Finance
Does a club owe tax on interest or dividends?
The president of one of our clubs asked: Our club received a Revenue Canada T5 form/document for interest earned on our deposit certificates. We have not previously received this, perhaps due to a smaller amount earned. Do we have instruction on ...
Can a club use the PROBUS Canada Corporation Number?
Probus clubs in Canada are generally unincorporated organizations, except for a very small number that choose to register provincially as non-profit corporations. PROBUS Canada, by contrast, is a federally incorporated non-profit organization and has ...
What should a club do about record retention?
Question: Can you give us some guidelines regarding how long we should keep our records? Answer: You should keep records of your chartering, your Annual Meetings and Annual Financial Statements for a minimum of seven years (although these are ...
How should our club deal with surplus and reserves?
Question: Our Club has started to develop a small surplus of funds and we are wondering about a couple of things. How much surplus are we allowed to accumulate? How do we use the funds if they are getting to be too high? Is it appropriate to invest ...