The CRA recently imposed a small penalty of about $9500 on The Riddell Family Charitable Foundation because it had not met its divestment obligation under the excess business holdings rules.
Here is the full letter from the Charities Directorate to the Riddell Family Charitable Foundation:
If you are interested you can read the following from CRA on the excess business holding rules which apply only to registered charities that are private foundations:
T2082 Excess Corporate Holdings Regime for Private Foundations http://www.cra-arc.gc.ca/E/pub/tg/t2082/README.html
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.