Impact of Budget 2011
The 2011 Federal Budget (the “Budget”) contains a number of anti-avoidance measures described below. It does not contain any measures designed to assist with charitable giving or to lessen the regulatory load on Canadian charities. Rather the changes proposed are...
Tax Consequences of Returning Gifts
Occasionally a charity or a donor will want to return a gift. For example, a charity may wish to return a gift to a donor whose association with the charity may harm the charity’s reputation or where the gift turns...
Personal Tax Measures
IN THIS SECTION: Children’s Arts Tax Credit Volunteer Firefighters Tax Credit Family Caregiver Tax Credit Medical Expense Tax Credit for Other Dependants Child Tax Credit Eligibility Tuition Tax Credit – Examination Fees Education Tax Measures – Study Abroad RESPs –...
2011 Federal Budget – Granting Options to Qualified Donees
The Budget has introduced provisions designed to delay the recognition of a gift where an option to acquire a property is donated to a qualified donee. Prior to the introduction of these provisions, where a donor granted an option to...
Other Tax Measures
IN THIS SECTION: Aboriginal Tax Policy GST/HST Changes Aboriginal Tax Policy The Federal Government expressed its continued support of initiatives that encourage the exercise of direct taxation powers by Aboriginal governments including, in particular, the entering of arrangements respecting sales...
Non-Qualifying Security Anti-Avoidance Rules
The non-qualifying security rules are designed to prevent a person from receiving a donation tax receipt where the person’s gift to a qualifying donee is a share, debt obligation or other security of the person or of a person not...
Special Act Corporations Under the Canada Not-for-Profit Corporations Act
Federal corporations established by their own legislation (“Special Act Corporations”) need to be aware that parts of the new Canada Not-For-Profit Corporations Act (the “CNPCA”) will apply to them. This article will provide an overview of these provisions and the...
CRA Releases Proposed Guidance on the Promotion of Animal Welfare
On February 4, 2011, CRA released for consultation a proposed Guidance on the Promotion of Animal Welfare. The Guidance sets out the guidelines that CRA uses to determine if an organization established to promote the welfare of animals can be...
Charity Reminder: Filing T3010s on a Timely Basis is Crucial
It is always wise to ensure that a charity’s public information return is filed on a timely basis. Now, with the number of CRA audits of charities on the rise, timely filing is even more important. While there are many...
New Canadian Audit Standards: Things You Need to Know for Planning Your Audit and Meetings Approving Financial Statements
There has been considerable talk regarding changes being made to the generally accepted accounting principles applied when preparing financial statements for non-profits and registered charities, as well as to the Canadian Auditing Standards. Some of these changes are effective as...
