The Canadian Association of Business Students is a registered not-for-profit, incorporated federally pursuant to the Canada Not-For-Profit Corporations Act S.C. 2009, chapter c.23 including the Regulations made pursuant to the Act, and any statute or regulations that may be substituted, as amended from time to time by the Government of Canada.
- Industry Canada Not-for-Profit Corporations Resource Website
- Canada Not-for-Profit Corporations Act
- Canada Not-for-profit Corporations Regulations
- Background Paper – Canada Not-for-profit Corporations Act
The Canadian Association of Business Students is not a registered charity, as not-for-profit corporations are not granted charitable status by default in Canada, as defined in the Income Tax Act.
Rather, charitable status is a special status granted upon selective application, an application that the Corporation has elected not to make.
Therefore, personal donations to the Corporation cannot be accepted.
- Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))
- Income Tax Guide to the Not-for-Profit Organization (NPO) Information Return
The Canadian Association of Business Students does not reclaim sales tax paid on expenditures by virtue of financial policy.
The Corporation cannot by statute, and does not by practice, generate profit or unreasonable surplus from its activities. All revenues generated categorically satisfy tax-exemption or zero-tax criteria because of the type of revenue collected (membership fees; or corporate sponsorship in exchange for marketing services – promotional representation) and further supported by the academic and community nature of the business.
Annual Filing Requirements
- it did not receive and was not entitled to receive taxable dividends, interest, rentals, or royalties totaling more than $10,000 in the fiscal period;
- the total assets of the organization were not more than $200,000 at the end of the immediately preceding fiscal period (the amount of the organization’s total assets is the book value of these assets calculated using generally accepted accounting principles); and
- it did not have to file an NPO information return for any previous fiscal period.