CRA advised on November 9, 2023, that there will be a new T3010 form for those filing on or after December 31, 2023. The form will be called T3010 version 24. Here is our blog.
On December 14, 2023, we provided further information in a blog about the topics covered in the T3010 version 24.
Now, we have obtained more information from CRA (including the exact questions) that will be helpful for charities who will soon be preparing to complete the form. Here is the information from CRA:
In 2022, the Government of Canada announced measures to boost charitable spending in our communities and passed legislation changing disbursement quota rules for registered charities.
In January 2024, the Canada Revenue Agency will release a new version of the Form T3010, Registered Charity Information Return, to reflect new reporting requirements. At that time, there will be two downloadable versions of the Form T3010:
- Charities with fiscal periods ending on or before December 30, 2023, should file their Form T3010 using version 23.
- Charities with fiscal periods ending on or after December 31, 2023, will have to file their Form T3010 using version 24.
The new version of the T3010 version (V24), introduces the following changes.
- Section C – New questions C17 & C18 with 6 new lines
- Line 5850 – In the 24 months prior to the beginning of the fiscal year, did the average value of your charity’s property (cash, investments, capital property or other assets) not used directly in its charitable activities or administration:
- exceed $100,000, if the charity is designated as a charitable organization; or
- exceed $25,000, if the charity is designated as a public or private foundation?
- Line 5860 – Did the charity hold any donor advised funds (DAF) during the fiscal period?
- Line 5861 – Total number of accounts held at the end of the fiscal period
- Line 5862 – Total value of all accounts held at the end of the fiscal period
- Line 5863 – Total value of donations to DAF accounts received during the fiscal period
- Line 5864 – Total value of qualifying disbursements from DAFs during the fiscal period
- Section D / Schedule 6 – remove 2 lines
- Remove line 4505 from Section D and Schedule 6
- Remove line 4180 from Schedule 6
- Schedule 1 – add 2 new lines
- Line 111 – What was the total value of all restricted funds held at the end of the fiscal period?
- Line 112 – Of that amount, what amount was the foundation not permitted to spend due to a funder’s written trust or direction?
- Schedule 6 – add 7 new lines
- Line 4101 – Enter the total amounts in cash and bank accounts included on line 4100
- Line 4102 – Enter the value of all short-term investments included on line 4100 with an original term to maturity not greater than one year
- Line 4157 – Enter the cost or fair market value of all land and buildings in Canada used for the charity’s charitable programs or administration
- Line 4158 – Enter the cost or fair market value of all land and buildings in Canada not used for the charity’s charitable programs or administration
- Line 4190 – Enter the value of all impact investments including those reported in any other line. For the purposes of this guide, impact investments are investments in companies or projects with the intention of having a measurable positive environmental or social impact and generating a positive financial return.
- Line 4576 – Enter the amount from line 4580 that represents the total interest and other income the charity received or earned from impact investments.
- Line 4577 – Enter the total amount from Line 4580 that represents the total amount of interest and investment income received from persons who do not deal at arm’s length with the charity.
- New Schedule 8 – Disbursement Quota
Schedule 8 will be introduced to allow organizations to calculate their disbursement quota for the current and following fiscal periods. The new schedule will be broken down over 3 pages. The first 2 pages will be Step 1 “Estimating the disbursement quota requirement for the current fiscal period” and Step 2 “Estimating the disbursement quota requirement for the next fiscal period”; page 3 will be a review page.
- Wording or text changes for
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Section C2
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Line 200
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Line 2000
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Line 2100
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Line 5045
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Line 4890
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Line 4910