Cross-Border Giving Strategies And The New Disclosure Rules

GR
Gardiner Roberts LLP

Contributor

Gardiner Roberts is a mid-sized law firm that advises clients from leading global enterprises to small & medium-sized companies, start-ups & entrepreneurs.
Generally, Canadian resident can only get tax credit for individual or income deduction for corporation on donation to Canadian registered charity
Canada Corporate/Commercial Law

Topics to Discuss

  1. Introduction:
  2. Cross‐Border Donations
  3. Information Sharing, including CRS
  4. Trust Tax Return Filings
  5. Canada Business Corporations Act

Cross‐Border Donations

  • Generally, Canadian resident can only get tax credit for individual or income deduction for corporation on donation to Canadian registered charity
  • Exceptions:

    • Certain foreign universities qualify if registered with the CRA under the ITA
    • Article XXI‐7 Canada‐U.S. Tax Treaty permits recognition of Canadian resident donation to U.S. charity, provided donor has U.S.‐source income
  • Alternative: Canadian charity registered as "Canadian Friends of Charity X"

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