tax shelter

Ottawa, Ontario, June 7, 2010... The Canada Revenue Agency (CRA) has revoked the status of the Canadian Lacrosse Association as a registered Canadian amateur athletic association (RCAAA), effective June 5, 2010. The following notice of revocation was published in the Canada Gazette: Read more »

The CRA has removed the charitable tax status of the Choson Kallah Fund of Toronto.  According to an article posted on Yahoo News,

"The agency says the group's original charitable aim of helping poor families became secondary to offering a tax shelter. It says the group issued $177 million in tax receipts.

 

The agency says the charity lent its name to a program which abused the charitable donation sections of the Income Tax Act.

 

After expenses, the fund collected only 0.05 per cent of the value of the receipts issued."