Cross-Border Giving Strategies And The New Disclosure Rules

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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