Powers of Attorney: The status of an attorney’s ability to deal with the grantor’s beneficiary designations
Powers of attorney are documents that permit a person (the “grantor”) to grant legal standing to another person (the “attorney”), enabling the attorney to deal with the grantor’s property and financial affairs.[1] They are powerful documents and the law in […]
Telugu Association of North America: A case of infringement in the non-profit world
In a recent decision, the Federal Court dealt with a claim brought by a U.S. based non-profit, Telugu Association of North America (the “Applicant”), against a Canadian federal corporation and various individuals (collectively the “Respondents” and each a “Respondent”) for […]
CRA releases final guidance on qualifying disbursements: an in-depth look for Canadian registered charities
In a previous article, we wrote about the key highlights of the Canada Revenue Agency’s Guidance CG-032 Registered charities making grants to non-qualified donees, its final administrative guidance on qualifying disbursements in respect of grantees (non-qualified donees) (the “Guidance”). The Guidance […]
Decoding afterlife finances: Understanding the tax implications for RRSPs, TFSAs and FHSAs upon the holder’s death
In this article, we consider the tax and other implications of registered plans upon death, including the Registered Retirement Savings Plan (“RRSP”), the Tax-Free Savings Account (“TFSA”) and the new First Home Savings Account (“FHSA”). 1. RRSPs In Canada, on […]
The new trust reporting rules’ potential impact on internal charitable trusts, endowments, and donor advised funds
The Canada Revenue Agency has clarified on November 10, 2023 that charities are not required to file T3 information returns for internal trusts. Please see our November 10, 2023 Social Impact Newsletter article for more information. Introduction We have previously […]
Trust reporting rule – A new (and unnecessary) compliance burden for registered charities?
The Canada Revenue Agency has clarified on November 10, 2023 that charities are not required to file T3 information returns for internal trusts. Please see our November 10, 2023 Social Impact Newsletter article for more information. As part of seeking […]
2023 Federal Budget: Highlights for the Charitable and NPO Sector
On March 28, 2023, the Honourable Chrystia Freeland tabled a new federal budget (the “2023 Budget”). The 2023 Budget sets out the Government of Canada’s spending priorities for the years ahead. These priorities include making life more affordable, investing in […]
