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02/28/2012

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Gabby in QC

Senator Eaton, I congratulate both Ms. Vivian Krause and you for the work you are doing in uncovering the money trail of these foreign foundations and disseminating that information to the public.

I wonder ... would it be appropriate for the government to cut back on the tax benefits associated with charitable donations? I don't know whether all foreign foundations receive some tax benefits either in their own country or in ours, but I believe our own registered charities are tax exempt:
http://www.cra-arc.gc.ca/chrts-gvng/chrts/plcy/csp/csp-t01-eng.html
"Registered charities are exempt from paying income tax under Part I of the Income Tax Act. Registered charities may, however, be subject to taxes or penalties under the Act and they may also be subject to other federal and provincial taxes."
I don't know what taxes or penalties those charities would be subject to because, quite frankly, the CRA website is not very user-friendly. As a matter of fact, it's downright hostile, one link leading to a myriad links.

It appears the US also allows for tax exempt status:
http://en.wikipedia.org/wiki/Charitable_organization#Federal_tax_relief
"Federal tax law provides tax benefits to non profit organizations recognized as exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code (IRC)."

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