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  Canada Immigration Forum > About Canada > Financial Planning > Is it tax sheltered!!!!!
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Is it tax sheltered!!!!!




Hi CD's

Has anybody donated money on "Milleniuim charitable foundation" to get a invested receipt of 1:6($6000 if you invest $1000) from the foundation, from which one can claim tax refund of 40% from CRA....

Very hard to believe:confused:

Could somebody enlighten the group???

Thanks in advance..


 
sumu

Junior Desi
Member since: Nov 05
Posts: 16
Location: Brampton

Post ID: 88735 30-10-06 22:46:47
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Pramod Chopra
Senior Desi
Member since: Sep 03




Posts: 1284
Location: Pickering, ON


Quote:
Originally posted by sumu

Hi CD's

Has anybody donated money on "Milleniuim charitable foundation" to get a invested receipt of 1:6($6000 if you invest $1000) from the foundation, from which one can claim tax refund of 40% from CRA....

Very hard to believe:confused:

Could somebody enlighten the group???

Thanks in advance..





You can read more about these types of charitable donation arrangements by following these links and decide yourselves if you should take part in these types of donation arrangements. I personally would not advise any one of my clients to get involved in this type of 'charity business'.



http://www.fin.gc.ca/news03/03-061e.html


http://www.cra-arc.gc.ca/newsroom/factsheets/2003/nov/1125taxshelter-e.html


http://www.cra-arc.gc.ca/newsroom/alerts/2005/a051122-e.html


http://www.cra-arc.gc.ca/newsroom/factsheets/2004/nov/1125tax-e.html

http://forums.canadianbusiness.com/thread.jspa?threadID=5813&tstart=0


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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada



 
Last edited by: Pramod Chopra on 31-10-06 10:11:49
Post ID: 88744 31-10-06 09:45:49
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dp_jain
Senior Desi
Member since: Jan 04




Posts: 418
Location: Brampton


Pramodji, your advice is perfect. I too do not advise my clients to get involved in such schemes. Lot of organization approaches us to be a part of these schemes and offer handsome commission. Couple of my accountant friends are selling these donation scheme knowingly them risky. CRA is minutely watching these schemes and some of my clients had paid a heavy cost for these donations.

Folks, do not donate in these schemes.

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Live and Let Live. Together we can make a difference.

DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)

 
Post ID: 88767 31-10-06 13:27:35
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