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