•Pursuant to a CRA audit in 2008,
CRA issued a notice of intention to revoke Prescient
Foundation’s charitable registration based on three key
issues:
1)Prescient donated
$500,000 to a foreign non-qualified donee
2)Prescient was involved
in the sale of a farm, where sale proceeds were routed on a tax-free
basis “for the private benefit of certain taxpayers”
3)Prescient had “failed
to maintain adequate books and records” by only providing CRA with
several relevant documents and not allowing CRA to verify information
in the Foundation’s financial statements and registered charity
information returns