The Dire Consequences of Failing to ‘Continue’ to the New Federal Not-for-profit Corporations Act

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Advisers acting for federal not-for-profit corporations take heed: you have a deadline of October 17, 2014, by which to switch over (or “continue”) to the new Canada Not-for-profit Corporations Act. The changeover period has been running since 2011 and this year is your last chance to comply… and yet, less than 10% of affected corporations have actually taken the plunge. So, let us put this another way. On October 18, 2014, Corporations Canada will start dissolving corporations. How Dissolution Will Work Dissolutions will be based…

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Israel Changes Trust Rules

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By: Adam Aptowitzer Taxing on the basis of residency rather than citizenship has an element of fairness as, at least in theory, only those who use a country’s services should be forced to pay for them. On the other hand, as times become difficult for governments increasing the tax base is increasingly seductive. In 2000, the Canadian government of the day succumbed to temptation, at least in part, and introduced legislation to tax any non-resident trust as if it was located domestically. The trigger was…

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