By: Adam Aptowitzer For many years the Income Tax Act contained a method by which certain foreign universities could attain ‘qualified donee’ status in Canada. That standing effectively amounted to being a Canadian registered charity. This allowed Canadian donors a tax credit for donations to these schools, and for Canadian charities to transfer funds directly […]
Crisis Averted
By: Adam Aptowitzer In our review of Budget 2018, we made some comments related to the concept of prescribed universities. Readers may recall that the Income Tax Act has, for many years, contained an allowance that certain foreign universities would be considered as qualified donees in Canada (akin to registered charities) if they met certain […]
News from the Canada Revenue Agency (CRA)
By: Kara Johnson Receipt Requirement Change In our January (2018) newsletter, we highlighted the importance of charities producing receipts for charitable donations that conform to the requirements of the law for proper receipting. Justice Campbell Miller reiterated the seriousness of a failure to comply with the Regulations of the Income Tax Act in Madamidola v. […]
Determination of Tax Treatment on Gift of Securities by Executors of Will
By: Arthur Drache A recently published technical interpretation from the CRA [1] gives some answers to always vexing questions about the tax treatment of gifts to charities made by executors under a will. It deals with three possible scenarios. The querying letter described a basic scenario whereby a taxpayer (the “deceased”) died in 2016. His […]
Reporting Foreign Assets and Income to the Tax Man
By: Alexandra Tzannidakis Whether you have suddenly inherited a bank account overseas, or have owned foreign real estate for years, Canada requires you to report your foreign assets and income on your annual federal tax returns. Many people are wary of this portion of their return, thinking to themselves: why do they want to know? […]
Social Issues not Economic Focus of the 2018 Budget
By: Arthur Drache Now that budget leaks are not a sin punishable by political death, it has become the norm that a lot of carefully planted “hints” from the government side give us a preview of what is to come. This year the focus of the “leaks” was to address social issues, not the economy. […]
Government Sin of Omission may Lead to Your Sin of Commission
By: Adam Aptowitzer From the perspective of the charity and not-for-profit sector Budget 2018 was a relatively quiet affair dealing mostly with technical matters. However, in enacting changes to the regime which deals with donations to foreign universities the Budget has created an immediate issue for anybody that donates to these schools. What is unknown […]
Budget Day 2018 Brings Some Interesting News and Technical Fixes for Charities
By: Alexandra Tzannidakis The federal government’s 2018 Budget, tabled a little early this year on February 27, has few proposals that will affect charities and non-profits. But the ones it has are interesting and in some cases quite helpful. They are a combination of technical fixes, new investments, and indicators of future developments. Political Activities […]
Directors’ Liability for Source Deductions
By: Arthur Drache The recent melt-down of the world-wide equity markets may have a negative impact on charities which are (were?) fortunate enough to have substantial investments, particularly where income from those investments is used to fund the charitable activities on an ongoing basis. But if there is a cash squeeze, directors should be aware […]
Demystifying Joint Ventures
By: Adam Aptowitzer Readers of this newsletter will easily recall that charities must maintain control and direction over all of their funds, particularly on projects outside of Canada’s borders. Typically, where the Canadian charity is supplying 100% of the funds, yet working with a foreign intermediary, the relationship is structured as a principal/agent relationship. However, […]
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