Recent Tax Developments

Recently, legislation has been proposed that may affect registered charities and their donors. More specifically, on December 16, 1987 the Minister of Finance tabled a Notice ofWays and Means Motion to amend the Income Tax Act which will represent the final form of tax reform when enacted. In addi­tion, a Notice of Ways and Means…

Recent Tax Developments

White Paper Proposals Affecting Charitable Giving and Charities On June 18, 1987 (16 years to the day after the last major tax reform initiative) the Minister of Finance, the Honourable Michael Wilson, released the government’s proposals for tax reform. The immediate effect of these proposals, which are effective January 1,1988, is that the deduction for…

Recent Tax Developments

Proposed Tax Reform Affects Individual Donors On June 18, 1987 the Hon. Michael Wilson, Minister of Finance, tabled his long-awaited Tax Reform Package in the House of Commons. For many years, a substantial segment of the charitable community has lobbied the govern­ment for tax credits for charitable donations instead of the tax exemption provided under…

Recent Tax Developments

Amendments to the Income Tax Act Bill C-23, an Act to amend the Income Tax Act and a related Act, was passed in the House of Commons on December 17, 1986. This Bill covered the budget provisions of February 26, 1986 as well as other changes announced by the government prior to October 31, 1986….

Recent Tax Developments

Report of the Task Force on Funding of the Arts, June, 1986 Funding of the Arts in Canada to the Year 2000, the report of the Task Force on Funding of the Arts which was chaired by Edmund C. Bovey, C.M., was published by the Government of Canada in June, 1986. The Task Force made 60…

Recent Tax Developments

Legislative Amendments The proposed changes relating to political activities carried on by registered charities and gifts of shares and other intangible capital properties as well as works of art by the artist personally to registered charities, put forward in the Federal Budget of May 23, 1985, received Royal Assent on February 13, 1986. Interpretation Bulletins…

Gifts Involving Foreign Entities

Special considerations arise when gifts are made by individuals, corporations or charities in Canada to foreign charities, and gifts are made by individuals, corporations or other foreign entities to Canadian charities. There are always two bodies of law which must be considered when gifts are made to, or by, any charity whether there is a…

Recent Tax Developments

Since publication of the last issue of The Philanthropist, a revised Information Circular on registered charities and the proposed legislation implementing the Notice of Ways and Means Motion of May 23, 1985 relating to political activities has been released. In addition, there has been a recent change in Ontario Retail Sales Tax as it relates…

Recent Tax Developments

Developments in this area since the last edition of The Philanthropist include such items as: the release of a revised form T3010, changes in sales tax exemption in Quebec, and the overturning on appeal of the decision in McBurney v. The Queen. Prescribed Forms to be Filed by Registered Charities Recently, Revenue Canada, Taxation has issued…

Recent Tax Developments

Amendments to the Income Tax and Tax Court of Canada Acts A further amendment to fine-tune the rules in the Income Tax Act relating to charities is proposed by the Notice of Ways and Means Motion to amend the Income Tax Act and to make a related amendment of the Tax Court of Canada Act…