Not-for-Profit

Accountants for Charities, Non Profits and Cooperatives

At Colby McGeachy, we are not only accountants, but avid volunteers. We fully appreciate the contributions that charities, not-for-profit organizations and cooperatives make to the economy and community.

If you are Canadian not-for-profit organization looking for seasoned accounting professionals to assist with the financial management of your organization, you will find a compassionate and reliable accounting team that delivers results with Colby McGeachy.

Not-For-Profit Organizations

A not-for-profit organization is a club, society or organization that is created and operated solely for:

  • Social welfare

  • Civic improvement

  • Pleasure or recreation

  • Any other purpose except profit

A not-for-profit organization may also have the added feature of being a charity which means that it is regulated under the Income Tax Act through the Charities Directorate of the Canada Revenue Agency.  Charities namely fall into four categories including:

  • Relief of poverty

  • Advancement of education

  • Advancement of religion

  • Other purposes that benefit the community

Cooperatives

Co-operatives are enterprises that are owned and democratically controlled by their members.  A cooperative may also be defined as a business that is owned and controlled by people who use its services or by people who work there.

Co-operatives differ from other businesses in three specific ways:

  • A different focus – to meet the common needs of their members rather than to maximize profit

  • A different control structure – there is a one-member/one vote system rather than a vote per share system

  • A different allocation of profit – profits are shared amongst members on the basis of usage of the co-operative rather than by share ownership

How We Help

At Colby McGeachy Professional Corporation we are here to serve you by assisting with the unique filing requirements of not-for-profits, charities and co-operatives.  In addition to providing financial statement services we provide services such as:

  • Filing the corporate tax returns (T2 and T417) or Registered Charity Information Return (T3010)

  • Completing or assisting the organization with HST rebate applications

  • Implementing or providing consultation services on establishing adequate record keeping and donation records and receipts

  • Providing guidance on legislative requirements (whether federally or provincially incorporated)

  • Assisting the organization in implementing adequate internal controls in order to safeguard the organization’s assets