GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Not-for-Profit


Synonyms:charitable, non-profit, profitless
Filed Under: financial-banking, legal-contracts, taxation
Tags: banking, contract, legal, taxes
 

Definition of not-for-profit

not-for-profit
1. A Not-for-Profit Organization (as defined by the Canada Revenue Agency) is a club, society, or association that is organized and operated solely for: social welfare, civic improvement, pleasure or recreation, or any other purpose except profit. Examples include churches and universities.

Related Terms and Acronyms:

  • audit   An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
  • entrepreneur   A person who starts and manages a business.
  • income statement   Also known as the profit and loss statement or P&L, enables you to calculate your company's pre-tax profits by subtracting total expenses from total revenues.

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