Budget 2023 and changes to the alternative minimum tax: Be careful when donating publicly listed securities
High-net worth clients who plan to donate publicly listed securities (e.g. public company shares, ETFs, mutual fund units, etc.) to charity should be aware—and wary—of proposed tax changes in the 2023 Federal Budget. Introduced in 1986, the federal alternative minimum […]
Donations of time and money do not create a trust: A look at Mee et al. v. Y.M.C.A.
A recent decision of the Ontario Superior Court of Justice was unequivocal in its refusal to recognize a trust in certain recreational lands owned by the YMCA. The court did not mince its words. It said to find otherwise would […]
Trustees, failure to act & personal liability – a reminder of what it means to be a fiduciary
The recent decision of the Ontario Court of Appeal in Penman v. Penman (119 O.R. (3d) 128) serves as a good reminder to trustees of their duties and responsibilities when acting as trustee and the consequences of failing to act […]
Federal Budget Review
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CRA Releases Guidance on Charitable Trust Requirements
On August 15, 2011, the CRA released Guidance CG-009 concerning the requirements of a charitable trust. Registered charities (charitable organizations, public and private foundations) can be established as corporations, unincorporated associations and charitable trusts. While a trust can be used […]
Refusing Membership
The recent decision of the Ontario Superior Court of Justice in Re London Humane Society serves as a useful reminder to charities, not-for-profits, and their directors about the rules and considerations applicable to a decision to change membership policies and […]
