T3010 Version 24: Key Updates for Registered Charities

Canadian registered charities filing their annual returns face important changes with the latest version of their required form.

Charities with fiscal periods ending on or after December 31, 2023, must use T3010 Version 24 to meet their filing obligations.

This updated form reflects legislative changes designed to increase transparency in charitable spending and strengthen community impact.

The new version introduces new reporting requirements that affect how you track and report your organization's financial activities.

From revised disbursement quota calculations to enhanced disclosure obligations, these changes require careful attention to ensure compliance with Canada Revenue Agency standards.

Understanding the specific requirements, new schedules, and updated line items will help your charity navigate the filing process.

The modifications also bring considerations for donor advised funds, restricted funds reporting, and governance disclosure that impact how you prepare your annual return.

What Is T3010 Version 24?

T3010 Version 24 is the updated Registered Charity Information Return that the CRA introduced in January 2024.

This form includes changes to track new disbursement quota requirements and provide greater transparency in charitable spending.

Definition and Purpose

T3010 Version 24 is the annual information return that all registered charities in Canada must file with the CRA.

This form serves as your charity's primary reporting tool to demonstrate compliance with federal regulations.

The form captures information about your charity's activities, finances, and programs.

You must use it to report revenues, expenditures, and qualifying disbursements for each fiscal year.

Version 24 addresses new legislative requirements from 2022 government measures.

These changes aim to increase charitable spending within local communities and improve transparency in the sector.

The CRA uses this information to monitor your charity's compliance with the Income Tax Act.

Filing an incomplete or incorrect version can result in penalties or revocation of charitable status.

Release Date and Applicability

The CRA released T3010 Version 24 in January 2024.

You must use this version if your charity's fiscal period ends on or after December 31, 2023.

If your fiscal period ended on or before December 30, 2023, you should file using Version 23.

The CRA will not accept the wrong version of the form.

You have six months from the end of your fiscal period to submit your completed T3010.

Missing this deadline or using the incorrect version can have serious consequences including revocation.

The CRA recommends using their MyBA system to ensure you receive the correct form version automatically.

This reduces the risk of filing compliance errors.

Key Changes From Previous Versions

Version 24 introduces several updates that affect how you report your charity's activities:

Program Reporting Updates:

• Questions C2, C3, and C4 now require more detailed information about new and ongoing programs
• These questions use updated terminology to reflect qualifying disbursements

New Disbursement Quota Tracking:

• Question C17 determines if your charity must calculate disbursement quota requirements
• New Schedule 8 specifically tracks disbursement quota calculations and compliance

Additional New Elements:

• Question C18 addresses donor advised funds held by your charity
• Lines 111 and 112 in Schedule 1 capture restricted fund information for foundations
• Schedule 6 includes updated line numbers for more detailed financial reporting

These changes ensure your T3010 aligns with current charitable spending requirements and provides clearer financial transparency.

Filing Requirements for Registered Charities

All registered charities in Canada must file Form T3010 annually within six months of their fiscal year-end.

The Canada Revenue Agency requires specific versions based on your fiscal period end date and has strict compliance requirements.

Who Must File and When

Every registered charity must complete the Registered Charity Information Return each year.

You have six months from the end of your fiscal period to submit the form to the CRA.

The filing deadline is firm.

Missing this deadline can put your charitable status at risk.

Your fiscal period end date determines which version you must use:

• Version 23: For fiscal periods ending on or before December 30, 2023
• Version 24: For fiscal periods ending on or after December 31, 2023

Using the wrong version will result in rejection.

The CRA may revoke your registered status if you don't file the correct version.

Filing Process and Methods

You must download the accessible fillable PDF to your computer.

Never open the form directly in your web browser as this can cause problems.

Required steps:

1. Download and save the PDF to your computer
2. Open the downloaded file in Acrobat Reader 10 or later
3. Complete the form in full
4. Submit within your deadline

The form must be completed entirely.

Partial submissions are not accepted by the Canada Revenue Agency.

Make sure you have the most current version before starting.

Check the CRA website to confirm you're using the right form for your fiscal period.

Canada Revenue Agency Guidance

The CRA released version 24 on January 8, 2024.

This new version includes updated reporting requirements that all eligible charities must follow.

Charities can access support through their My Business Account online portal.

This provides direct communication with the CRA about your filing status.

The Canada Revenue Agency emphasises compliance with the new requirements.

Familiarising yourself with version 24 changes is critical to maintain your registered status.

If you submit an incorrect version, the CRA will send you a notice explaining the rejection.

You must then resubmit using the proper form to avoid potential revocation of your charitable registration.

New and Revised Reporting Obligations

Version 24 introduces changes to how charities report their qualifying disbursements and calculate their disbursement quota.

The form now includes new Schedule 8 for disbursement quota calculations and enhanced reporting requirements for investments and assets.

Qualifying Disbursements

Questions C2, C3, and C4 now use updated terminology that reflects qualifying disbursements.

These questions require more detailed information about your charity's new and ongoing programs.

You must provide details about what activities qualify as disbursements under the new rules.

The questions help determine which expenditures count toward your disbursement quota requirements.

Your responses to these questions impact your disbursement quota calculation.

Make sure you understand which activities and expenses qualify before completing this section.

The updated questions also capture information about restricted funds and how they relate to your qualifying disbursements.

Disbursement Quota Rules

Question C17 determines whether your charity must complete the new Schedule 8, Disbursement Quota.

If you answer "yes" to C17, you must fill out this entire schedule.

Schedule 8 calculates your charity's disbursement quota and shows whether you met the requirement for your fiscal period.

This schedule is mandatory for charities subject to disbursement quota rules.

The schedule tracks your qualifying disbursements against your required quota amount.

You must show calculations and supporting information.

Foundations face additional reporting through new lines 111 and 112 in Schedule 1.

These lines capture information about restricted funds held by your foundation.

Line 200 in Schedule 2 now refers to qualifying disbursements for activities outside Canada.

This change aligns international activities with the new disbursement quota terminology.

Reporting Investments and Assets

Schedule 6 includes new and updated line numbers for detailed financial information.

You must provide more data about your charity's assets, revenues, and expenditures.

The enhanced reporting requirements capture details about your investments and how they generate income for your organization.

This information helps determine your disbursement quota obligations.

Question C18 introduces new reporting requirements for donor advised funds held by your charity.

You must disclose these arrangements and their impact on your operations.

The updated asset reporting provides greater transparency about your charity's financial position.

Make sure you have records of all investments and restricted funds before completing these sections.

Donor Advised Funds and Restricted Funds Reporting

Version 24 introduces reporting requirements for donor advised funds and restricted funds that charities control or hold.

Private foundations face additional disclosure obligations for restricted funds they cannot spend due to donor conditions.

Donor Advised Funds (DAFs) Disclosures

You must report information about all DAF accounts your charity controls.

This includes the total number of DAF accounts held at the end of your fiscal period.

You need to disclose the total value of all DAF accounts.

Report both the value of donations received into these funds and the value of qualifying disbursements made from them during the fiscal period.

The new reporting captures how much money flows into and out of your DAF program.

This gives the CRA visibility into these giving vehicles.

If your charity operates any DAF accounts, you cannot skip these questions.

The form requires specific dollar amounts for each category.

Restricted Funds and Endowments

Restricted funds are donations tied to specific uses that you cannot use for general purposes.

You must report the total value of all restricted funds held at your fiscal period end.

The CRA defines these as funds with legally enforceable conditions from donors.

Examples include scholarship funds or funds for specific programs.

You need to identify which restricted funds you cannot spend due to written trust agreements or donor directions.

This separates spendable restricted funds from permanent endowments.

Key reporting requirements:

• Total value of all restricted funds
• Amount you cannot spend due to donor restrictions
• Distinction between spendable and permanent funds

This information helps the CRA understand what resources you actually control versus what you hold in trust.

Impact on Private Foundations

Private foundations face enhanced reporting under Schedule 1 for restricted funds.

You must complete additional questions about funds with spending restrictions.

The schedule requires you to break down restricted funds by type and spending ability.

This affects how you calculate your disbursement quota obligations.

You need to show which restricted funds reduce your available assets for quota calculations.

Permanently restricted endowment funds may qualify for different treatment.

Schedule 1 requirements include:

• Total restricted fund values
• Breakdown of spendable versus non-spendable amounts
• Impact on disbursement quota calculations

These changes particularly affect foundations holding large endowments or multiple restricted gift funds.

Additional Schedules and Line Item Changes

Version 24 introduces Schedule 8 for disbursement quota calculations and updates asset reporting requirements in Schedule 6.

The T3010 form now captures more detailed financial information and distinguishes between qualified and non-qualified donees.

Schedule 8: Disbursement Quota Calculations

Schedule 8 is new to the T3010 form.

You must complete this schedule if you answered "yes" to question C17.

This schedule calculates your charity's disbursement quota (DQ).

It determines whether you met your annual spending requirements.

The schedule tracks your qualifying disbursements throughout the fiscal year.

These include grants to qualified donees and direct charitable activities.

You'll report your total assets and calculate the minimum spending amount required.

The form automatically computes whether you satisfied your DQ obligations.

Key elements include:

• Beginning asset values
• Investment income calculations
• Required disbursement amounts
• Actual qualifying disbursements made

If you don't meet your DQ requirements, you must explain the shortfall.

The CRA uses this information to assess compliance with spending rules.

Updates to Schedule 6 and Asset Reporting

Schedule 6 now requires more detailed financial information.

Several line numbers have been added or updated to capture comprehensive asset data.

New reporting requirements include:

• Enhanced asset categorization
• More detailed revenue breakdowns
• Expanded expenditure classifications

Lines 111 and 112 specifically capture information about restricted funds held by foundations.

You must separate these from unrestricted assets.

The updated schedule helps the CRA better understand your charity's financial position.

It supports more accurate DQ calculations and compliance monitoring.

Revenue reporting now distinguishes between different income sources.

This helps identify investment income that affects disbursement quota requirements.

Worksheets and Supporting Documentation

The new T3010 version requires additional supporting calculations.

You should maintain detailed worksheets for Schedule 8 computations.

Essential documentation includes:

• Asset valuation records
• Investment income summaries
• Disbursement tracking sheets
• Grant payment records

Keep monthly or quarterly financial summaries to support your annual filing.

This makes completing Schedule 8 much easier.

Document all qualifying disbursements with proper receipts and agreements.

The CRA may request these during compliance reviews.

Your worksheets should clearly show how you calculated average asset values.

Use consistent accounting methods throughout the fiscal year.

Reporting Qualified and Non-Qualified Donees

Version 24 clearly separates qualified and non-qualified donee reporting.

This distinction affects your disbursement quota calculations.

Qualified donees include:

• Registered charities
• Government bodies
• Certain international organizations
• Public foundations

Grants to qualified donees count toward your DQ requirements.

Report these amounts in the appropriate Schedule 8 sections.

Non-qualified donees are organizations without official charitable status.

Grants to these groups don't satisfy DQ obligations.

You can still make grants to non-qualified donees for charitable purposes.

However, you must report these separately on the T3010 form.

The form now asks specific questions about donor advised funds.

These affect how you classify certain disbursements and donee relationships.

Implications and Best Practices for Charities

Version 24 brings stricter requirements for documenting charitable activities and reporting business income.

Charities must clearly separate their charitable work from business operations and provide detailed spending breakdowns.

Charitable Activities and Program Spending

You must now provide more detailed descriptions of your charitable activities on the T3010.

The form requires specific information about how you spend money on programs.

Document each charitable program separately.

Include clear descriptions of activities, target groups, and outcomes.

This helps CRA understand your charitable work better.

Track these spending categories:

• Direct program costs
• Staff wages for charitable work
• Program supplies and materials
• Facility costs for charitable activities

Keep detailed records throughout the year.

Poor record-keeping can lead to compliance issues.

Your charitable activities must align with your registered purposes.

Any new programs should fit within your existing mandate or require amendments to your registration.

Business Activities and Investments

Version 24 requires clearer reporting of business income and investment activities.

You must separate business revenue from charitable donations and grants.

Business activities fall into two types:

• Related business: Activities connected to your charitable purposes
• Unrelated business: Commercial activities not linked to your charitable work

Report investment income separately from other revenue sources.

This includes dividends, interest, and capital gains from your endowment funds.

Document the purpose of each business activity.

Show how related businesses support your charitable goals.

Unrelated businesses must remain small compared to your charitable work.

Keep separate accounting records for business operations.

This makes filing easier and shows CRA you understand the distinction between charitable and commercial activities.

Practical Tips for Compliance

File using the correct version based on your fiscal year end.

Charities with fiscal periods ending on or after December 31, 2023, must use Version 24.

Use CRA's online filing system when possible.

The system automatically gives you the right form version and reduces errors.

Create a filing checklist:

• Review all financial records
• Separate charitable and business activities
• Update program descriptions
• Verify director information
• Submit within six months of fiscal year end

Keep copies of all supporting documents.

CRA may request additional information during reviews.

Good documentation protects your charitable status.

Consider getting professional help if your charity has complex activities.

Accountants familiar with charity law can ensure proper compliance with new requirements.

Conclusion

The switch to T3010 Version 24 represents a significant change for Canadian charities.

You must use the correct version based on your fiscal year end to avoid rejection by the CRA.

Contact B&H Charity Accounting Firm at (289) 301-8883 for expert guidance with your T3010 filing requirements.

Our team understands the complexities of Version 24 and can ensure your charity remains compliant with all new reporting obligations.

Don't navigate these changes alone.

Visit charityaccountingfirm.ca or schedule your FREE consultation to discuss how we can support your charity's filing needs.

Frequently Asked Questions

The T3010 Version 24 brings significant changes to charitable reporting in Canada.

Key updates include new disbursement quota calculations, enhanced program reporting requirements, and stricter filing deadlines.

What are the new updates in the T3010 Version 24 for Canadian charities?

Version 24 introduces several important changes to charity reporting.

You must now complete a new Schedule 8 that tracks disbursement quota calculations.

The form includes updated questions C2, C3, and C4.

These questions require more detailed information about your charity's new and ongoing programs.

New terminology reflects qualifying disbursements.

This change aligns with recent legislative updates to disbursement quota rules.

Foundations face additional questions in this version.

You must provide specific information about donor-advised funds if your charity manages them.

Schedule 6 has been updated with adjustments to detailed financial information requirements.

These changes improve transparency in charitable spending reporting.

How does the T3010 Version 24 impact the financial reporting requirements for Canadian non-profit organizations?

The new version significantly changes how you report financial information.

Schedule 6 now requires more detailed financial data than previous versions.

You must complete the new Schedule 8 for disbursement quota tracking.

This schedule calculates your charity's spending requirements more precisely.

Qualifying disbursements now use different terminology and calculation methods.

You need to understand these changes to report your spending correctly.

The form requires enhanced details about program expenditures.

You must provide comprehensive information about how your charity spends its money on charitable activities.

What are the steps to complete the T3010 Version 24 form for charitable organizations?

Start by downloading the correct version from the CRA website.

Never use an outdated version as the CRA will reject your filing.

Determine your filing deadline by checking your fiscal period end date.

You have six months from your fiscal year end to submit the form.

Complete all required sections including the new Schedule 8.

This schedule tracks your disbursement quota calculations and spending requirements.

Answer questions C2, C3, and C4 with detailed program information.

Provide comprehensive details about your charitable activities and programs.

Review all financial information in Schedule 6 carefully.

Ensure your reported amounts match your charity's books and records.

Could you explain the changes to the political activities section within the T3010 Version 24?

The search results provided do not contain specific information about changes to political activities reporting in Version 24.

You should consult the official CRA guidance or contact them directly for details about political activities sections.

Check the form instructions for any updates to political activities reporting requirements.

The CRA may have updated terminology or calculation methods for this section.

What is the penalty for late filing T3010?

The CRA can revoke your charity's registration for failing to file required returns.

Late filing puts your charitable status at risk.

You must file within six months of your fiscal period end.

Missing this deadline triggers CRA enforcement actions.

The penalty structure varies based on how late your filing is.

Contact the CRA immediately if you cannot meet your filing deadline.

Repeated late filings increase the severity of penalties.

Your charity may face registration suspension or revocation for chronic non-compliance.

How do I submit my T3010 to CRA?

Download the correct version from the official CRA website. Using an outdated form will result in rejection.

You can file electronically through CRA's online services. This method is faster and provides confirmation of receipt.

Paper filing is also available. Mail your completed form to the address listed in the instructions.

Keep copies of all submitted documents. Maintain these records for your charity's files.

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