www.carters.ca
www.charitylaw.ca
d)CRA Efforts to Reduce Tax Shelter Schemes
•Various CRA
Fact Sheets, News Release, Taxpayer Alerts warn
the public and registered charities of the risks associated with involvement in such schemes
•For example, “The
Canada Revenue Agency: protecting Canadians from gifting tax
shelter schemes”
– October 30, 2012:
–“Starting with the 2012 tax year,
the CRA will put on hold the assessment of returns for
individuals where a taxpayer is claiming a credit by participating in
a gifting tax shelter scheme... Assessments and refunds
will not proceed until the completion of the audit of the tax
shelter, which may take up to two years. All gifting tax shelter
schemes are audited and the CRA has not found any that comply
with Canadian tax laws.”
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