Not-for-profit Tax Services

Not-for-profit Tax & Planning

Not-for-profit tax services necessitate a thorough understanding of the complexities associated with this particular taxation. Naicker & Associates, in Burnaby, provide the experience and expertise required to ensure your organization benefits as much as possible.

Tax Preparation and Planning

We prepare annual tax and information returns for not-for-profits and charities as required by Canada Revenue Agency, including:
  • T2 Corporate Income Tax Return
  • T1044 Non-Profit Information Return
  • T3010-1 Registered Charity Information Return

Financial Statements

Businesses require financial statements for users such as owners and managers, and for investors and financial institutions. We provide the following financial statement preparation and assurance services:

Compilation Engagement (Notice to Reader)

We use the information provided by the client to prepare the financial statements, but do not “review” or “audit” this information. Users are cautioned that these statements may not be appropriate for their purposes.

Review Engagement

We review the financial statements to establish that the statements are credible and not misleading. Also, we ascertain that nothing has come to our attention that would indicate the statements were not prepared in accordance with Canadian accounting standards.

Audit Engagement

In an audit engagement, we provide an independent and objective opinion that the financial statements fairly present a company’s financial position, financial performance and its cash flows.

Other Services

Other services we provide to not-for-profit and charities are:
  • Review or audit of internal controls
  • Forensic audits
  • Feasibility studies
If the organization has no requirement for annual audited financial statements, a compilation or review engagement may be sufficient. Requirement for an audit is identified in an organization’s Charter or incorporation documents. Also, a motion to require an audit may be approved by the general membership. This would be stated in previous annual general meeting minutes and should be approved each year.