January year-end oversight: What boards and treasurers should be asking about

This is a guest post from our friends at Collective Finance. For boards and treasurers, January is a checkpoint. As programs resume and priorities for the year take shape, this is the moment to ensure the organization’s financial reporting and compliance obligations are on track. While management may handle the day-to-day work, boards and treasurers play a critical role in oversight, accountability, and risk management.

Here are key year-end items that should be on your radar.

T4A reporting: Honorariums, bursaries, and contractors

Nonprofits and charities often make payments outside traditional payroll, including honorariums, bursaries, and professional fees. These payments may require T4A reporting.

T4A slips must be issued to recipients and filed with the CRA by the end of February. From a governance perspective, this relies on proper classification of payments throughout the year and clear documentation of who was paid and why.

A key question for boards and treasurers: Are we confident that all reportable payments have been identified and categorized correctly?

Official donation receipts

For registered charities, issuing official donation receipts is a core compliance responsibility.

Donation receipts must be issued by the end of February following the calendar year in which the donation was received. Accuracy and completeness are essential, as donor receipts are frequently reviewed and directly tied to public trust.

Boards and treasurers should confirm that donation tracking processes are in place and that receipt issuance aligns with CRA requirements.

GST/HST filings and Public Service Body Rebates (GST 523-1)

Many nonprofits and charities are eligible for Public Service Body rebates on GST/HST paid. The GST 523-1 rebate application must align with the organization’s GST/HST return and underlying financial records. Filing frequency varies, but errors or inconsistencies can delay rebates and affect cash flow.

An important oversight question: Do our GST/HST filings and rebate claims reconcile cleanly to our financial statements?

Other key filings to confirm

Depending on the organization, boards and treasurers should also be aware of the following:

• T3010 Registered Charity Information Return: Required for registered charities and due within six months of fiscal year-end. This return is public and heavily dependent on accurate financial reporting.
  

• T1044 Non-Profit Organization Information Return: Required for certain non-profit organizations meeting CRA thresholds. This return is also due within six months of the fiscal year-end.
  

• T4 Slips for Employees: Payroll reporting remains a critical compliance obligation and must be completed accurately and on time.

Each of these filings is only as reliable as the financial systems supporting them.

Why strong financial operations matter

From a governance standpoint, year-end compliance is not just about meeting deadlines. It is about ensuring the organization’s financial information is accurate, defensible, and aligned with its mission and obligations.

A well-functioning finance operation provides boards and treasurers with:

• Clear, reliable financial reporting

• Reduced compliance risk

• Transparency for stakeholders and funders

• Confidence in decision-making

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How Collective Finance supports boards and treasurers

Collective Finance partners with nonprofit and charity leadership teams to provide the strength of a finance department without the overhead of building one internally.

We support organizations year-round, ensuring financial records are consistently maintained so year-end filings are prepared on a solid foundation rather than through last-minute reconciliations. Our team works collaboratively with management, boards, and external advisors to support accountability, compliance, and clarity.

For boards and treasurers, that means fewer surprises, clearer reporting, and confidence that financial obligations are being handled with care.