Income of a registered charity

The income of a registered charity corresponds to all amounts received by the charity during a fiscal period, minus all expenses incurred to obtain the amounts.

Income includes gifts the charity received, other than :

• specified gifts
• gifts of capital received by way of bequest or inheritance
• gifts received subject to a clause stipulating that the property given, or property substituted  therefor, be held for at least 10 years
• gifts received by a religious order, or the body that administers the property of a religious order, provided the gifts are made by a member of the religious order who has taken a vow of perpetual poverty
• gifts received from another charity, where they are reported by the donor as specified gifts, or do not constitute income of the donor
• gifts for which the charity did not issue and will not be issuing official receipts (for example, gifts from anonymous or tax-exempt donors, or amounts from collection boxes)

Income of a recognized artistic organization

The income of a recognized arts organization corresponds to the organization's total receipts minus the expenditures incurred to obtain the receipts. It is presumed that the organization did not either of the following :

• realize a capital gain
• sustain a capital loss