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Beware of Tax Shelter "Schemes" !

(October 30, 2012) The Canada Revenue Agency (CRA) issued a news release stating that it is implementing “additional steps to protect taxpayers by auditing all gifting tax shelter schemes before a donation claim will be allowed”. 


The CRA warns that it audits all shelter schemes and has not found any that comply with Canadian tax laws. The CRA press release states:

 

“"The CRA" ... has to date denied more than $5.5 billion in donation claims and reassessed over 167,000 taxpayers who participated in gifting tax shelter schemes. In addition, the CRA has revoked the charitable status of 44 charitable organizations that participated in these gifting tax shelter schemes.”



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