.jpg)
Managing tax receipts for a registered charity is a complex legal responsibility that requires strict adherence to Canada Revenue Agency (CRA) regulations.
This episode explains that organizations must accurately identify true donors and verify that contributions qualify as genuine gifts rather than services, pledges, or business sponsorships.
Charities are required to determine the precise fair market value of non-cash items using independent experts and subtract any benefits the donor received in return.
Every official receipt must contain specific mandatory details and follow a consistent chronological numbering system to remain valid during an audit.
Maintaining organized financial records for at least six years is essential to protecting a charity's legal status.
Ultimately, avoiding "compliance nightmares" depends on implementing rigorous internal controls and seeking professional legal advice when donation scenarios become murky.
.png)