20
Compliance update – tax
shelters
§Discouraging participation in tax shelter
schemes has been a
priority for the CRA over the past decade.
§The CRA continues to audit tax shelter
gifting arrangements.
§Every audit completed to date has resulted in
a reassessment
of tax, plus interest, for individuals who claimed a charitable donation tax
credit. In many cases the CRA has denied the gift completely.
§Charities involved may face revocation.