The structure of the Income Tax Act is such that if one earns a dollar, one pays taxes on the dollar. If one earns a dollar and gives away the dollar to charity then, in days gone by, the individual is really out of pocket only the after tax amount that they would have otherwise […]
How Charitable Purposes Can Impact Your Property Taxes
Charitable and non-profit entities may receive a range of tax advantages, some of which can potentially be quite significant. One such advantage is a break on property taxes. In Ontario, the Assessment Act provides a full exemption from property tax to various charitable and non-profit outfits, including religious organizations, care homes, child care centres, cemeteries, […]
Opportunity is Knocking for Charities Sector- LOUDLY
By: Adam Aptowitzer The tax proposals currently the subject of much public discussion have more or less bypassed the charities sector. Indeed, the changes will not directly affect the regulation of donations or the charities themselves. However, indirectly, the reduction of taxable income in the hands of Canadians will undoubtedly lead to a reduction in […]
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 […]
Time to Revisit the Donation Deadline
Time to Revisit the Donation Deadline By: Adam Aptowitzer Several years ago we proposed an idea to the Parliamentary Finance Committee which became the basis for Bill C-458. The fundamental idea was that donation tax credits from donations in the first 60 days of the year could be applied to the taxes owing from the […]