On August 9th, 2022, the Department of Finance Canada announced that it has published draft legislation (and explanatory notes) to implement Budget 2022 tax measures and amendments for comment.
Not for Profit
Not-for-profits and internal controls often have an uneasy relationship. On the one hand, many not-for-profits, especially the smaller ones, lack the resources to implement robust internal controls. Yet internal controls are as critical in not-for-profits as in for-profit entities. In some respects, internal control failures can be more catastrophic for not-for-profits because the public, regulators, and others often hold them to a higher standard.
The Budget Implementation Act No. 1 was recently passed which allows for “(l) enabling registered charities to enter into charitable partnerships with organizations other than qualified donees under certain conditions;”. There has been a lot of changes and misunderstandings about this change.