Reporting Requirements for Not-for-Profit Organizations
As a Not-for-profit organization it is very important that you understand your organization’s compliance requirements. The financial statement reporting requirements for organizations incorporated under Federal and Ontario legislation are summarized below.
Canada Not-for-profit Corporations Act
For organizations incorporated under the Federal Not-for-profit Corporations Act, the financial statement reporting requirements is based on
- Whether the corporation is soliciting contributions from the public, and
- The amount of gross annual revenues
| Type of Corporation |
Gross annual revenues |
Compilation engagement |
Review engagement |
Audit engagement |
| Soliciting |
$50K and less |
Optional |
Default |
Optional |
| Soliciting |
$50,001 - $250,000 |
N/A |
Optional |
Default |
| Soliciting |
More than $250,000 |
N/A |
N/A |
Mandatory |
| Non-soliciting |
$1M and less |
Optional |
Default |
Optional |
| Non-soliciting |
More than $1M |
N/A |
N/A |
Mandatory |
What is Soliciting corporation
A corporation that receives public money directly or indirectly from public donations or grants from government A corporation that solicits over $10,000 a year from a public sourceNote: There are specific rules on when a corporation officially becomes and is no longer a soliciting corporation.
Ontario Not-for-profit Corporations Act
For organizations incorporated under the Ontario Not-for-profit Corporations Act, the financial statement reporting requirements is based on
- Whether the corporation is a public benefit corporation, and
- The amount of gross annual revenues
This publication is written by SAAPC, as an information service, and is not intended to substitute for professional service. Please consult with your professional advisor before you initiate any action.