CRA puts out another warning about abusive charity gifting tax shelters

November 26, 2014 | By: .(JavaScript must be enabled to view this email address) Mark Blumberg
Topics: News, What's New from the Charities Directorate of CRA, Canadian Charity Law, Canadian Charity Statistics, Ethics and Canadian Charities, Avoiding 'Charity' Scams

CRA has put up another reminder to Canadians about abusive charity gifting tax shelters.  The title is "Warning: be cautious if you are thinking of participating in a gifting tax shelter schemes"

CRA notes "Since 2006, the CRA has seen a significant decrease in the number of participants in gifting tax shelter schemes, as well as a decrease in the amount of disallowed donations. More and more Canadians are understanding the significant financial risks associated with these schemes."  To be more precise in 2006 there were $1.3 billion in tax receipts issued as part of abusive charity gifting tax schemes.  Last year the tax receipts issued were "only" $100 million.   Here is a link to the CRA release:

http://www.cra-arc.gc.ca/nwsrm/lrts/2014/l141120-eng.html?utm_source=mediaroom&utm_medium=eml

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