Every so often the media reports that there are people in the world who do not have access to banking services, the so-called “underbanked”. For those of us in Canada, it is almost impossible to imagine such a situation, given the ubiquity of our banks and the plethora of services that they offer. However, for […]
Gifts of Cultural Property – Undoing Heffel
Gifts of Cultural Property – Undoing Heffel By: Karen Cooper As part of a package of measures intended to increase support for Canadian artists and cultural events, Budget 2019 included aimed at ending any lingering uncertainty around gifts of cultural property arising from the Federal Court of Justice’s decision in Heffel Gallery Limited v. The […]
Changes in Ontario to Director Remuneration
On April 1, 2018, Ontario Regulation 112/18 came into effect amending O. Reg. 4/01 (Approved Acts of Executors and Trustees, hereinafter “Regulation”) [i] under the Charities Accounting Act (the “CAA”). The new provisions modify the existing Ontario common law rule that prohibited a charity from making payments to a director (or any person related to […]
Fall Economic Update Addresses Sectoral Issues
The economic statement tabled by Finance Minister Morneau on November 22 had a couple of welcome announcements which will touch on at least certain parts of the sector. But there was very little detail available about implementation and we suspect that we’ll have to await the next federal Budget to get those details. The Social […]
Is the OPTrust Select pension plan right for your organization?
There has been a lot of concern over whether Canadians are saving enough for retirement. One reaction to this is the gradual enhancement of the Canadian Pension Plan, which starts in 2019. Another is the new defined benefits pension plan for the Ontario nonprofit sector, OPTrust Select, which was launched April 2018. OPTrust Select is […]
TCC Clarifies “child care expenses” in Kwan
Kids are expensive. There’s no doubt about that. The Canadian government provides a small subsidy by allowing a limited amount of child care expenses to be deducted from income taxes. In 2016, Mr. Kwan had a 10-year-old and a 12-year-old. He and his spouse enrolled their kids in a large number of activities, including chess […]
Changes to Criteria for Gifts of Cultural Property
A recent Court decision and the response to the decision by the Canadian Cultural Property Export Review Board (“CCPERB”) have significantly impacted the criteria that certain donations have to meet in order to qualify as cultural gifts within the meaning of the definition in subsection 118.1(1) of the Income Tax Act (“ITA”). In mid-June, the […]
Political Activities…Revisited … Again
The issue of charities engaging in political activities has been a hot item since 2012. In that year the Harper Government gave $8 million to the CRA Charities Directorate to begin what has been termed the “political activity audits”. Budget 2012 also tightened up the political activity rules which were already in place. It is […]
Wine(ing) About Donations
By: Adam Aptowitzer A recently released decision of the Tax Court of Canada illustrates some of the problems with donations of gifts in kind and their valuation. Donors typically accept the valuation on receipts as accurate. For donations of cash this is not a problem – particularly where the donation is one of cash. However, […]
Ontario Court Holds that Political Activities Restrictions Violates Charter Rights
By: Arthur Drache In mid-July, Mr. Justice Ed Morgan of the Ontario Superior Court of Justice determined that the Income Tax Act legislation and the CRA’s administrative practices relating to political activities of charities was contrary to the Charter of Rights when restrictions were applied to the (non-party partisan) political activities of charities.[1] The decision […]
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