The Canada Revenue Agency Revokes the Registration of Escarpment Biosphere Foundation Inc. as a Charity
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 02/10/12 -- The Canada Revenue Agency (CRA) will revoke the charitable registration of Escarpment Biosphere Foundation Inc., a Toronto area charity. The notice of revocation will be published in the Canada Gazette with an effective date of February 11, 2012.
On January 3, 2012, the CRA issued a notice of intention to revoke the charitable registration of Escarpment Biosphere Foundation Inc., in accordance with subsection 168(1) of the Income Tax Act. The letter stated, in part, that:
The notice of intention to revoke and other letters relating to the grounds for revocation are available to the public on request, in the language they were originally written, by calling 1-800-267-2384.
A charity that has had its charitable status revoked can no longer issue donation receipts for income tax purposes and is no longer a qualified donee under the Income Tax Act. The organization is no longer exempt from income tax, unless it qualifies as a non-profit organization, and it may be subject to a tax equal to the full value of its remaining assets.
Registered charities perform valuable work in our communities, and Canadians support this work in many ways. The CRA regulates these registered organizations through the Income Tax Act and is committed to ensuring that they operate in compliance with the law. When a registered charity is found not to comply with its legal obligations, the CRA may revoke its registered status under the Income Tax Act.
The CRA is reviewing all tax shelter-related donation arrangements (for example, schemes that typically promise donors tax receipts worth more than the actual amount of the donation), and it plans to audit participating charities, promoters, and investors. For more information about tax shelters, go to the CRA's Tax alert Web page at .
For more information about the registration of Canadian charities, go to the CRA's Charities and Giving Web page at .
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The Canada Revenue Agency has announced that it will revoke the charitable registration of Escarpment Biosphere Foundation Inc., a Toronto-area charity. The revocation will come into effect on February 11, 2012.
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Canada Revenue Agency
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Datum: 10.02.2012 - 14:58 Uhr
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News-ID 1081901
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