By: Arthur Drache For directors of charities which are fortunate enough to have investable funds, these are stressful times. With interest rates low (though perhaps on the rise) many trustees are concerned about getting a decent return on invested funds and trying to preserve capital. But they also have to give some thought to a […]
Few Dramatic Announcements in Budget for Charities
As we anticipated, there were no dramatic announcements in the Budget which affect charities. But there were a number of references, few of which were unanticipated. For example, the document states that “pertaining to rules governing charities and their political activities, the CRA, in consultation with the Department of Finance, will engage with charities through […]
Director Duties- Keeping a Reserve
By: Sylvie Lalonde This article is the first of a two part series on maintaining reserves for not-for-profit organizations and charities. This one deals with reserves and the duties of directors, while the second part will provide tips on how to develop a reserves policy. When the economic climate is weak, it may be tempting […]
Now Things Are Getting Ridiculous
By: Adam Aptowitzer People always complain about the tax laws being way too complex but you know things are bad when even the tax lawyers are losing track of the most fundamental elements of the law. And what could be a more fundamental element of income tax then knowing the right percentage to apply to […]
Beware of Operating Contrary to Public Policy
By: Adam Aptowitzer News that Canada will legalize physician assisted death has prompted many publicly funded hospitals with Catholic ties to publicly state that they will not allow the practice in their hospitals. Their position is similar to the one they hold on abortion. The whole discussion is reminiscent of the stance many Catholic (and non-Catholic) […]
CRA Answers Questions about Non-Profits
By: Arthur Drache A recent ruling letter from the CRA[1]dealt with a host of scenarios revolving around the use of surplus funds in non-profits organizations (not charities).to determine if a benefit to members result from the use of an accumulated surplus under various scenarios. We should note that nothing in the Income Tax Act prevents […]
Political Activities and Pierre Trudeau
By: Arthur Drache The charities sector has been atwitter about the Liberal promises to re-examine the issue of political activities.1 There has been an assumption by some that the whole issue had its genesis in the perception that the Harper government was targeting ”progressive” organizations, notably those which seemed to espouse polices which were contrary […]
New Tax Bracket Will Also Affect Donation Tax Credits
By Alexandra Tzannidakis On January 29th, Finance Minister Bill Morneau moved to have the Liberal government’s Bill C-2[1] of proposed tax changes undergo second reading in the House of Commons. This bill proposes to reduce the second personal income tax rate from 22% to 20.5% and introduce a new top marginal rate of 33% for […]
Amendments to the GRE Regime for Charities – Levelling the Playing Field
By: Adam Aptowitzer The Income Tax Act is known for its complexity, but even with that reputation, sometimes the drafters surpass themselves. The provisions enacted from Budget 2014 changing the way Canadians are taxed at death (as opposed to the more usual taxed to death) is a case in point. Given the complexity it was […]
Ding Dong the Witch is Dead
By: C. Yvonne Chenier, Q.C. After a few years of a chill being felt in the charitable sector, things may be thawing out a bit, in early January no less. The CRA has recently issued a news release titled “Minister Lebouthillier announces winding down of the political activities audit program for charities”. This is the […]
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