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tax consequences

By Drache Aptowitzer LLP | 3 Minutes Read December 11, 2019

Charities in the waiting room

Most organizations that are pursuing charitable status are incorporated. Part of the requirement for achieving such status is that the corporation is organized to pursue charitable purposes. But that by itself is not enough for charitable registration and so prospective charities must apply to the CRA for registration. The question then arises about the tax status of those corporations that are not yet (and may never be) registered charities, and what are their responsibilities?

Article by Drache Aptowitzer LLP / Finance and Accounting, Not for Profit / Adam Aptowitzer, charitable registration, charitable status, for profit corporation, not for profit corproration, registering a charity, tax consequences, waiting for charitable registration

By Occasional Contributors | 7 Minutes Read March 13, 2017

Rectification requires prior agreement to succeed: Intention alone insufficient

In two recent decisions, the Supreme Court of Canada held (by a 7–2 majority) that rectification of a written instrument requires the existence of a prior agreement amongst the parties, with definite and ascertainable terms. Courts may rectify an instrument if it fails to accurately record the agreement and the rectification of the instrument would record the parties’ prior agreement.

Article by Occasional Contributors / Business, Finance and Accounting / Canada (Attorney General) v. Fairmont Hotels Inc., Jean Coutu Group (PJC) Inc. v. Canada (Attorney General), legal instrument, order for rectification, rectification, rectification of written instrument, rectify legal instrument, retroactive tax planning, tax consequences, written instrument

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