During a recent CRA webinar, they discussed what is new in 2024 T3010. The new T3010 should be available in January 2024 and will be applicable for registered charities with a fiscal period ending on or after December 31, 2023. Groups who have a fiscal year on or before December 30, 2023 must filed the version 23a. Apparently CRA will not accept the incorrect form. As the consequences of not filing the correct form are significant (ie. revocation) it is important to pay attention. Also important is to try and get on the CRA’s MyBA system as it will automatically provide you with the correct form to complete!
CRA advises in the chat box of their presentation:
The new version of Form T3010, version 24, includes the following enhancements:
– Questions C2, C3 and C4: Updated questions to provide more comprehensive details about what charities should report as part of their new and ongoing programs. These questions also include new terminology to reflect qualifying disbursements.
– Question C17: New question to determine whether a charity is subject to the DQ calculation. If a ‘yes’ response is provided here, the charity will be directed to complete the new Schedule 8, Disbursement quota.
– Question C18: New question relating to donor advised funds held by a charity.
– Lines 111 and 112 in Schedule 1, Foundations: New lines to capture information about restricted funds held by a foundation.
– Line 200, in Schedule 2, Activities outside Canada: Updated question so that it now refers to qualifying disbursements.
– Schedule 6, Detailed financial information: Various line numbers have been added or updated in order to capture more detailed information about the charity’s assets, revenues and expenditures.
– Schedule 8, Disbursement quota: New schedule to be completed by charities that answered ‘yes’ at question C17. This schedule is used to calculate the charity’s DQ and whether the charity has met its DQ requirement.
Here is a copy of the slide deck that was used in the presentation Completing your T3010 online: A walkthrough for charities: