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Not for Profit

Not-for-profit organizations have their own unique set of challenges. With a finite source of funds that can fluctuate significantly from year-to-year, along with the growing need for the services provided by them, any NPO in Canada can attest to the pains of budgeting processes, membership dynamics, and the political colour of the day.
There are some specific reporting requirements under both the Canadian and Ontario Not-for-profit Corporations Acts, depending on whether you receive more than $10,000 in public sources (such as gifts, donations, or grants), and whether or not the organization is a public benefit or non-public benefit corporation in Ontario.

Under the Canada Not-for-profit Corporations Act:

Funding received Annual revenues (gross) Type of statement
- If the organization received more than $10,000 in public funds, Up to $50,000 Review engagement (audit is optional)
- $50,001 ~ $250,000 Audit (board can opt for a review)
- $250,000 + Audit required

If the organization did not receive public funding Up to $1,000,000 Review is default, but can opt for a compilation or audit
Over $1,000,000 Audit required

Under the Ontario Not-for-profit Corporations Act:

Type of organization Annual revenues (gross) Type of statement
- Public benefit Up to $100,000 Audit is optional but statements must be prepared regardless
- $100,001 ~ $500,000 Audit is optional but statements must be prepared regardless
- $500,000 + Audit required

Non-public benefit Audit is optional but statements must be prepared regardless

In addition to providing compliance services, our firm can also assist in other areas of your operations, such as budgeting, financial management, business planning and strategic planning.