by board members help identify issues before they become serious problems.
Many charities also establish finance committees to oversee financial management and report to the full board.
Providing tax receipts promptly and accurately fulfills both legal requirements and donor expectations.
Charities should respond quickly to donor questions about finances and be willing to explain spending decisions.
Some organizations go beyond minimum requirements by publishing quarterly financial updates or sharing detailed program budgets to show their commitment to accountability.
Conclusion
Canadian charities must file financial statements with their T3010 returns, but the Canada Revenue Agency does not require these statements to be audited.
The CRA recommends professional audits for charities with gross income over $250,000.
However, provincial laws, funding bodies, or a charity’s governing documents may set different requirements that make audited statements mandatory.
Smaller charities can submit financial statements signed by their treasurer or another officer.
Larger organizations, especially those with revenue exceeding the $250,000 provincial benchmark, typically need professionally audited statements to meet provincial regulations and maintain transparency with donors and stakeholders.
Each province sets its own thresholds and rules, so charities must check the specific requirements in their jurisdiction.
B&H Charity Accounting Firm helps charities across Canada navigate financial reporting requirements and compliance obligations.
Whether a charity needs basic financial statements or full professional audits, our firm provides expert guidance tailored to each organization’s needs.
avigating director compensation rules can be complex.
Contact Northfield & Associates for expert guidance on compliance requirements. Our team understands Canadian charity law and can help ensure your organisation follows proper procedures.
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Schedule a free consultation to discuss specific reporting requirements and ensure the charity meets all federal and provincial obligations.
Frequently Asked Questions
The rules around audited financial statements for Canadian charities vary by province and depend on factors like revenue size and organizational structure.
The Canada Revenue Agency does not require audits, but other authorities might.
What are the audit requirements for charities in Canada?
Audit requirements for Canadian charities depend on provincial rules rather than federal law.
Each province sets its own thresholds based on factors like annual revenue.
Ontario typically requires an audit when a charity reaches $500,000 in annual revenue under ONCA.
British Columbia has different limits.
Alberta requires an audit when annual revenue exceeds $250,000 under the Societies Act (and a review for revenue between $100,000 and $250,000).
Charities need to check the rules in their specific province.
The requirements can change based on where the charity operates.
Do charities need to have audited accounts?
Not all charities need audited accounts.
The Canada Revenue Agency does not require charities to submit audited financial statements.
Other groups might require audits though.
A charity’s governing body, funding organizations, or provincial authorities may ask for audited statements.
The audit requirement is typically triggered when revenue reaches the provincial threshold, commonly $250,000, though the federal CNCA trigger for soliciting corporations is $500,000.
Smaller organizations can prepare financial statements internally.
These statements just need to be signed by the treasurer or an officer.
Is audit mandatory for charitable trusts?
The audit rules for charitable trusts follow the same provincial guidelines as other registered charities.
A charitable trust in Alberta must have audited financial statements each year.
Provincial thresholds determine whether other charitable trusts need audits.
The type of legal structure matters less than the revenue size and location.
Charitable trusts must check their provincial requirements and any rules set by their funders.
Do charities have to disclose financial statements?
All registered charities must provide financial statements to the Canada Revenue Agency.
This applies even if the charity was not active during the fiscal period or had a zero balance.
Charities file financial statements as part of their annual information return using Form T3010.
The form includes financial statements, program activities, governance information, and fundraising details.
The financial data reported on the T3010 form is a summary derived from the full financial statements prepared for the board and other users. For CNCA corporations over $100,000, the full statements must be attached to the T3010.
Charities often present information differently depending on who needs to see it.
When is an audit required for a Canadian charity?
An audit becomes required when a charity meets certain provincial revenue thresholds.
The specific amount varies by province, with some requiring audits at $250,000 in annual revenue.
Funding bodies or governing organizations might set their own audit requirements regardless of provincial rules.
A charity might need an audit to maintain grants or meet membership requirements.
Revenue thresholds vary by province. Federal charities typically require audits at $250,000, while Ontario charities require audits at $500,000 in annual revenue.
What does the CRA say about audited statements for charities?
The Canada Revenue Agency does not require charities to submit audited financial statements. Charities must provide financial information with their annual return, but these statements do not need to be audited.
The CRA still requires financial statements even if other authorities ask for audited versions. The format and details for CRA filings may be different from audited statements used elsewhere.
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