Accounting Services for Nonprofit Organizations in Canada

Accounting Services & Consulting for Not-for-Profits & Charities

A proud supporter of not-for-profit organisations and charitable foundations around the country, Bomcas Canada is committed to helping others. We wish to assist organisations like yours in maintaining financial compliance and satisfying tax filing duties so that you may concentrate your time and resources to the pursuit and execution of your missions rather than to administrative tasks.

Internal controls and governance, as well as fundraising and income production, are all areas in which we support organizations in efficiently managing their resources while preserving openness and accountability. In order to ensure that businesses can preserve their profitability while while continuing to make a difference, our dedicated Accounting specialists provide a complete range of cost-effective services.

Nonprofit Accounting Services

While non-profit management differs from conventional firm management in that non-profits face unique challenges that are not faced by other types of organizations, there are some commonalities between the two. Directorships, funders, and regulatory agencies rely on you to give correct information on short notice, and you must do it in a timely and accurate manner to maintain their trust. Each and every dollar received from public monies must be carefully tracked and justified. Due to our extensive experience working with a variety of nonprofit organizations, we have developed a thorough grasp of and proficiency in the area of nonprofit accounting and financial reporting.

Tax Reporting

Only registered charities are obliged to file an income tax return.

Charities, like all other non-profit organisations, are not taxed on their income, although they do have the benefit of issuing charitable donation receipts. As a result, charities are held to a high standard and are required to provide annual information files. As an added advantage, the Canada Revenue Agency website allows anyone who wants to view how the charity spends money provided to it by others to do so.

Form T3010B, the annual report for a charity that must be completed every year, must be completed within six months after the end of that year.

A registered charity must also show how much money it spends in comparison to a figure known as the “disbursement quota.”

This number is the absolute minimum that the charity can spend in order to maintain its charitable status, based on the value of the donation receipts issued by the charity or the worth of the charity’s assets. The quota is intended to ensure that registered charities do not simply hoard money and receive tax-free income, but actually spend a significant portion of what they receive on charitable causes.

Accounting Solutions for Your Nonprofit

In order to help you save money and avoid financial troubles, we strive to provide accounting solutions and tax planning techniques that are tailored to your specific needs. It is our intention to give regular reports to you as well as to your management and in order to keep you informed about expenses and income, allowing you to analyse the performance of your Non-Profit Organization and aid you in making the required changes.

Assistance with the implementation of leading accounting and bookkeeping software technologies, such as QuickBooks, QuickBooks Online, is also available. These technologies can simplify and uncomplicate record-keeping, financial, cashflow, and tax planning processes and procedures, resulting in increased efficiency and reduced costs. Contact us today for all your accounting and tax need. Our team of accountants are here to help you.

Nonprofit Accounting Services Canada - Expert Financial Management for Nonprofits

In Canada, nonprofit organizations benefit immensely from specialized accounting services that cater to their unique financial needs. Nonprofit Accounting Services in Canada offer a tailored approach, guiding these organizations through the intricacies of financial management while ensuring compliance with regulations specific to the nonprofit sector. These expert accountants are well-versed in fund accounting, grant reporting, and donor contribution tracking, enabling nonprofits to maintain transparency and accountability in their financial operations.

Navigating the complexities of nonprofit accounting requires a deep understanding of the sector's nuances, and that's precisely what these specialized services provide. Nonprofit Accounting Services in Canada offer meticulous assistance in preparing financial statements, managing grants, and optimizing budget allocation for maximum impact. By leveraging their expertise, nonprofit organizations can focus on their core mission, knowing that their financial matters are being handled by professionals dedicated to their success. Whether it's handling tax-exempt status requirements or creating financial reports for board presentations, these accounting services play a pivotal role in helping Canadian nonprofits thrive.