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Hello, this is Mike Zhang, CPA, CA from Gary Booth.com. Today we are going to talk about financial responsibilities for churches of the Anglican Church of Canada within the Diocese of Toronto.
What are the financial responsibilities for churches of the Anglican Church of Canada within the Diocese of Toronto?
The Churchwardens must present a financial report to the Vestry in accordance with GAAP.The Vestry then requires an annual audit of the Churchwardens’ accounts. The Vestry must forward to the Diocesan Office a copy of the Churchwardens’ accounts with the auditors’ certificate as well as a copy of the financial returns.
When is the reporting deadline?
The Churchwardens must present the audited financial report at the Vestry Annual meeting, which should be held on the last Sunday in January, to no later than the end of February.
Are there any other responsibilities?
There could other responsibilities such as being compliant with Canada Revenue Agency. This includes filling of HST return and Registered Charity Information Return.
How can we help?
Gary Booth CA Professional Corporation has been appointed as an auditor for a number of churches within the GTA. We would be pleased to meet with you to discuss your requirement. You can contact us at 416-626-2727 for all your church audit requirements.