134
edits
Changes
→Do we have to have an accountant or bookkeeper prepare financial statements?
==Do we have to have an accountant or bookkeeper prepare financial statements?==
The ''Societies Act'' requires that a society keep sufficient accounting records and are able to produce a set of financial statements for its members. The ''Societies Act '' does not require that the society get professional help, nor does the CRA. Thus, a society's treasurer could provide financial statements.
Note that if your society becomes complicated enough financially, it may be a good idea to get a bookkeeper then an accountant to prepare and approve annual financial statements. Some funders will require audited financial statements. The ''Societies Act'' sets out the qualifications of an auditor but does not require an audit. [http://www.cra-arc.gc.ca/E/pub/tg/t4117/t4117-14e.pdf Here] is the guide from the CRA on filing the Annual Information return.