Vern Krishna, a very respected Canadian tax lawyer, a few months ago provided an interesting affidavit on the lawsuit against Fraser Milner Casgrain and others with respect to the Banyan Tree Foundation at http://www.classactionlaw.ca/content/claims/Rochester/Supplementary%20Motion%20Record%20re%20Vern%20Krishna%20Affidavit.pdf All allegations have yet to be proved in court
Here is another copy of the Vern Krishna affidavit. In the affidivit Mr. Krishna discusses what is a gift, donative interest, various cases on gifts to charities under the Income Tax Act and his concerns with a legal opinion on donations to a charity as part of the Banyan Foundation scheme.
Mark Blumberg is a lawyer at Blumberg Segal LLP in Toronto, Ontario. To find out more about legal services that Blumbergs provides to Canadian charities and non-profits please visit http://www.canadiancharitylaw.ca or http://www.globalphilanthropy.ca He can be contacted at or at 416-361-1982.
This article is for information purposes only. It is not intended to be legal advice. You should not act or abstain from acting based upon such information without first consulting a legal professional.
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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.