CRA has put up another reminder to Canadians about abusive charity gifting tax shelters. The title is “Warning: be cautious if you are thinking of participating in a gifting tax shelter schemes”
CRA notes “Since 2006, the CRA has seen a significant decrease in the number of participants in gifting tax shelter schemes, as well as a decrease in the amount of disallowed donations. More and more Canadians are understanding the significant financial risks associated with these schemes.” To be more precise in 2006 there were $1.3 billion in tax receipts issued as part of abusive charity gifting tax schemes. Last year the tax receipts issued were “only” $100 million. Here is a link to the CRA release:
http://www.cra-arc.gc.ca/nwsrm/lrts/2014/l141120-eng.html?utm_source=mediaroom&utm_medium=eml