Is it tax sheltered!!!!!

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sumu
Member since: Nov 05

Posts: 16
Location: Brampton
Post ID: #PID

Posted on: 30-10-06 22:46:47

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

Could somebody enlighten the group???

Thanks in advance..

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 31-10-06 09:45:49

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

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

dp_jain
Member since: Jan 04

Posts: 418
Location: Brampton
Post ID: #PID

Posted on: 31-10-06 13:27:35

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)

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Is it tax sheltered!!!!!

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