CRA letter on donation of shares to public foundation

September 22, 2013 | By: .(JavaScript must be enabled to view this email address)
Topics: 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

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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.
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