Canada – Budget 2022 Implementation
Bill-19 includes an outright ban on foreign investment in Canadian housing for the next two years, as well as the luxury tax on the sale of new luxury cars and aircraft. It also allows the government to seize…
Registering as a Charity under the Income Tax Act
To be able to issue official donation receipts and to be exempt from taxation, the Income Tax Act requires that corporations created and operated exclusively for charitable purposes register with the Canada Revenue Agency (CRA) as charities. For insight on…
Charity Law Update
Many of our clients operate or are involved in the administration of charitable entities, registered with the Charities Directorate of Canada Revenue Agency. From time to time, we update our clients and those involved in the operation and…
Canadian Charity Compliance
The Canada Revenue Agency (“CRA”) has produced a number of charitable registration and charity compliance videos, that are very helpful for Canadian charities dealing with the following issues: How Do I Chose the Right Charity; Gifting and Receipting;…
Checklist for New Small Businesses
Canada Revenue Agency (CRA) has produced an online checklist for people like you who are starting a business. Using the links below, you can get information about your fiscal obligations and their implications. You can also get information…
CRA Charities Directorate Video: “Gifting and Receipting”
Learn about the types of donations for which registered charities and other qualified donees can issue a tax receipt, and the various rules on receipting.
CRA’s Revised Position on Private Health Services Plans
Effective January 1, 2015, a plan is considered a PHSP as long as the premiums paid under the plan relate “all or substantially all” to medical expenses that would otherwise qualify for METC (assuming all other conditions to…
Charities – Deed or Declaration of Trust?
The benefits of a trust, rather than a corporation or society, for a Canadian charity.
US Limited Liability Limited Partnerships (“LLLPs”)
This article addresses the question of characterization of US LLLP, by setting out the principles that it would rely on, to make that characterization.
Employee Ownership Trusts – Part 2
In our April 22, 2022 blog post, we discussed the Canadian Budget 2022 announcement, regarding the introduction of a new special purpose trust, the “Employee Ownership Trust”, under the Income Tax Act (Canada), to encourage employee ownership of…