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.
Related Posts
March 28, 2020
There will be an extension for incorporated non-profits to file T2 and all NPOs that need to file T1044
Until now there has not yet been an update from CRA on whether there is any extension of the filing requirements for non-profit corporations…
March 28, 2020
Providing small business in Canada with wage subsidies – will it also apply to non-profits and charities?
On March 27, 2020 there was an important announcement from the Federal government that they will be providing to small businesses a wage subsidy that…
March 27, 2020
Ontario government companies branch still operating and PGT as well
We checked with the Ontario Government today. The Companies Branch is still providing over the counter service and checking their mail.…