ARTICLE
7 May 2024

A Deep Dive Into T3010: Why The T3010 Matters To Gift Planners

CP
Carters Professional Corporation

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T3010 provides information to the public/donors, i.e. it is largely a public document through CRA's charities database...
Canada Corporate/Commercial Law

Overview

  • T3010 provides information to the public/donors, i.e. it is largely a public document through CRA's charities database
  • T3010 ensures compliance with the ITA and CRA's policies, such as gifts to non-qualified donees ("QDs"), foreign activities, fundraising ratio, etc.
  • Why the T3010 matters to gift planners?
  • How information required in the T3010 affects gift planning?
  • How gift planning affects the information to be reported in the T3010?
  • Provide an orientation of the T3010
  • Review select issues in the T3010 relevant to gift planners

T3010 is relevant to gift planners

  • T3010 is not just a tax return for accountants to complete, but has real practical implications to gift planners as well
  • T3010 is public information and easily accessible to the public – including donors and the media
  • Transparency and accountability builds trust and loyalty
  • T3010 requires reporting information on fundraising, receipted and unreceipted gifts, DAFs, restricted gifts
  • Gift planners need to know what information is available to donors, and be prepared how to respond if donors have questions (e.g., direct the questions to the finance team)
  • Gift planners need to know what finance and administration are reporting
  • Information in T3010 may affect a donor's decision to make gifts
  • Gift planners need to obtain information from donors so that it would be available for reporting in T3010

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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