c) Earning
Investment Income
In
L.I.U.N.A. Local 527 Members Training Trust Fund
v. The Queen, the court held that an NPO would have to do
more than merely earning passive investment income to lose its
status. The earning of such income would need to be both
an operating motivation of the fund and a focus of its activity
However, IT-496R indicates an NPO will be considered
to be operating for profit if it has excess assets held in long-term investments to produce property income or in a term deposit or GIC that is regularly renewed from year to year