Review of compliance practices, financial records and Form T3010A returns
In order to maintain charitable status and avoid financial penalties and interim sanctions, registered charities must comply with current Canada Revenue Agency regulations. However, the frequent changes in CRA's  administrative policies makes it difficult for Benevolent Organizations overwhelmed by daily operations to stay abreast of these changes and meet all of the regulatory requirements.

In today's environment, if a charity is late in filing its Form T3010A, Registered Charity Information Return, it may be penalized $500. Further, a charity that issues incomplete gift receipts may be penalized for an amount equal to 5% of the eligible amount of the gift (10% for a repeat offence). Financial penalties are costly but the accompanying damage to the reputation and 'brand' of the offending Benevolent Organization and its directors is far more difficult to value. Any repeat offences will increase the probability of charitable revocation. (For more information about interim sanctions, visit CRA Charities Directorate's website detailing the penalties facing delinquent registered charities.)

In addition to performing a line item review of the Form T3010A, Registered Charity Information Return, Benefic's CRA Compliance Audit will review:

• Record keeping and recording policies and guidelines related to management reports and financial statements
• Compliance with document retention rules under the Income Tax Act
• Annual corporate maintenance practices
• Treatment and allocation of disbursement quota components
• Content and due diligence practises relating to issuing official tax receipts
• GST registration, filings and recovery
• Privacy policies
• Prescribed employee withholding and remittance requirements
• Specialized matters concerning:
  • International activities and agency agreements
  • 'Related business' operations

Fee $750

(Benefic Compliance retains the right to review this quoted price after initial consultation depending on the size of the organization and potential scope of the audit.)