CRA strips charitable status from native heritage society
Posted Oct 20, 2012 07:26:08 AM.
This article is more than 5 years old.
A native heritage society in Nova Scotia is losing its charitable status after an investigation by the Canada Revenue Agency found it devoted a significant portion of its resources to a tax shelter.
The agency says the Glooscap Heritage Society in Truro will lose its charitable registration effective Saturday over its financial relationship with the Global Learning Gifting Initiative.
It says an audit found that over a two-year period starting on Jan. 1, 2008, the society received more than $24.8 million in cash and property.
Of the $13.4 million in cash that was received, the agency says the society paid more than $3.75 million to the promoters of the tax shelter.
The audit also found that the society was directed to pay more than $8.76 million to another charity participating in the tax shelter, while the society retained $900,000 for its own activities.
The society couldn’t be reached for comment.
