Canada also permits a variety of charities (including public and private foundations). Charitable status is granted by the Canada Revenue Agency (CRA) upon application by a nonprofit; charities are allowed to issue income tax receipts to donors, must spend a certain percentage of their assets (including cash, investments and fixed assets) and file annual reports in order to maintain their charitable status. In determining whether an organization can become a charity, CRA applies a common law test to its stated objects and activities. These must be:
Canada also permits a variety of charities ( including public and private foundations ) . Charitable status is granted by the Canada Revenue Agency ( CRA ) upon application by a nonprofit ; charities are allowed to issue income tax receipts to donors , must spend a certain percentage of their assets ( including cash , investments and fixed assets ) and file annual reports in order to maintain their charitable status . In determining whether an organization can become a charity , CRA applies a common law test to its stated objects and activities . These must be :
What kinds of assets must the NPO spend in order to keep it's charitable status?
What kinds of assets must the NPO spend in order to keep it 's charitable status ?
cash, investments and fixed assets
cash, investments and fixed assets