Brief of the project

Ensure Tax Compliance

  • Filing Requirements: Make sure your organization has filed all required tax returns and information returns with the Canada Revenue Agency (CRA). This includes annual charity returns if your organization is a registered charity.
  • Tax Payments: Ensure all taxes owed to the CRA are paid, including payroll deductions, GST/HST, and any corporate income tax if applicable.

Gather Required Information

  • Business Number (BN): Ensure you have your organization’s business number, necessary for CRA-related communications.
  • Recent Tax Filings: Have copies of your recent tax filings and proof of payments ready, if applicable.

Request the TCV

  • CRA Contact: Contact the CRA to request a Tax Compliance Verification. This can typically be done by calling the CRA’s business enquiries line.
  • Information Required: Be prepared to provide your business number and details about your organization’s tax accounts.

CRA Verification

  • Review Process: The CRA will review your organization’s tax accounts to ensure all filings and payments are up to date.
  • Issuance: If your organization is in compliance, the CRA will issue a TCV, confirming that your organization has met its tax obligations.

Submit the TCV

  • Government Agencies: Submit the TCV to the relevant government agency or department that requires it for granting a license, contract, or funding.
  • Keep Records: Maintain a copy of the TCV for your records and future reference.

Maintaining Tax Compliance

To ensure ongoing compliance and avoid issues with future TCV requests, follow these best practices:

Regular Filing

  • Ensure all required tax returns and information returns are filed on time.

Timely Payments

  • Make timely payments for any taxes owed, including payroll deductions and GST/HST.

Accurate Record-Keeping

  • Maintain accurate and up-to-date financial records to ensure your tax filings are accurate and complete.

Stay Informed

  • Stay informed about changes in tax laws and regulations that may affect your organization by regularly reviewing updates from the CRA and consulting with tax professionals.

Consult Professionals

  • Work with an accountant or tax professional who specializes in not-for-profit organizations to ensure ongoing compliance and handle any complex tax issues.

Additional Resources

  • Canada Revenue Agency (CRA) Business Enquiries Line: 1-800-959-5525
  • CRA My Business Account: An online portal for managing your organization’s tax accounts and filings.

For expert advice and assistance, it is highly recommended to consult professional consultants, such as KAD Consulting Services Professional Corporation. They can provide specialized guidance tailored to your organization’s needs, ensuring compliance with all regulatory requirements and optimizing your financial and tax strategies.