www.carters.ca
www.charitylaw.ca
4.RECEIPTING
a)Importance of Issuing Accurate Receipts
•Donation
receipts must be issued in accordance with the requirements of the ITA and CRA policies
•If a receipt
includes incorrect information - penalty of 5% of the eligible amount on the receipt, increases to 10% penalty for a repeat infraction within 5 years
•If a receipt
includes false information
–If the total
does not exceed $25,000 - penalty of 125% of the
eligible amount on the receipt
–If the total
exceeds $25,000 - penalty of 125% and the
suspension of tax-receipting privileges
–May be subject
to revocation on repeated contraventions
27