Sherrie Moore - CPA, CA, B.COMM

Sherrie delivers accounting and auditing services to our many not-for-profit organizations and private enterprises.  Learn More ...
Not For Profit Organizations

Are Not-for-Profit Organizations required to file tax returns?

Not-for-Profit Organizations (“NPOs”) that are incorporated under Federal or Provincial legislation are generally exempt from corporate income tax under the Income Tax Act. However, in most cases, an NPO is still required to file a tax return(s). It is important to note that an NPO is different from a Registered Charity (“Charity”). A Charity needs to apply to the Canada Revenue Agency (“CRA”) for charitable registration. A Charity is exempt from tax and can issue …

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Converting your Home into a Rental Property

Converting your Home into a Rental Property (or vice versa)? Did you Know there are Tax Consequences to Consider?

A change in use occurs when your property is changed from income producing to personal use (for example:  moving into a property that you have previously used as a rental property) or when it is changed from personal use to income producing (for example: changing your principal residence to a rental property). In addition, the change in use can be for 100% of the property or just a portion of the property (for example: changing …

Converting your Home into a Rental Property (or vice versa)? Did you Know there are Tax Consequences to Consider? Continue Reading

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