When you decide to sponsor, you take on a significant financial obligation. If you need to raise funds, it may be useful to set up a committee to deal strictly with fundraising. You will want to ensure that finances are carefully and appropriately monitored. Fundraising will vary depending on whether your organization is a registered charity, a non-profit organization, or an ad-hoc group.
Consult the Canada Revenue Agency for up – to- date information on how to handle fundraising as a charity (www.cra-arc.gc.ca/chrts-gvng/chrts/plcy/cps/cps-028-eng.html