From visa requirements to healthcare and insurance, Northfield & Associates covers it all, ensuring you feel confident and ready to embrace your new home.
Having chosen your course, the time has come to prepare for your transformative international education journey. Relocating to a new country involves various considerations, including visa procedures, insurance, financial arrangements, accommodation arrangements, and potential work opportunities. While this might seem overwhelming, rest assured that Northfield & Associates’ counselors are committed to guiding you every step of the way.
Support Services for International Students:
On-arrival support We aid you in acclimating to your new environment, offering continuous advice and assistance during your time abroad. Our dedicated counsellors are here to support you throughout your settling-in process.
Accommodation support Whether it’s university residences, shared apartments, or homestays, Northfield & Associates’ team helps you explore various housing options, ensuring a secure and comfortable home throughout your study abroad experience.
Cultural support We facilitate your understanding of the local culture, equipping you with guidance on adapting to your new surroundings.
If you look at any organization five, ten or twenty years after it was created, it’s probably going to be very different. Just like people grow and change, companies and corporations evolve. So do charities.
It’s not only expected that some things about your charity will change over time, but also almost inevitable. But, like any changes to a legal entity, there’s a specific process you need to follow for most significant changes to the structure or operations of your charity. Here’s what you need to know.
Who Needs to Know?
When something significant changes about the structure of your charity or how you operate, you will need to report the change to the Charities Directorate at the CRA.
Some minor changes may be possible via your organization’s MyCRA account, but in most cases, you will need to contact the Directorate to find out what you need to submit, and how they need it to be submitted.
Change of Purpose or Activities
When you register a charity in Canada, you have to provide detailed information about the purpose of the organization, and the activities that you will be engaged in. This is required because there is a fairly narrow definition of what qualifies as a charity in Canada.
This also means that if you make substantial changes to either your purpose or activities, you might no longer qualify to be a registered charity. In order to be sure, you need to submit the details of the change to the Charities Directorate.
Remember to do this before you implement the proposed changes. If your revised purpose or activities don’t meet the definitions, you will be advised, and you can avoid putting your charitable status in jeopardy.
Sometimes, due to various factors, you might want to change the designation of your organization. If you want to change the way you operate, how you fundraise and the structure, you need to apply to have the designation changed.
A designation change doesn’t stop your organization from being a registered charity or being able to raise funds and issue receipts, but it does allow you to change your internal operations.
Fiscal Year End Changes
Registered charities are tax exempt, but they still have tax reporting obligations, and those obligations are tied to their fiscal year end. Because of this, if you want to change your fiscal year end, you first have to notify the CRA, so that they can update your account accordingly.
Requesting Associated Status
There are rules about how much money charities can give to other organizations, and to which kinds of organizations. Usually, charities can give foundations more than half of their revenue, but if they give the same amount to a charity that is not a foundation, that charity might be redesignated a foundation.
Requesting associated status with the charity that will receive the gift in this case allows them to avoid the redesignation. Essentially, it’s the charitable version of a joint venture, that allows them to have some relaxed rules.
Permission to Accumulate.
Most non charitable organizations work with the specific goal of accumulating profits over time. Charitable organizations, however, are not supposed to do that. They are supposed to follow the rules related to disbursement and give the money they raise away according to that schedule.
However, sometimes, a charity needs to save money for a big purchase. Maybe they need a new vehicle or building. In that case, they can request permission to accumulate funds, which relaxes the disbursement requirements, and allows them to save money until they can make the purchase.
Disbursement Quota Reductions
Disbursement requirements not only govern when charities must give the money they raise away, and to whom, but it also sets a requirement for the amount to be given away.
Sometimes, however, charities don’t meet their fundraising goals, which means that they don’t have enough money available to make those disbursements – or pass the money they have raised on to approved recipients. Of course, this would leave the charity with a negative balance in their bank account, and that’s not really an option.
A disbursement quota reduction allows charities to reduce the amount of money they are required to pay to those recipients.
As Soon As Possible
Now that you know what you need to notify the government of, the next question is when you should do this. The answer is always as soon as possible. Don’t wait until you actually need the change to have been made. As soon as you become aware that it will be necessary, you should start communicating with the Directorate. That way, you won’t be left wondering what to do when deadlines roll around!
Ready for better nonprofit reporting?
At Northfield & Associates, we have a team of professional bookkeepers and accountants to help your organization manage the books so that you can breeze through tax season.
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
Chart of accounts setup or amendment
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
Post to general ledger
Post to other ledgers (as needed)
Bank account reconciliation
Monthly financial statements
Other bookkeeping services, as required
Best-practice bookkeeping advice and counsel
Year End
Assistance with 1099-NEC preparation*
Assistance with 1099-MISC preparation*
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.
Let’s Collaborate & Make a Difference!
Partner with us to amplify your mission. Whether it’s Charity accounting, financial transparency, or strategic growth—we’re here to help you create meaningful impact. Let’s work together to build a better future!
In this evolving economic landscape, collaboration with our firm offers clients a strategic advantage. With Cambodia’s reform-driven investment environment and Canada’s expanding footprint in Southeast Asia, our team of experienced consultants and legal advisors provides tailored guidance to help businesses navigate cross-border opportunities. We focus in developing comprehensive legal strategies, structuring international partnerships, and ensuring compliance in emerging markets.
By leveraging our regional insight and international expertise, you benefit from a trusted partner dedicated to helping you capitalize on growth potential in Cambodia and beyond.
Your Trusted Partner in International Bilateral Relations
At Northfield & Associates are focus in Foreign Direct Investment (FDI), international trade missions, and cross-border legal strategy. Our team of experienced consultants and legal advisors offers tailored guidance and strategic insight to help you navigate the complexities of international partnerships and development opportunities.
Whether you choose to meet in person at one of our offices or connect virtually, we provide flexible and accessible consultation options. During your session, we’ll assess your goals, review key documentation, and guide you through every stage of your FDI or trade mission engagement.
Let us help you take the next step with confidence supported by trusted legal and strategic counsel every step of the way.
Northfield & Associates
Advancing Global Partnerships, Together.
Take the First Step Today
If you believe you may be eligible for legal relief or simply need sound legal advice, we’re here to help. Contact us today to book your consultation. Let us provide the clarity, strategy, and peace of mind you need to move forward.
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.
We serve our clients in English, Cambodian, Vietnamese, Mandarin and Cantonese, especially in Asian clients.
If you or anybody that you know, think that you meet the requirements and wish to receive further information.
We can help you start the application process and confirm eligibility requirements to participate.
We Offer Consultations & Meetings by Phone & Virtually. Affordable Fees.
Book a Consultation Today
Contact Northfield & Associates today to schedule a consultation with an experienced Consultant.
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.
Forward-Looking Information
This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to finalize negotiations concerning the increase of the Loan or to close such transaction and the failure of the Company to complete the acquisition of the Company Facility; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company’s activities; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s amended annual information.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Questions?
info@northfied.biz
Within Corporate Newsroom
Media Contact:
media@northfied.biz
Press contact
PR consultants press@northfied.biz
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Northfield & Associates professionals will be pleased to discuss resolutions to specific legal concerns you may have.
The Charities Directorate of the Canada Revenue Agency (CRA) is the go-to resource for all matters related to charities across Canada. Whether you need general information about registered charities, guidance on applying for registration, or assistance with issuing official donation receipts, the Charities Directorate is there to help.
Here’s how you can contact them:
CRA MyBA Portal: If you’ve signed up for the My Business Account (MyBA) portal, this is the best way to reach the Charities Directorate.
Login to MyBA.
Under your RR account, select “Update registered charity or RCAAA information”.
Select “submit an enquiry” from the dropdown menu.
Phone: You can also contact the Charities Directorate at 1-800-267-2384, Monday to Friday (except statutory holidays) between 9 a.m. and 5 p.m., Eastern Standard Time. By TTY service for people with a hearing or speech impairment: 1-800-665-0354
Mail: General inquiries or changes should be mailed to the Charities Directorate, Canada Revenue Agency, Ottawa, ON K1A 0L5. For information returns (Form T3010) and financial statements, to: Charities Directorate, Canada Revenue Agency, 105 – 275 Pope Road, Summerside PE C1N 6E8.
Fax: Depending on the nature of your inquiry, you can fax the Charities Directorate at the following numbers: 833-339-0997 (toll-free number) or 418-556-1813. The CRA requests that you fax to only one number so as to avoid duplication.
No matter how you choose to reach out, the Charities Directorate is dedicated to providing the support and information you need to navigate Canada’s charitable work world
Q: What are the benefits of incorporating a Not-for-Profit? Can’t we run it as an unincorporated association with a simple constitution?
A: There are benefits and risks to not incorporating, but in our experience, it is generally recommended that a not-for-profit incorporate. The process of incorporating a not-for-profit involves [specific steps], which can be [time-consuming, but ultimately rewarding].
Benefits of Not Incorporating a Not-for-Profit
1. Not-for-profits that are not incorporated are not governed by legislation, so they have much more flexibility.
2. Do not have to file annual corporate returns with Corporations Canada
Benefits of Incorporating a Not-for-Profit (and Risks of Not Incorporating)
1. Liability: Unincorporated NFPs are not legally independent from their members, leaving them vulnerable to liability. In contrast, members of incorporated charities are shielded with liability protection, providing a sense of security.
2. Dispute resolution: Incorporated Not-for-profits are equipped with legislative guidance to resolve disputes, a crucial support system that is absent in the case of non-incorporated NFPs. This ensures you are guided through any potential conflicts.
3. Contracts/Property: Only incorporated not-for-profits can enter contracts, sue and hold property.
Incorporating a not-for-profit also allows for greater transparency, accountability, and credibility. By becoming a legal entity, an NFP can access government funding opportunities, apply for charitable status, and issue tax receipts to donors. It also gives the organization a more professional image, which can attract donors, volunteers, and board members. Incorporating also ensures that the organization’s assets are protected and can continue operating even if critical members leave or pass away.
However, some risks are associated with incorporating, including the cost and time involved in the process, ongoing regulatory requirements, and potential conflicts with members over governance issues. It is essential to carefully weigh the benefits and risks before incorporating your not-for-profit. Consulting with a lawyer or accountant can also provide valuable guidance.
In this evolving economic landscape, collaboration with our firm offers clients a strategic advantage. With Cambodia’s reform-driven investment environment and Canada’s expanding footprint in Southeast Asia, our team of experienced consultants and legal advisors provides tailored guidance to help businesses navigate cross-border opportunities. We focus in developing comprehensive legal strategies, structuring international partnerships, and ensuring compliance in emerging markets.
By leveraging our regional insight and international expertise, you benefit from a trusted partner dedicated to helping you capitalize on growth potential in Cambodia and beyond.
Book a Consultation with Northfield & Associates
Your Trusted Partner in International Bilateral Relations
At Northfield & Associates are focus in Foreign Direct Investment (FDI), international trade missions, and cross-border legal strategy. Our team of experienced consultants and legal advisors offers tailored guidance and strategic insight to help you navigate the complexities of international partnerships and development opportunities.
Whether you choose to meet in person at one of our offices or connect virtually, we provide flexible and accessible consultation options. During your session, we’ll assess your goals, review key documentation, and guide you through every stage of your FDI or trade mission engagement.
Let us help you take the next step with confidence supported by trusted legal and strategic counsel every step of the way.
Take the First Step Today
If you believe you may be eligible for legal relief or simply need sound legal advice, we’re here to help. Contact us today to book your consultation. Let us provide the clarity, strategy, and peace of mind you need to move forward.
We serve our clients in English, Cambodian, Vietnamese, Mandarin and Cantonese, especially in Asian clients.
If you or anybody that you know, think that you meet the requirements and wish to receive further information.
We can help you start the application process and confirm eligibility requirements to participate.
We Offer Consultations & Meetings by Phone & Virtually. Affordable Fees.
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.
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.
Forward-Looking Information
This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to finalize negotiations concerning the increase of the Loan or to close such transaction and the failure of the Company to complete the acquisition of the Company Facility; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company’s activities; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s amended annual information.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Questions?
info@northfied.biz
Within Corporate Newsroom
Media Contact:
media@northfied.biz
Press contact
PR consultants press@northfied.biz
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Northfield & Associates professionals will be pleased to discuss resolutions to specific legal concerns you may have.
Utilizing the expertise of a real estate lawyer is one of the most valuable decisions you can make during the process or buying or selling property. A real estate lawyer is your advocate to ensure that you receive: legal advice during the process; a review of all legal documents associated with the property and transaction; and answers to your questions throughout this complex process. Below are the key benefits of having a real estate lawyer when buying or selling your property.
A real estate lawyer will review all documents involved in the closing, including but not limited to the Agreement of Purchase and Sale, to ensure that your best interests are represented.
The lawyer will conduct title searches to help you discover whether there any liens registered on title, title fraud, outstanding judgments, encroachment, and other possible problems with the title. The legal team will help you identify any issues with the property and help you avoid any unexpected issues that may arise before or after closing.
The legal team will prepare all necessary documents related to the closing to ensure that your obligations as a buyer or seller are met. The team will calculate all the expenses associated with a closing and explain the breakdown of your closing costs, such as land transfer taxes, legal fees, title insurance, government registration fees, etc.
On closing, the lawyer will ensure that all documents to be registered are correct and accurate. Once a Transfer has been registered, you will officially become a property owner!
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.
We serve our clients in English, Cambodian, Vietnamese, Mandarin and Cantonese, especially in Asian clients.
If you or anybody that you know, think that you meet the requirements and wish to receive further information.
We can help you start the application process and confirm eligibility requirements to participate.
We Offer Consultations & Meetings by Phone & Virtually. Affordable Fees.
Book a Consultation Today
Contact Northfield & Associates today to schedule a consultation with an experienced Consultant.
Northfield & Associates International Corporation is a global strategic advisory and consulting firm partnering with private equity, sovereign, and institutional investors to deploy capital, manage regulatory, supporting senior leadership, boards, and capital providers across Cambodia, Canada, and international markets operating in complex regulatory, economic, and geopolitical environments, and drive enterprise value creation across complex global markets.
We advise boards, executives, entrepreneurs, and public-sector decision-makers on business strategy, institutional transformation, and high-stakes market challenges requiring disciplined judgment, capital efficiency, and execution certainty. Our work is concentrated across priority global sectors, including agribusiness, aviation and automotive, energy and natural resources, financial services, healthcare, infrastructure, real estate, immigration, education, and information technology.
Our platform integrates sector-specific intelligence with multidisciplinary advisory capabilities. Clients benefit from coordinated access to consulting, legal and regulatory counsel, financial management, risk assessment, real estate advisory, immigration, education, and technology expertise. This integrated model supports informed capital allocation, regulatory-compliant investment structuring, and execution-ready strategies designed to optimise returns, preserve downside protection, and enhance risk-adjusted performance.
Northfield combines consulting rigor with legal and regulatory judgment to support capital markets-aligned decision-making in complex, regulated, and rapidly evolving environments. We partner with private enterprises, institutional investors, family offices, and public-sector entities to structure, deploy, and manage capital effectively; strengthen governance; mitigate regulatory and geopolitical risk; and drive sustainable enterprise value creation.
Our engagements span strategy formulation, operational optimisation, organisational design, and change execution. We deliver measurable outcomes that improve financial performance, support disciplined growth, enhance valuation, and generate durable returns on investment for investors, shareholders, and institutional stakeholders. We operate with independence, precision, and accountability, aligned with long-term value creation and fiduciary standards.
Forward-Looking Information
This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to finalize negotiations concerning the increase of the Loan or to close such transaction and the failure of the Company to complete the acquisition of the Company Facility; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company’s activities; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s amended annual information.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Questions?
info@northfied.biz
Within Corporate Newsroom
Media Contact:
media@northfied.biz
Press contact
PR consultants press@northfied.biz
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Northfield & Associates professionals will be pleased to discuss resolutions to specific legal concerns you may have.
What financial statements must a nonprofit corporation under ONCA present to members?
Details on the financial statements required to be presented to the members under ONCA can be found in section 4-5 of the General Regulations under ONCA.
(i) a statement of financial position or a balance sheet,
(ii) a statement of comprehensive income or a statement of retained earnings,
(iii) a statement of changes in equity or an income statement, and
(iv) a statement of cash flows or a statement of changes in financial position.
Navigating director compensation rules can be complex.
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 to discuss your specific circumstances and receive expert assistance throughout the reinstatement process with our experienced legal team.
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.
At Northfield & Associates our expert teams guidance on compliance requirements. Our team understands Canadian law and can help ensure your organization follows proper procedures.
To discuss your specific circumstances and receive expert assistance throughout the reinstatement process with our experienced legal team.
READY FOR BETTER NONPROFIT REPORTING?
At Northfield & Associates, we have a team of professional bookkeepers and accountants to help your organization manage the books so that you can breeze through tax season.
We’re often asked by prospective clients what our Bookkeeping service. 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
Chart of accounts setup or amendment
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
Post to general ledger
Post to other ledgers (as needed)
Bank account reconciliation
Monthly financial statements
Other bookkeeping services, as required
Best-practice bookkeeping advice and counsel
Year End
Assistance with 1099-NEC preparation*
Assistance with 1099-MISC preparation*
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.
Let’s Collaborate & Make a Difference!
Partner with us to amplify your mission. Whether it’s Charity accounting, financial transparency, or strategic growth—we’re here to help you create meaningful impact. Let’s work together to build a better future!
In this evolving economic landscape, collaboration with our firm offers clients a strategic advantage. With Cambodia’s reform-driven investment environment and Canada’s expanding footprint in Southeast Asia, our team of experienced consultants and legal advisors provides tailored guidance to help businesses navigate cross-border opportunities. We focus in developing comprehensive legal strategies, structuring international partnerships, and ensuring compliance in emerging markets.
By leveraging our regional insight and international expertise, you benefit from a trusted partner dedicated to helping you capitalize on growth potential in Cambodia and beyond.
Book a Consultation with Northfield & Associates
Your Trusted Partner in International Bilateral Relations
At Northfield & Associates are focus in Foreign Direct Investment (FDI), international trade missions, and cross-border legal strategy. Our team of experienced consultants and legal advisors offers tailored guidance and strategic insight to help you navigate the complexities of international partnerships and development opportunities.
Whether you choose to meet in person at one of our offices or connect virtually, we provide flexible and accessible consultation options. During your session, we’ll assess your goals, review key documentation, and guide you through every stage of your FDI or trade mission engagement.
Let us help you take the next step with confidence supported by trusted legal and strategic counsel every step of the way.
If you believe you may be eligible for legal relief or simply need sound legal advice, we’re here to help. Contact us today to book your free consultation. Let us provide the clarity, strategy, and peace of mind you need to move forward.
We serve our clients in English, Cambodian, Vietnamese, Mandarin and Cantonese, especially in Asian clients.
If you or anybody that you know, think that you meet the requirements and wish to receive further information.
We can help you start the application process and confirm eligibility requirements to participate.
We Offer Consultations & Meetings by Phone & Virtually. Affordable Fees.
BOOK A CONSULTATION TODAY
Contact Northfield & Associates today to schedule a consultation with an experienced Consultant.
Northfield & Associates is a Canadian consulting firm based in Toronto, Canada. Northfield & Associates specializes in all types of immigration matters, from spousal sponsorships to refugee board appeals. With over eight (8) years of experience and an excellent success rate, Northfield & Associates is recognized as one of Canada’s premier immigration consulting firm.
The purpose of the Free Assessment is to assess whether you are qualified to apply for permanent residence in Canada under the Family Sponsorship, Skilled Worker, or Business Class categories. Please choose which category you would like to be assessed under and complete all fields in the form. We will endeavor to complete your assessment and provide you with a reply within one business day. There is no charge for this service. All information provided will be kept strictly confidential. If our assessment indicates that you are qualified for immigration to Canada, we will contact you to provide further information about our services and fees. Start Your Immigration Application!
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.
NORTHFIELD & ASSOCIATES in Canada
As a global consulting firm, Northfield & Associates helps clients with total transformation, driving complex change, enabling organizations to grow, and driving bottom-line impact.
Learn about our offices in Canada, read our latest thought leadership, and connect with our team.
This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to finalize negotiations concerning the increase of the Loan or to close such transaction and the failure of the Company to complete the acquisition of the Company Facility; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company’s activities; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s amended annual information.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Questions?
info@northfied.biz
Within Corporate Newsroom
Media Contact:
media@northfied.biz
Press contact
PR consultants press@northfied.biz
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Northfield & Associates professionals will be pleased to discuss resolutions to specific legal concerns you may have.
Financial statements are detailed reports that show how your organization receives, spends, and manages money, including all assets, liabilities, revenue, and expenses. These formal records are essential for maintaining your charitable status and demonstrating accountability to supporters.
Organizations sometimes treat financial statements as simple bookkeeping exercises. In reality, these statements tell the complete story of your mission’s financial health.
They reveal patterns in donation cycles, program effectiveness, and long-term sustainability. Understanding how to structure and present this information can help secure major funding and maintain donor confidence.
Throughout this guide, we’ll walk through the core components of nonprofit financial statements. We’ll also explore how revenue recognition works differently for charitable organizations.
We will cover annual reporting requirements that keep your organization compliant. Best practices for maintaining transparency with your stakeholders will also be discussed.
What Are Financial Statements for Charities and Nonprofits?
Financial statements for charities and nonprofits are formal records that show how these organizations receive, manage, and spend money. They follow specific rules and formats that differ from business financial statements because charities serve the public good rather than make profits.
Definition and Purpose
Financial statements for charities are official documents that track all money coming into and going out of the organization. They show donors, government agencies, and the public exactly how funds are used.
These statements prove that the charity uses donations properly and follows its stated mission. They help donors decide whether to give money to the organization.
The main goals include:
Building trust with supporters
Meeting legal requirements
Showing financial health
Proving accountability
Charities must prepare these statements every year. They become public records that anyone can review.
This transparency helps maintain public confidence in charitable work. The statements also help charity leaders make better decisions.
They can see which programs cost the most money and which bring in the most donations.
Legal and Regulatory Background
Canadian charities must file financial statements with the Canada Revenue Agency each year. This requirement applies to all registered charities, regardless of their size or income level.
The Income Tax Act sets out these filing rules. Charities that fail to submit proper financial statements can lose their charitable status.
Without charitable status, organizations cannot issue tax receipts for donations.
Provincial laws may add extra requirements. Some provinces require charities to file statements with provincial authorities as well.
The rules vary depending on where the charity operates. Charities with revenues over $500,000 typically need audited statements.
Smaller organizations may prepare their own statements or use a bookkeeper.
Key Differences from For-Profit Financial Statements
Charity financial statements use different names and focus on different things than business statements. Instead of showing profit, they show how well the charity serves its mission.
Main differences include:
For-Profit
Charity
Income Statement
Statement of Operations
Focuses on profit
Focuses on programs
Owners’ equity
Net assets
Return on investment
Mission effectiveness
Charities must show how much money goes to programs versus administration. Donors want to see that most funds support the charity’s actual work, not overhead costs.
The statement of financial position shows assets and liabilities like business statements do. However, charities separate restricted funds from unrestricted ones.
Restricted funds can only be used for specific purposes. Charities also report on cash flows differently and focus on how money supports charitable activities.
Understanding the financial health of a charity is crucial for transparency and accountability. But what exactly are financial statements, and why are they so important? Let’s break it down.
What Are Financial Statements?
Financial statements are detailed reports that show the financial activities and position of an organization. They are like a snapshot of how much money the charity has, where it comes from, and how it is spent. These statements are crucial for charities to file their annual information return, known as the T3010 or T2 for Not-for-Profit, even if the charity was not active or had no financial activity during the fiscal year.
Types of Financial Statements
There are two main types of financial statements that charities need to prepare:
1. Statement of Assets and Liabilities (Balance Sheet): This statement shows what the charity owns (assets) and what it owes (liabilities). It includes:
Current Assets: Cash, bank accounts, short-term investments, and receivables.
Long-term Assets: Investments maturing in more than a year, like stocks and bonds.
Fixed Assets: Capital assets such as buildings and equipment.
Current Liabilities: Accounts payable and deferred revenue.
Long-term Liabilities: Debts like mortgages that are due in more than a year.
Accumulated Surplus or Deficit: The difference between assets and liabilities, showing if the charity has more assets (surplus) or more liabilities (deficit).
2. Statement of Revenue and Expenditures (Income Statement): This statement details the money the charity earns (revenue) and spends (expenditures). It includes:
Revenue: Donations, government grants, investment income, sales of goods and services, rental income, fees, and income from fundraising.
Expenditures: Costs such as advertising, travel, interest and bank charges, office supplies, salaries, and occupancy costs (like rent and utilities).
Net Income or Loss: The difference between revenue and expenditures, indicating a surplus or deficit for the year.
Prepared NotesFinancial statements also include prepared notes that provide additional details, such as:
Accounting Policies: For example, how depreciation is calculated.
Details of Investments: Including maturity dates and interest rates.
Sources of Revenue: Specifying types of government grants.
Transactions with Non-Arm’s Length Parties: Deals with people or organizations closely related to the charity.
Information About Long-Term Funds: Such as donations that must be held for ten years or more.
Future Obligations: Expected future costs.
Reporting MethodsCharities can choose between two methods to report their finances:
Cash Basis Method: Records revenue and expenditures only when money is received or paid.
Accrual Basis Method: Records revenue when it is earned and expenditures when they are incurred, even if the money hasn’t been received or paid yet.
It’s important to use the same method consistently throughout the financial statements, except when reporting gifts received, which must always use the cash method.
Public AvailabilityFinancial statements are available to the public upon request. This transparency helps maintain trust with donors, government agencies, and the public.
Why Are Financial Statements Important?
Transparency: They show how the charity uses its funds, ensuring donors and stakeholders know where their money goes.
Informed Decision-Making: Financial statements provide essential information forplanning and budgeting.
Public Trust: Openness about finances builds trust and confidence among supporters.
Financial statements are essential for every charity, regardless of size or activity level. They provide a clear picture of the charity’s financial health, ensuring transparency, accountability, and trust. By understanding and properly preparing these statements, charities can better manage their resources and fulfill their missions effectively.
Core Components of Financial Statements
Charitable and nonprofit organizations must prepare four distinct financial statements. These statements track how organizations receive and use their financial resources while demonstrating accountability to donors and regulators.
Statement of Financial Position
The statement of financial position shows what our organization owns and owes at a specific point in time. This statement replaces the traditional balance sheet used by for-profit businesses.
Assets represent everything of value that our organization owns. We list these in order of how quickly they can be converted to cash:
Current assets (cash, receivables, inventory)
Fixed assets (buildings, equipment, vehicles)
Investments and endowment funds
Liabilities are what our organization owes to others. We separate these into two categories:
Current liabilities (accounts payable, salaries due within one year)
Net assets represent the difference between our assets and liabilities. We show net assets with or without donor restrictions.
Restricted net assets must be used for specific purposes as directed by donors. The basic equation remains: Assets = Liabilities + Net Assets
Statement of Operations
The statement of operations tracks our organization’s revenue and expenses over a full accounting period. This statement shows how effectively we use financial resources to advance our mission.
Revenue sources include:
Donations and contributions
Government grants
Program service fees
Investment income
Special event proceeds
We organize expenses into three main categories:
Program expenses: Direct costs of delivering services
Management expenses: Administrative and operational costs
Fundraising expenses: Costs related to donor development
The statement follows this formula: Revenue – Expenses = Change in Net Assets
We must clearly separate restricted and unrestricted activities. Restricted revenue can only be used for specific programs or purposes.
When we fulfill these restrictions, we report the release of funds from restricted to unrestricted categories.
Statement of Cash Flows
The statement of cash flows shows how cash moves in and out of our organization during the reporting period. This statement helps board members understand our liquidity and ability to meet financial obligations.
Operating activities include:
Cash received from donors and program participants
Cash paid for salaries and program expenses
Interest and investment income received
Investing activities cover:
Purchase or sale of equipment and property
Investment transactions
Loans made to other organizations
Financing activities involve:
Borrowing money or repaying loans
Donor contributions restricted for long-term purposes
Endowment gifts and investment returns
The statement reconciles the beginning and ending cash balances. It reveals whether our operations generate enough cash flow to sustain programs without borrowing.
Statement of Changes in Net Assets
The statement of changes in net assets shows how our net assets changed during the reporting period. This statement links our statement of financial position with our statement of operations.
We track changes separately for restricted and unrestricted net assets. Unrestricted net assets can be used for any organizational purpose.
Restricted net assets have donor-imposed limitations on their use. Key changes include:
Operating surpluses or deficits
Investment gains or losses
Release of restrictions when conditions are met
New donor restrictions imposed during the year
This statement helps donors and stakeholders understand how we manage financial resources over time. It shows whether we’re building reserves or using existing funds to support current operations.
Recognising Revenue and Managing Donations
Charities and nonprofits must properly record different types of income. They also need to maintain accurate donor records.
This includes understanding various revenue sources, tracking donations, and providing proper tax receipts to donors.
Types of Revenue for Charities and Nonprofits
We need to understand the different revenue streams that support our charitable work. Each type requires specific accounting treatment and documentation.
Primary Revenue Sources:
Donations from individuals and corporations
Government grants and funding
Investment income from endowments
Program service fees and sales
Fundraising event proceeds
Membership fees and subscriptions
Recording Revenue Properly
We must distinguish between contributions and exchange transactions. Contributions are donations where donors receive nothing of equal value in return.
Exchange transactions provide goods or services for payment. Conditional contributions require us to meet specific requirements before we can record the revenue.
Unconditional contributions can be recorded immediately when promised or received. We record revenue using either cash or accrual accounting methods.
Cash accounting records revenue when money arrives. Accrual accounting records revenue when earned, even if payment comes later.
Multi-year Grants
These require careful tracking across reporting periods. We must monitor conditions and milestones to ensure proper revenue recognition timing.
Donation Tracking and Acknowledgement
We must maintain detailed records of all donations. Proper tracking helps us manage relationships and comply with regulations.
Essential Tracking Information:
Donor name and contact details
Donation amount and date
Payment method used
Designation or restrictions
Acknowledgement sent date
Documentation Requirements
We need to keep records of all donations, regardless of size. This includes cash gifts, in-kind donations, and pledges.
Each donation should have supporting documentation like cheques, credit card receipts, or gift agreements.
Donor Communication
We should send acknowledgement letters promptly after receiving donations. These letters confirm receipt and show appreciation for the donor’s support.
Database Management
We can use donor management software to track contributions efficiently. This helps us avoid errors and maintain accurate records for reporting purposes.
Tax Receipts for Donors
We must issue official donation receipts to help donors claim tax deductions. Canadian regulations require specific information on these receipts.
Required Receipt Information:
Our registered charity number
Receipt number and date
Donor’s name and address
Donation amount and date received
Location where receipt was issued
Our signature or authorised person’s signature
Eligible Donations
We can only issue tax receipts for gifts where donors receive no benefit in return. If donors receive goods or services, we must calculate the eligible portion for tax receipt purposes.
Timing Requirements
We must issue receipts by February 28th of the year following the donation. For donations made in December, this gives us just two months to process receipts.
Record Keeping
We need to maintain copies of all issued receipts for our records. These documents must be available for review by Canada Revenue Agency if requested.
Managing Financial Resources and Liabilities
Effective management requires careful budgeting throughout the fiscal year. Accurate identification of what your organisation owes is also important.
Understanding these two areas helps maintain financial stability and ensures proper reporting.
Budgeting Practices
Creating annual budgets builds the foundation of sound financial management. We plan how to use our financial resources before each fiscal year begins.
Start by reviewing last year’s actual revenue and expenses. This gives us a realistic baseline for planning.
Revenue planning should include:
Expected donations and grants
Investment income projections
Fundraising event estimates
Service fee collections
Expense budgeting covers:
Program costs and staff salaries
Administrative expenses
Fundraising costs
Equipment and facility needs
We track actual amounts against budgeted figures each month. This lets us spot problems early and adjust spending as needed.
Cash flow planning helps us pay bills throughout the year. Donations often arrive seasonally, but expenses happen monthly.
Reserve funds cover unexpected costs or revenue shortfalls. Most organisations keep three to six months of operating expenses in reserves.
Identifying and Reporting Liabilities
Current liabilities must be paid within one year. These include accounts payable, staff wages owing, and deferred revenue from grants.
We record liabilities when we become legally obligated to pay, even if we have not received a bill yet.
Common current liabilities:
Unpaid invoices from suppliers
Accrued payroll and benefits
Grant money received but not yet spent
Short-term loan payments
Long-term liabilities include mortgages and equipment loans due after one year. We list these separately on our financial statements.
Deferred revenue is money received for future services. We owe donors these services instead of cash.
Track payment due dates to avoid late fees. Set up systems to record all invoices before the fiscal year ends.
Annual Reporting and the Fiscal Year Cycle
Canadian charities must align their financial statements with specific fiscal year requirements. Meeting strict reporting deadlines keeps their charitable status.
The fiscal year determines when we finalize financial records. It also drives all compliance obligations.
The fiscal year covers a 12-month period in our financial statements. Most charities select December 31st as their year-end date.
This aligns with the calendar year and simplifies record-keeping.
Key fiscal year requirements include:
Must be consistent from year to year
Cannot exceed 53 weeks for incorporated charities
Determines when we calculate disbursement quotas
Sets the timeline for all annual reporting obligations
Once we pick our fiscal year-end, we prepare comprehensive financial statements. These statements form the foundation of our T3010 filing with the Canada Revenue Agency.
Our fiscal year choice affects cash flow planning and audit scheduling. We should consider operational cycles and staff availability when selecting dates.
Reporting Deadlines and Requirements
All registered charities must file Form T3010 within six months of their fiscal year-end. Missing this deadline can lead to revocation of charitable status.
For charities with December 31st year-ends, the T3010 is due by June 30th. We must include audited financial statements if our annual revenue exceeds certain thresholds.
Additional reporting requirements:
Revenue Level
Financial Statement Requirement
Under $250,000
Internal financial statements
$250,000 – $1,000,000
Review engagement
Over $1,000,000
Audited financial statements
Federally incorporated charities face additional deadlines. We must file our Annual Corporate Return within 60 days of our incorporation anniversary.
Provincial reporting varies by jurisdiction. Ontario charities under ONCA require audited statements when revenue exceeds $500,000.
We keep all financial records for at least six years. Proper documentation supports our annual filings and protects against audits.
Ensuring Transparency and Accountability
Financial statements build trust with donors and the public. Audits provide external validation of financial accuracy.
Proper access lets stakeholders review how charities use their funds.
Role of Audits and Reviews
Independent audits validate our financial statements. An auditor examines our books and records to confirm we report finances accurately.
Many provinces require audits for charities above certain revenue thresholds. Even when not required, audits show our commitment to accountability.
Key audit benefits include:
External verification of financial accuracy
Identification of internal control weaknesses
Enhanced credibility with donors and funders
Compliance with regulatory requirements
Reviews offer a middle ground between audits and internal preparation. They provide some external oversight at lower cost than full audits.
We should choose qualified accountants who know charity accounting standards. The auditor’s independence ensures an unbiased assessment of our financial practices.
Access for Donors and Stakeholders
We make financial information available to those who support our work. Transparency builds trust and shows donors how we use their contributions.
Required disclosures typically include:
Annual financial statements
Canada Revenue Agency T3010 forms
Auditor’s reports when applicable
Executive compensation details
Many charities post financial statements on their websites for easy access. This demonstrates our commitment to openness.
Donors have the right to ask questions about our finances. We respond promptly and clearly to reasonable requests for financial information.
Board members need regular financial reports to fulfill their oversight duties. We provide monthly or quarterly statements showing budget versus actual performance.
Conclusion
Financial statements are essential tools for charities and nonprofits. They help organizations meet legal requirements and build trust with donors and supporters.
These four key statements work together to tell your organization’s financial story. They show how well you manage resources and advance your mission.
At Northfield & Associates, we understand the legal complexities of nonprofit financial statements. Our team helps charities navigate compliance requirements and develop strong financial practices.
Nonprofit organisations face specific requirements for financial reporting that differ from for-profit businesses. These questions address the most common concerns about preparing, filing, and analysing financial statements for charities and nonprofits.
What are the financial statements for a nonprofit organisation?
Nonprofit organisations prepare three main financial statements. The Statement of Financial Position shows assets, liabilities, and net assets at a specific date.
This statement often includes restricted funds and deferred revenue. The Statement of Operations shows revenues and expenses over a period.
It tracks how money flows in and out of the organisation. The Statement of Cash Flows shows actual cash movements and helps track liquidity and cash management.
Which financial statement is mandatory for NPO?
The Statement of Financial Position is mandatory for most nonprofits. Provincial regulations require this statement as part of annual filing requirements.
Registered charities must provide financial statements when filing their annual information return. The size and type of organisation determines which additional statements are required.
Do charities need to prepare financial statements?
Yes, charities must prepare financial statements. Registered charities have legal requirements to file financial statements annually.
Most charities need audited financial statements each year. Audits provide accountability and control measures for donors and regulators.
The board of directors must approve these financial statements. This approval cannot be delegated to committees.
What is a financial statement analysis for a non profit organisation?
Financial statement analysis examines how well a nonprofit uses its resources. We look at program efficiency ratios to see how much money goes directly to programs.
Administrative cost ratios show how much goes to overhead. Liquidity ratios tell us if the organisation can pay its bills.
Revenue diversity analysis shows if funding sources are stable. This helps assess financial health and sustainability.
What documents are needed to prepare financial statements?
Bank statements and reconciliations are essential documents. We need records of all cash transactions and account balances.
Donation records and grant agreements provide revenue information. Invoices and receipts document all expenses.
Fixed asset records show equipment and property values. Accounts payable and receivable lists track money owed and owing.
How to prepare financial statements for NGO?
Start by gathering all financial records for the reporting period. Reconcile bank accounts and update the general ledger.
Record all accrued expenses. Separate restricted and unrestricted funds.
Calculate depreciation on fixed assets. Prepare the three main financial statements using nonprofit accounting standards.
Qualified personnel should review the statements. The board then approves the statements.
In this evolving economic landscape, collaboration with our firm offers clients a strategic advantage. With Cambodia’s reform-driven investment environment and Canada’s expanding footprint in Southeast Asia, our team of experienced consultants and legal advisors provides tailored guidance to help businesses navigate cross-border opportunities. We focus in developing comprehensive legal strategies, structuring international partnerships, and ensuring compliance in emerging markets.
By leveraging our regional insight and international expertise, you benefit from a trusted partner dedicated to helping you capitalize on growth potential in Cambodia and beyond.
Book a Consultation with Northfield & Associates
Your Trusted Partner in International Bilateral Relations
At Northfield & Associates are focus in Foreign Direct Investment (FDI), international trade missions, and cross-border legal strategy. Our team of experienced consultants and legal advisors offers tailored guidance and strategic insight to help you navigate the complexities of international partnerships and development opportunities.
Whether you choose to meet in person at one of our offices or connect virtually, we provide flexible and accessible consultation options. During your session, we’ll assess your goals, review key documentation, and guide you through every stage of your FDI or trade mission engagement.
Let us help you take the next step with confidence supported by trusted legal and strategic counsel every step of the way.
Take the First Step Today
If you believe you may be eligible for legal relief or simply need sound legal advice, we’re here to help. Contact us today to book your consultation. Let us provide the clarity, strategy, and peace of mind you need to move forward.
We serve our clients in English, Cambodian, Vietnamese, Mandarin and Cantonese, especially in Asian clients.
If you or anybody that you know, think that you meet the requirements and wish to receive further information.
We can help you start the application process and confirm eligibility requirements to participate.
We Offer Consultations & Meetings by Phone & Virtually. Affordable Fees.
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.
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.
Forward-Looking Information
This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to finalize negotiations concerning the increase of the Loan or to close such transaction and the failure of the Company to complete the acquisition of the Company Facility; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company’s activities; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s amended annual information.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Questions?
info@northfied.biz
Within Corporate Newsroom
Media Contact:
media@northfied.biz
Press contact
PR consultants press@northfied.biz
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Northfield & Associates professionals will be pleased to discuss resolutions to specific legal concerns you may have.
Why are Direction and Control Important When a Charity is Working With an Intermediary?
Do you ever wonder how charities manage to extend their help to people in far-flung corners of the globe or remote regions with limited access to resources? Picture this: You decide to donate to a charity that aims to provide medical assistance to communities in a distant country devastated by a natural disaster. But how does your donation actually reach those in need thousands of miles away? How does the CRA ensure that your donations to fund overseas charitable projects are not misused?
1. What’s an Intermediary?:
Before diving into how charities manage intermediaries, let’s understand what an intermediary is. Intermediaries are like bridges between charities and the communities they serve. These are organizations that work closely with charities to carry out specific projects or activities aimed at helping those in need. They could be local nonprofits, community groups, or even international organizations with expertise in certain areas.
2. Why Direction and Control Matter:
The CRA requires that Charities ensure that their resources are used effectively, transparently, and in line with their mission despite the geographical distance and logistical challenges. This means overseeing everything from how funds are spent to the impact they have on the ground.
Imagine a charity that wants to build a school in a rural village or provide healthcare services in a disaster-stricken area. To make these projects successful, charities need to ensure that their resources are used effectively and responsibly. This is where direction and control come into play. By directing and controlling intermediaries, charities can:
Ensure that activities align with their mission and goals.
Monitor the progress and impact of projects.
Provide guidance and support to ensure success.
Maintain accountability and transparency in resource management.
3. How Charities Direct and Control Intermediaries:
Creating Clear Agreements: Charities and intermediaries establish formal agreements outlining roles, responsibilities, and expectations.
Effective Communication: Charities provide detailed instructions and guidelines to ensure everyone is on the same page.
Regular Monitoring: Charities keep track of project progress through reports, updates, and on-site visits.
Ongoing Support: Charities offer guidance and assistance to intermediaries throughout the project lifecycle.
Smart Resource Management: Charities send funds to intermediaries in stages based on performance and ensure funds are used responsibly.
4. Example: Working with an Intermediary:
Let’s say a charity aims to provide clean water access to remote villages. They partner with a local nonprofit that specializes in water infrastructure projects. Together, they develop a plan, set goals, and agree on resource allocation. The charity closely monitors the project’s progress, provides technical assistance when needed, and ensures that funds are used efficiently.
Direction and control are essential aspects of charity work that ensure your donations have a real impact on the ground. By effectively managing intermediaries, charities can maximize their reach and effectiveness, ultimately making a positive difference in the lives of those in need. Behind every successful charity project, there’s careful planning, monitoring, and collaboration.
In this evolving economic landscape, collaboration with our firm offers clients a strategic advantage. With Cambodia’s reform-driven investment environment and Canada’s expanding footprint in Southeast Asia, our team of experienced consultants and legal advisors provides tailored guidance to help businesses navigate cross-border opportunities. We focus in developing comprehensive legal strategies, structuring international partnerships, and ensuring compliance in emerging markets.
By leveraging our regional insight and international expertise, you benefit from a trusted partner dedicated to helping you capitalize on growth potential in Cambodia and beyond.
Book a Consultation with Northfield & Associates
Your Trusted Partner in International Bilateral Relations
At Northfield & Associates are focus in Foreign Direct Investment (FDI), international trade missions, and cross-border legal strategy. Our team of experienced consultants and legal advisors offers tailored guidance and strategic insight to help you navigate the complexities of international partnerships and development opportunities.
Whether you choose to meet in person at one of our offices or connect virtually, we provide flexible and accessible consultation options. During your session, we’ll assess your goals, review key documentation, and guide you through every stage of your FDI or trade mission engagement.
Let us help you take the next step with confidence supported by trusted legal and strategic counsel every step of the way.
Take the First Step Today
If you believe you may be eligible for legal relief or simply need sound legal advice, we’re here to help. Contact us today to book your consultation. Let us provide the clarity, strategy, and peace of mind you need to move forward.
We serve our clients in English, Cambodian, Vietnamese, Mandarin and Cantonese, especially in Asian clients.
If you or anybody that you know, think that you meet the requirements and wish to receive further information.
We can help you start the application process and confirm eligibility requirements to participate.
We Offer Consultations & Meetings by Phone & Virtually. Affordable Fees.
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.
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.
Forward-Looking Information
This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to finalize negotiations concerning the increase of the Loan or to close such transaction and the failure of the Company to complete the acquisition of the Company Facility; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company’s activities; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s amended annual information.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Questions?
info@northfied.biz
Within Corporate Newsroom
Media Contact:
media@northfied.biz
Press contact
PR consultants press@northfied.biz
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Northfield & Associates professionals will be pleased to discuss resolutions to specific legal concerns you may have.
Why Strategic Planning is Critical to the Success of Your Charitable Work?
Have you ever pondered why some charities thrive while others find it hard to create an impact? The key to success in charitable endeavors may be strategic planning, which functions like a roadmap to guide the way.
1. Embracing Your Mission:
Think of your charity’s mission as its guiding light, illuminating the path it must tread. For instance, consider a charity dedicated to improving healthcare access in underserved communities. Strategic planning ensures that every medical clinic established, every vaccination drive conducted, and every health education workshop organized aligns with the overarching goal of promoting community wellness.
2. Setting SMART Goals:
Turning dreams into realities requires SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound. For instance, consider a charity aiming to provide clean water access to remote villages. A SMART goal could be to install water filtration systems in 20 villages within the next two years, with measurable targets for progress along the way.
3. Sharing Responsibilities:
Effective teamwork is crucial in a charity. Strategic planning assigns tasks and fosters accountability among team members. For example, in a charity focused on combating homelessness, the officers may oversee fundraising efforts, while volunteers organize shelter operations and coordinate outreach programs.
4. Crafting Action PlansJust as a builder needs blueprints, a charity needs action plans. These plans outline steps to achieve each goal and anticipate potential challenges. Consider a charity aiming to provide education to underprivileged children. An action plan could detail strategies for fundraising, curriculum development, teacher recruitment, and monitoring student progress.
5. Monitoring Progress:
Regular progress checks ensure you’re on the right track. Charities use tools like progress meetings and performance metrics to evaluate their efforts. For instance, a charity dedicated to healthcare in underserved communities may track metrics such as the number of patients served, improvements in health outcomes, and community feedback to gauge the impact of their programs.
In the dynamic world of charitable work, strategic planning is the compass that guides organizations toward success. From setting objectives to monitoring progress, strategic planning lays the groundwork for impactful endeavors. By embracing strategic planning, your charity can navigate challenges and chart a course toward a brighter future.
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.
At Northfield & Associates our expert teams guidance on compliance requirements. Our team understands Canadian law and can help ensure your organization follows proper procedures.
To discuss your specific circumstances and receive expert assistance throughout the reinstatement process with our experienced legal team.
READY FOR BETTER NONPROFIT REPORTING?
At Northfield & Associates, we have a team of professional bookkeepers and accountants to help your organization manage the books so that you can breeze through tax season.
We’re often asked by prospective clients what our Bookkeeping service. 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
Chart of accounts setup or amendment
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
Post to general ledger
Post to other ledgers (as needed)
Bank account reconciliation
Monthly financial statements
Other bookkeeping services, as required
Best-practice bookkeeping advice and counsel
Year End
Assistance with 1099-NEC preparation*
Assistance with 1099-MISC preparation*
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.
Let’s Collaborate & Make a Difference!
Partner with us to amplify your mission. Whether it’s Charity accounting, financial transparency, or strategic growth—we’re here to help you create meaningful impact. Let’s work together to build a better future!
In this evolving economic landscape, collaboration with our firm offers clients a strategic advantage. With Cambodia’s reform-driven investment environment and Canada’s expanding footprint in Southeast Asia, our team of experienced consultants and legal advisors provides tailored guidance to help businesses navigate cross-border opportunities. We focus in developing comprehensive legal strategies, structuring international partnerships, and ensuring compliance in emerging markets.
By leveraging our regional insight and international expertise, you benefit from a trusted partner dedicated to helping you capitalize on growth potential in Cambodia and beyond.
Book a Consultation with Northfield & Associates
Your Trusted Partner in International Bilateral Relations
At Northfield & Associates are focus in Foreign Direct Investment (FDI), international trade missions, and cross-border legal strategy. Our team of experienced consultants and legal advisors offers tailored guidance and strategic insight to help you navigate the complexities of international partnerships and development opportunities.
Whether you choose to meet in person at one of our offices or connect virtually, we provide flexible and accessible consultation options. During your session, we’ll assess your goals, review key documentation, and guide you through every stage of your FDI or trade mission engagement.
Let us help you take the next step with confidence supported by trusted legal and strategic counsel every step of the way.
If you believe you may be eligible for legal relief or simply need sound legal advice, we’re here to help. Contact us today to book your free consultation. Let us provide the clarity, strategy, and peace of mind you need to move forward.
We serve our clients in English, Cambodian, Vietnamese, Mandarin and Cantonese, especially in Asian clients.
If you or anybody that you know, think that you meet the requirements and wish to receive further information.
We can help you start the application process and confirm eligibility requirements to participate.
We Offer Consultations & Meetings by Phone & Virtually. Affordable Fees.
BOOK A CONSULTATION TODAY
Contact Northfield & Associates today to schedule a consultation with an experienced Consultant.
Northfield & Associates is a Canadian consulting firm based in Toronto, Canada. Northfield & Associates specializes in all types of immigration matters, from spousal sponsorships to refugee board appeals. With over eight (8) years of experience and an excellent success rate, Northfield & Associates is recognized as one of Canada’s premier immigration consulting firm.
The purpose of the Free Assessment is to assess whether you are qualified to apply for permanent residence in Canada under the Family Sponsorship, Skilled Worker, or Business Class categories. Please choose which category you would like to be assessed under and complete all fields in the form. We will endeavor to complete your assessment and provide you with a reply within one business day. There is no charge for this service. All information provided will be kept strictly confidential. If our assessment indicates that you are qualified for immigration to Canada, we will contact you to provide further information about our services and fees. Start Your Immigration Application!
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.
NORTHFIELD & ASSOCIATES in Canada
As a global consulting firm, Northfield & Associates helps clients with total transformation, driving complex change, enabling organizations to grow, and driving bottom-line impact.
Learn about our offices in Canada, read our latest thought leadership, and connect with our team.
This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to finalize negotiations concerning the increase of the Loan or to close such transaction and the failure of the Company to complete the acquisition of the Company Facility; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company’s activities; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s amended annual information.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Questions?
info@northfied.biz
Within Corporate Newsroom
Media Contact:
media@northfied.biz
Press contact
PR Secretary press@northfied.biz
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Northfield & Associates professionals will be pleased to discuss resolutions to specific legal concerns you may have.
Every year, usually around the same time your personal tax return is due, charity administrators across Canada face a filing deadline that can make or break their organization’s compliance status. The T3010 Registered Charity Information Return isn’t just paperwork – it’s your charity’s annual report card that determines whether you maintain good standing with the Canada Revenue Agency.
Here’s what makes the T3010 different from other government forms: it’s not just about your finances. The CRA uses your T3010 to evaluate whether you’re actually operating as a charity, following the rules, and deserving of your tax-exempt status. Get it wrong, and you could face penalties, compliance agreements, or even loss of charitable status.
The good news is that T3010 filing doesn’t have to be a nightmare. With proper preparation, understanding of requirements, and attention to detail, most charities can complete their annual returns accurately and on time. The key is knowing what the CRA is looking for and how to present your organization’s activities in the best light.
Let’s walk through everything you need to know about T3010 filing, from basic requirements to advanced strategies for presenting your charity’s work effectively.
What is the T3010 Return?
The T3010 Return, officially known as the “Registered Charity Information Return,” is a document that all registered charities in Canada must file with the CRA. This return provides detailed information about a charity’s activities, financials, and governance. Charities are required to submit this return every year, within six months of the end of their fiscal year.
The T3010 is crucial because it helps the CRA monitor the operations of charities to ensure they follow legal requirements. It also provides transparency to the public about how charities use their resources, fostering trust in the nonprofit sector.
Why is the T3010 Important for Canadian Charities?
There are several reasons why the T3010 is an essential filing for Canadian charities:
Compliance with the CRA: Registered charities must submit the T3010 annually to maintain their status as a charity. Failure to file can lead to penalties, fines, or even the revocation of charitable status.
Transparency and Accountability: By filing the T3010, charities provide transparency about their activities and finances. This helps donors, government agencies, and the public understand how charity resources are spent.
Eligibility for Funding: Many government and private funders require charities to file the T3010 as part of their eligibility for grants or funding opportunities.
Public Trust: Regular filing of the T3010 demonstrates a charity’s commitment to being open and accountable. This helps build trust with donors and the community.
Who Needs to File the T3010?
Only charities that are registered with the CRA are required to file the T3010. If your organization is a registered charity in Canada, you are legally obligated to complete and file this form every year. This applies to:
Charities that have received charitable registration from the CRA
Even if a charity did not receive any income during the year, it must still file a T3010 form.
What Information Does the T3010 Require?
The T3010 return requires charities to report various aspects of their operations. Below are some of the key sections that must be completed:
1. General Information
This includes the charity’s name, address, and contact details, as well as its charitable registration number. Charities must also update any changes in their organizational structure or contact details.
2. Financial Information
Charities must provide a detailed breakdown of their income and expenses. This includes:
Total revenue from donations, grants, and other sources.
Expenses for programs, administration, fundraising, etc.
Statement of assets and liabilities.
3. Activities and Programs
Charities need to report on the programs they run and the services they provide. This includes a description of their key activities, their goals, and how they measure success.
4. Fundraising Information
If a charity raises funds through various methods (like events, online donations, etc.), they must report the total amount raised and how the funds were used. The T3010 also asks about any professional fundraisers hired and the fees paid to them.
5. Governance and Management
This section requires details about the charity’s board of directors, including the number of board members and their roles. Charities also need to confirm that they have governance policies in place and that they follow the CRA’s rules for managing funds and operations.
How to File the T3010
Filing the T3010 return is done electronically through the CRA’s Charity Portal. Here’s a step-by-step guide on how to submit the form:
Log in to the CRA Charity Portal through the CRA’s My Business Account: You’ll need a CRA user ID and password to access the portal. If you don’t have one, you can create an account.
Complete the T3010 Form: Answer all the questions on the return, ensuring that the information is accurate. It’s helpful to gather all the necessary financial and program information before starting the form.
Review Your Information: Double-check the accuracy of the return before submitting it. Inaccurate information can delay the approval process and may lead to fines.
Submit the Return: Once the form is complete, submit it through the Charity Portal. You’ll receive an acknowledgment from the CRA once they’ve processed the return.
When is the T3010 Due?
The T3010 must be filed within six months after the charity’s fiscal year-end. For example, if a charity’s fiscal year ends on December 31st, the T3010 must be filed by June 30th of the following year.
If a charity misses this deadline, it could face penalties or the revocation of its charitable status. In some cases, the CRA may grant an extension, but this must be requested in advance.
Standard Filing Deadline
Your T3010 is due six months after your charity’s fiscal year-end. For example:
Fiscal year ends December 31: T3010 due June 30
Fiscal year ends March 31: T3010 due September 30
Fiscal year ends any other date: T3010 due six months later
No Extensions Available
Unlike personal tax returns, the CRA doesn’t grant extensions for T3010 filing. The deadline is firm, and late filing automatically triggers penalties.
What Happens if You Don’t File the T3010?
Failing to file the T3010 return on time can have serious consequences for a charity:
Late Filing Penalties: If a charity doesn’t submit the T3010 by the due date, the CRA may impose a penalty. The penalty is calculated based on the charity’s revenue, with larger charities facing higher fines.
Revocation of Charitable Status: If a charity fails to file the T3010, the CRA may revoke its charitable status, which means the charity would no longer be recognized as a charity in Canada. This can lead to the loss of tax exemptions, tax penalties, and the ability to issue donation receipts.
Loss of Public Trust: Not filing the T3010 or submitting incomplete or inaccurate information can damage a charity’s reputation and cause donors to lose confidence in the organization.
Common Mistakes to Avoid When Filing the T3010
Missing Information: Failing to provide all the required information, especially in the financial section, can delay processing or lead to rejection. Make sure all fields are complete and accurate.
Incorrect Financial Reporting: Charity financials should be thoroughly reviewed before submission. Errors or discrepancies in income or expenses can lead to penalties or questions from the CRA.
Late Submission: Always file before the due date. Filing late may result in fines or, in extreme cases, the loss of charitable status.
Common T3010 Filing Errors to Avoid
Learning from common mistakes helps you avoid problems that could trigger CRA questions or compliance issues.
Incomplete Activity Descriptions
Many charities provide vague descriptions of their activities that don’t clearly demonstrate charitable purpose:
Wrong: “We help people in need.” Right: “We provide emergency food assistance to 150 low-income families monthly through our community food bank, serving residents of downtown Toronto who meet income eligibility criteria.”
Financial Reporting Inconsistencies
Common financial errors include:
Numbers that don’t match your audited financial statements
Revenues and expenses that don’t add up correctly
Missing or incorrectly categorized transactions
Failure to report all revenue sources accurately
Governance Information Gaps
Many T3010s contain incomplete governance information:
Missing director information or qualifications
Inaccurate board meeting frequency reporting
Failure to report significant governance changes
Incomplete conflict of interest policy information
Political Activities Misreporting
Political activity reporting errors are particularly serious:
Failing to report political activities that actually occurred
Incorrectly categorizing advocacy work as non-political
Overstating political activities as charitable programs
Missing required explanations of how political activities further charitable purposes
Disbursement Quota Calculation Errors
Private foundations and some charitable organizations must meet disbursement quotas. Common errors include:
Incorrect calculation of required disbursements
Failure to account for eligible disbursements properly
To make the filing process easier and avoid mistakes, here are a few tips:
Start Early: Don’t wait until the last minute to file. Gather your financial and program details ahead of time to ensure everything is accurate.
Review the CRA’s Guide: The CRA provides a detailed guide to help you complete the T3010. Make sure to read it thoroughly before submitting the form.
Consult a Professional: If you’re unsure about how to complete the T3010, consider seeking help from a charity lawyer or accountant who specializes in nonprofit organizations. They can guide you through the process and ensure your return is filed correctly.
Keep Detailed Records: Maintain accurate financial records and supporting documentation throughout the year to make completing the T3010 easier. This will also help you in case of an audit.
T3010 Schedule Requirements and When to Use Them
The T3010 includes various schedules that provide additional detail about specific aspects of your charity’s operations. Understanding when to complete each schedule ensures comprehensive reporting.
Schedule 1: Charitable Programs
Complete this schedule if your charity operates formal charitable programs:
Required for most charitable organizations
Provides detailed description of each program
Reports resources devoted to program activities
Demonstrates charitable impact and outcomes
Schedule 2: Political Activities
Use this schedule when your charity engaged in political activities:
Required if you checked “yes” to political activities questions
Provides detailed description of political activities
Reports resources devoted to political activities
Explains how political activities further charitable purposes
Schedule 3: Business Activities
Complete when your charity operates business activities:
Required for any unrelated business activities
Reports revenue and expenses from business operations
Demonstrates arm’s length nature of business relationships
Shows compliance with business activity limitations
Schedule 4: Compensation
Use this schedule to report compensation information:
Required for certain compensation arrangements
Reports compensation for directors, trustees, and key employees
Provides transparency about organization’s compensation practices
Helps demonstrate reasonable compensation levels
Schedule 5: Gifts to Qualified Donees
Complete when your charity makes gifts to other qualified donees:
Reports grants or gifts to other registered charities
Provides information about recipient organizations
Demonstrates due diligence in gift-making
Shows compliance with qualified donee requirements
Schedule 6: Detailed Financial Information
Use for additional financial detail when required:
Provides breakdown of complex financial transactions
Reports detailed asset and liability information
Explains unusual financial circumstances
Supports main form financial reporting
Financial Statement Requirements for T3010
Your charity’s financial statements play a crucial role in T3010 filing and must meet specific CRA requirements.
Financial Statement Preparation Standards
Depending on your charity’s size, different financial statement requirements apply:
Small charities (revenue under $100,000):
Financial statements prepared by charity
No independent review required
Must follow basic accounting principles
Medium charities (revenue $100,000-$500,000):
Financial statements must be reviewed by independent accountant
Review engagement provides limited assurance
Must follow generally accepted accounting principles
Large charities (revenue over $500,000):
Financial statements must be audited by independent accountant
Audit provides highest level of assurance
Must follow generally accepted accounting principles
Timing Requirements
Financial statements must be prepared for the same fiscal period covered by your T3010. The statements should be completed before T3010 filing to ensure consistency between documents.
Key Financial Information for T3010
Your T3010 financial reporting must align with your financial statements:
Revenue figures must match exactly
Expense categorizations should be consistent
Asset and liability amounts must agree
Any significant variances require explanation
Common Financial Statement Issues
Problems that affect T3010 filing include:
Financial statements not completed in time for T3010 deadline
Inconsistencies between financial statements and T3010 reporting
Inadequate detail in financial statement notes
Missing required disclosures about related party transactions
Understanding charity registration costs helps you budget for professional financial statement preparation as part of your ongoing compliance expenses.
Electronic vs Paper T3010 Filing
The CRA strongly encourages electronic T3010 filing, which offers significant advantages over paper submission.
Benefits of Electronic Filing
Electronic filing through the CRA’s online portal provides:
Immediate confirmation of receipt
Built-in error checking and validation
Faster processing and availability of public information
Ability to save drafts and return to complete filing
Automatic calculation of certain fields
Electronic Filing Requirements
To file electronically, you need:
CRA business number and charitable registration number
Access to the CRA’s My Business Account portal
All required financial and operational information
Completed financial statements (if required)
Paper Filing Limitations
Paper filing is still available but has significant disadvantages:
Longer processing times
Higher risk of errors and omissions
No immediate confirmation of receipt
Limited error checking
Potential for lost or delayed documents
Mixed Filing Approach
Some charities prepare their T3010 using tax software, then submit electronically. This approach combines the convenience of professional preparation with the benefits of electronic submission.
Technical Support for Electronic Filing
The CRA provides technical support for electronic filing issues, but having professional help can resolve complex filing problems more efficiently.
T3010 Filing for First-Year Charities
New charities face unique challenges when filing their first T3010, as they may have incomplete years of operation and limited historical data.
First-Year Filing Timeline
Your first T3010 is due six months after your first fiscal year-end as a registered charity. This may be a partial year if you received charitable status partway through your fiscal year.
Unique First-Year Considerations
New charities often face special circumstances:
Limited operational history to report
Startup costs that may seem disproportionate
Board and governance structures still developing
Limited program delivery in early months
Describing Startup Activities
When describing your charitable activities, explain your startup phase:
Board formation and governance development
Program planning and development activities
Fundraising and resource development efforts
Community outreach and partnership building
Financial Reporting for New Charities
First-year financial reporting may include:
Significant startup and organizational costs
Limited revenue in early months of operation
Infrastructure investments in systems and capacity
Professional fees for registration and compliance
Setting Expectations for Future Years
Use your first T3010 to set realistic expectations:
Explain your growth plans and development timeline
Describe how your activities will expand in future years
Demonstrate understanding of compliance requirements
Show commitment to proper governance and oversight
Conclusion
The T3010 return is an essential filing for Canadian charities, ensuring they remain compliant with CRA regulations and continue to operate as registered charities. By submitting the return accurately and on time, charities can maintain their status, avoid penalties, and build trust with their donors and the public. Take the time to gather the necessary information, and if needed, seek professional assistance to ensure your T3010 is filed correctly.
Professional assistance with T3010 preparation often pays for itself by preventing errors that could trigger CRA audits or compliance reviews. Many charities find that working with experienced professionals improves both their filing accuracy and their overall understanding of compliance requirements.
Northfield & Associates provides comprehensive T3010 preparation and filing services, helping charities meet their annual reporting obligations while presenting their work in the best possible light to the CRA and the public.
Ready to streamline your T3010 filing process and ensure full compliance with CRA requirements?
Work with professionals who understand both the technical requirements and strategic considerations that make T3010 filing an opportunity to showcase your charity’s impact and commitment to excellence.
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.
In this evolving economic landscape, collaboration with our firm offers clients a strategic advantage. With Cambodia’s reform-driven investment environment and Canada’s expanding footprint in Southeast Asia, our team of experienced consultants and legal advisors provides tailored guidance to help businesses navigate cross-border opportunities. We focus in developing comprehensive legal strategies, structuring international partnerships, and ensuring compliance in emerging markets.
By leveraging our regional insight and international expertise, you benefit from a trusted partner dedicated to helping you capitalize on growth potential in Cambodia and beyond.
Book a Consultation with Northfield & Associates
Your Trusted Partner in International Bilateral Relations
At Northfield & Associates are focus in Foreign Direct Investment (FDI), international trade missions, and cross-border legal strategy. Our team of experienced consultants and legal advisors offers tailored guidance and strategic insight to help you navigate the complexities of international partnerships and development opportunities.
Whether you choose to meet in person at one of our offices or connect virtually, we provide flexible and accessible consultation options. During your session, we’ll assess your goals, review key documentation, and guide you through every stage of your FDI or trade mission engagement.
Let us help you take the next step with confidence supported by trusted legal and strategic counsel every step of the way.
Take the First Step Today
If you believe you may be eligible for legal relief or simply need sound legal advice, we’re here to help. Contact us today to book your consultation. Let us provide the clarity, strategy, and peace of mind you need to move forward.
We serve our clients in English, Cambodian, Vietnamese, Mandarin and Cantonese, especially in Asian clients.
If you or anybody that you know, think that you meet the requirements and wish to receive further information.
We can help you start the application process and confirm eligibility requirements to participate.
We Offer Consultations & Meetings by Phone & Virtually. Affordable Fees.
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.
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.
Forward-Looking Information
This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to finalize negotiations concerning the increase of the Loan or to close such transaction and the failure of the Company to complete the acquisition of the Company Facility; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company’s activities; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s amended annual information.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Questions?
info@northfied.biz
Within Corporate Newsroom
Media Contact:
media@northfied.biz
Press contact
PR consultants press@northfied.biz
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Northfield & Associates professionals will be pleased to discuss resolutions to specific legal concerns you may have.
NorthfieldAssistant
Northfield
Welcome to Our Chat!
Let's get started. Enter your email to begin chatting with us.
