There are certain questions that a qualified donee (such as a registered charity) must consider to be able to determine if it received a gift. If the donation is considered a gift, the qualified donee can issue a receipt to the donor. Here are the questions: Was the gift made voluntarily? A gift must be given freely. If it the gift was given because of a contractual or other obligation, then a receipt cannot be issued. Was there a transfer of property? A receipt can only be issued for a gift of property and not for a gift of service. Did...
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On December 14th, 2017, the Department of Finance announced that the remaining tax measures from Budget 2017, Bill C-63, received Royal Assent. These are some of the income tax measures included in Bill C-63. • Closing loopholes surrounding the capital gains exemption on the sale of a principal residence;• Providing additional authority for certain tax purposes to nurse practitioners;• Ensuring that qualifying farmers and fishers selling to agricultural and fisheries cooperatives are eligible for the small business deduction;• Eliminating the use of billed-basis accounting by designated professionals;• Eliminating the ability for small oil and gas companies to reclassify up to $1...
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Are you a frequent supporter of Canadian charities? If yes, here are some of the most frequently asked questions on giving to charities. • How can you check if a charity is registered? Find out the charity’s registration number and confirm its status in the CRA’s List of Charities: https://www.canada.ca/en/revenue-agency/services/charities-giving/charities-listings.html. You can also call the Charities Directorate at 1-800-267-2384. • Can a charity return a donation? Generally, no. At law, a gift transfers ownership of the money or other gifted property from the donor to the charity. Once transfer is made, the charity is obliged to use the gift in carrying...
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The Department of Finance has published details of its simplified measures to address income sprinkling. These proposed measures will take effect in 2018 and subsequent tax years. The simplified measures will clarify the process of determining whether a family member is significantly involved in a business, and is therefore excluded from potentially being taxed at the highest marginal rate. The proposed measures include tests to automatically exclude individual members of a business owner’s family who fall into any of the following categories: • The business owner’s spouse, provided that the owner meaningfully contributed to the business and is aged 65 or...
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