T1044 Non-Profit Information Return
The T1044 Non-Profit Information return must be completed by every non-profit organization that has
- received or is entitled to receive taxable dividends, interest, rentals or royalties of more than $10,000 in the fiscal period;
- owned assets valued at more than $200,000 at the end of the immediately preceding fiscal period, or
- it had to file a NPO return in a previous fiscal period.
Failure to send this return within six months of the fiscal year end can result in a fine of $25 per day to a maximum of $2,500. For a number of years, no fines were assessed to condominium corporations, but CRA has been assessing these fines lately, and we have seen an example in Alberta in 2009, and CRA is sending warning letters.
Generally, if you are late, send in a letter of explanation with your return, and you will likely receive grace.