Does my not-for-profit have to file a Corporate Tax Return?
As an accounting firm, we often encounter not-for-profit organizations that are unsure if they need to file a corporate tax return in Canada. As a result, we thought it was important to provide some information on this topic to help clear up any confusion. Are you an incorporated not-for-profit in Canada? First and foremost, it’s important to understand that incorporated not-for-profit organizations are considered corporations under Canadian tax law. This means that they are required to file a corporate tax return (also called a T2), even if they do not generate any income. In fact, it’s important to note that even [...]