As a follow up to an earlier post, Social Delta is pleased to report that there has been an increase of $2 billion in annual revenue earned by charities in 2014. This represents a 12.4% increase from the 2012 returns. (which in turn was 3.8% higher than 2011)
Charities are expected to file T3010 forms at the end of each fiscal year. As part of this annual reporting, they submit financial statements in a specific format and these documents are then made public at the CRA Website. Blumberg Segal LLP has painstakingly aggregated the data for the 2014 submissions to help define the scale and scope of the charitable sector in Canada.
Some key facts from the April 10th Blumbergs’ Snapshot of the Canadian Charity Sector 2014:
- Total revenue from all sources in 2014: $246 billion
- Total sales revenue (not including to government): $19.9 billion
- Total membership revenue: $1.6 billion
- Total value of tax receipts issued: $15.7 billion
As was the case in the 2012 report, earned revenue by charities is greater that donated revenue for which tax receipts were issued. Admittedly, not all of these revenue generating activities would be considered social enterprise, but the data underlines the growing importance of earned revenue in charitable activities in Canada.
For more details on the report, and the host of other resources available from Blumberg Segal LLP, visit their web page devoted to legal issues facing the charitable sector in Canada.