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:

Copy of letter from CRA to Riddell Family Charitable Foundation re penalty

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