New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

Are you being proactive in giving advice to your business-owner clients? Or is your work simply reactive to the transactions you are recording? Knowledge Bureau’s Managerial Accounting course trains advisors to better assist business owners with decision-making by being strategic and forthcoming with an interpretation of the information in the financial statements.

"In order to carry a positive action we must develop here a positive vision." Dalai Lama

Did you know that only 23% of Canadians contribute to their RRSPs, and their median contribution is only $3000, according to the most recent stats for the 2014 year? That’s a shame for a number of reasons.

Do you understand the Canadian reporting requirements that apply when assets are held offshore? Year-end tax planning includes the assembly of information to stay onside with tax authorities. The filing of form T1135 Foreign Income Verification is required by April 30 in the cases discussed below. Failure to file will attract expensive penalties.

Budget 2016 eliminated the proposed change to exempt from capital gains tax, the gains made on the disposition of real estate or private corporation shares when the proceeds are donated to charity.

Top guns know. . .be on the ground with DAC delegates on the eve of the American election and hear expert commentary about the fallout of this controversial and exceptional time.  It’s not too late to join close to 200 delegates in San Diego Nov 6 – 9; there are a few spots left.