CRA letter on donation of shares to public foundation

September 22, 2013 | By: .(JavaScript must be enabled to view this email address)
Topics: News, What's New from the Charities Directorate of CRA, Canadian Charity Law

CRA recently released a letter which discusses whether the transfer of 100% of the voting common shares of a taxable Canadian corporation to a public foundation will result in the public foundation acquiring control of the corporation under paragraph 149.1(3)(c) of the Income Tax Act. CRA ruled that the foundation was not deemed to have acquired control of the corporation because it did not acquire for consideration more than 5% of the common shares of the corporation.

CRA letter on donation of shares to public foundation

Do you require legal advice with respect to Canadian or Ontario non-profits or charities?

Contact

Charity Lawyer Mark Blumberg

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.

mark@blumbergs.ca
416.361.1982
Download vCard

Connect

Locate

Blumberg Segal LLP
Barristers & Solicitors
#1202 - 390 Bay Street
Toronto, Ontario
M5H 2Y2 Canada

Charity Law List

Join Blumbergs' non-profit and charities newsletter
View recent issue: March 2014