New Hope for Taxpayers Caught in Charitable Donation Tax Shelter Schemes

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By: Alexandra Tzannidakis In November 2012, the Tax Court of Canada added an interesting new twist to the epic story of Canada Revenue Agency versus tax shelters with its decision in Berg v The Queen.[1] The story is an old one. Every year, many Canadian taxpayers are seduced by the quick profit and respectable veneer of tax shelter schemes that turn on charitable donations. In return for fees paid to a promoter, they are offered a way to cut their taxes via inflated charitable donation…

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Why Jurisdiction Matters to Corporate Finances: CNCA vs. ONCA

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While Federal not-for-profit corporations are still adjusting to the new Canada Not-for-profit Corporations Act (CNCA), their Provincially-incorporated counterparts in Ontario are about to face a similar change when the Ontario Not-for-profit Corporations Act(ONCA) comes into force later this year.  The two pieces of legislation are similar-yet-different enough to confuse the uninitiated. Their slightly misaligned schemes of financial review are particularly complex, but are well worth taking the time to understand. The circumstances in which corporations are required to undertake a costly yearly audit are not quite the same…

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