New Reporting Requirement for Registered Charities.. | KPMG | CA

New Reporting Requirement for Registered Charities Effective December 31, 2015

New Reporting Requirement for Registered Charities..

Canadian Tax Adviser, January 12, 2016. The CRA recently announced a new reporting requirement for all registered charities, which must now annually report their partnership holdings. Charities with a fiscal year end of December 31, 2015 will receive insert 15-122: "New Reporting Requirements", which should be attached to their T3010(15) Information.

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For charities with fiscal years ending in 2016, this question will be included in Form T3010(16).

The CRA notes that a charity does not have to report holdings as either a general or limited partner if:

  • It has holdings in mutual fund trusts, mutual fund corporations, or unit trusts which in turn have partnership holdings;
  • It has entered into formal or informal arrangements with other parties which do not result in partnership holdings (e.g. joint venture or agency agreement). 

For more information, contact your KPMG adviser. 

Disclaimer

Information is current to January 12, 2016. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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