There are many options for foreign universities who are interested in fundraising in Canada and I have discussed 6 different options. It is time to think of your alma mater or your parent’s alma mater and how Canadians can support these universities.
For those who have reviewed my article on Foreign Universities Fundraising in Canada and are interested in the subject of prescribed universities the Canada Revenue Agency has issued two recent Bulletins that are helpful. The two bulletins are Donations by Canadians to Prescribed Universities Outside Canada (RC191-07) and Information for Educational Institutions Outside Canada (RC190-07). These recent publications will be of interest to foreign universities interested in fundraising in Canada and Canadian students studying at certain prescribed foreign universities.
Essentially Canadian individuals and trusts may in certain cases claim a non-refundable tax credit when they donate to certain “prescribed” universities outside Canada. As well corporations may be able to deduct a donation to these “prescribed” universities. The list of prescribed universities is located in Schedule VIII of the Canadian Income Tax Regulations under the Canadian Income Tax Act.
Do you require legal advice with respect to Canadian or Ontario non-profits or charities?
Mark Blumberg is a partner at the law firm of Blumberg Segal LLP in Toronto and works almost exclusively in the areas of non-profit and charity law.