Accounting is easy for a not-for-profit organization, right? Most people think that charities and not-for-profit organizations have it easy, simply because they don’t have to pay any taxes. Because they don’t have to pay any taxes, their accounting needs should be simple, too.
Some of these organizations and charities believe this as well, choosing to rely on a volunteer or a part-time employee who studied some math to take care of all this.
This is a gigantic mistake and a huge misconception. Not-for-profit organizations might have a greater need for a tax specialist than a regular company, just because of all the hoops the Canada Revenue Agency (CRA) makes them jump through in order to maintain their status.
At the very least, a not-for-profit organization or charity should be running the accounting side of their “business” at the same high standards as a for-profit company would. That means it’s in their best interest to hire a chartered professional accountant.
Here are some of the services that Naicker & Associates provide:
Tax Preparation and Planning
We’ll prepare all the Tax Returns that your organization needs to produce, from the Corporate Income Tax Return to the Registered Charity Information Return. We know exactly how the CRA has written the tax code for charities and we can take care of you.
Financial Statements
We can provide accurate and reliable financial statements that will be objective and credible, something that all of the donors will want to see so that they know their money is going to the right places.
Reviews and Audits
The general membership of the organization may require a yearly audit or review to make sure the financial statements are accurate.
Whatever your needs are, if your not-for-profit organization needs someone to look over the numbers and provide the best accounting services possible, come and talk to us at Naicker & Associates. We’re located in Port Moody, but we take care of clients in Burnaby, Coquitlam, and other cities in the Lower Mainland.
