Not-for-profit is NOT a philosophy: It is simply a tax construct.
Does your association board include directors who tell you that operations must be run on a break even basis because you are a “non-profit”? Nonsense! You will not lose your non-profit status nor will the Canada Revenue Agency (CRA) penalize you for having resources. A “not-for-profit”, or “non-profit” organization is a registered corporate entity that…