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Information return for tax-exempt entities
Regardless of whether it is a corporation, an NPO must file an information return for tax-exempt entities (form TP-997.1-V, or Part IV of form CO-17.SP) if it meets one of the following conditions:
- The total of the NPO's taxable dividends, or of the amounts received and receivable by the NPO as interest, rents or royalties, exceeded $10,000 for the fiscal period concerned.
- The total value of the NPO's assets at the end of the fiscal period preceding the period concerned was over $200,000.
- The NPO was required to file form TP-997.1-V or complete Part IV of form CO-17.SP for a fiscal period preceding the period concerned.
If the NPO normally files form CO-17.SP, it must complete Part IV of that form. If the NPO files form CO-17, it must use form TP-997.1-V. Regardless of the form used, the information return for tax-exempt entities must be filed within six months after the end of the NPO's fiscal period.
| Example |
ABC Inc. is an NPO. The value of ABC's assets at the end of its 2002 fiscal period was $215,000, and its rental income was $5,000. At the end of the following fiscal period, the value of its assets was $160,000 and its rental income was $2,500. Since ABC's assets for 2002 were over $200,000, it must file an information return for tax-exempt entities for 2003 and all subsequent years. |
