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Nonprofit Accounting Essentials: A Comprehensive Guide and Best Practices

Nonprofit accounting involves meticulously monitoring the financial activities and progress of organizations operating for societal benefit rather than profit. This form of accounting encompasses documenting income and outgoings, overseeing expenditure, generating financial statements and analytical reports, managing budgets, and adhering to applicable legal and regulatory standards. What is Nonprofit Accounting?

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CRA Tax Credit
Personal Taxes and Finance
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Tutoring Services Eligible for Medical Expenses

Tutoring services Income Tax Act Section 118.2(2)(l.91) provides that eligible medical expenses may include amounts paid as remuneration for tutoring services provided to a patient where the following conditions are satisfied:

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Automobile taxable benefit
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Automobile Taxable Benefit

Per-kilometre allowance rates that CRA does not consider reasonable If you pay your employee an allowance based on a per-kilometre rate that we do not consider reasonable because it is either

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