Tag - #accounting

Disbursement Quota for Canadian Charities

Following political pressure for Canadian charities to spend more of their capital, the federal government announced in their 2022 budget that the Disbursement Quota (“DQ”) for registered charities will be raised to 5%. This post describes the latest changes to the disbursement quota and how they may affect your private foundation. What is the Disbursement Quota (“DQ”)? The DQ is the minimum amount...

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Foreign Currency Cost Base Reporting

Unsurprisingly, the Canada Revenue Agency (CRA) demands taxes be paid in Canadian dollars. This is simple enough when you earn income in Canada, since you were likely paid in Canadian dollars anyway. Your Canadian based investments are also likely quoted in Canadian dollars, which makes reporting your investment income based in Canada simple as well. But, what happens when you make...

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