By Adam Aptowitzer We have written recently about the proposed rules for donating the proceeds from the sale of real estate and private shares (click here to read it). While this provision is the response to much sensible lobbying by some parties in the sector it does not come without side effects. In particular, there […]
What Can a Non-Profit Organization Pay Out to its Members?
By Alexandra Tzannidakis A recent CRA ruling conveniently breaks down some of the rules about how a non-profit organization (NPO) may distribute its assets on dissolution. In this discussion, an NPO is specifically the kind of tax-exempt entity defined in paragraph 149(1)(l) of the Income Tax Act: one that is not a ‘charity’, but is […]
Community Foundations as a Wind-Up Destination
By: Arthur B. C Drache C.M., Q.C. When the Income Tax Act was re-written back in 1976 to create a whole new regime for charities (what is now embodied in section 149.1) one of the most far-reaching changes was the requirement for all charities to file public information returns, though by today’s standards the forms […]