Oye! News from Canada
Published on Monday, 07 June 2010 14:03
Written by Tapa Menon
The Canada Revenue Agency (CRA) has revoked the status of the Canadian Lacrosse Association as a registered Canadian amateur athletic association (RCAAA), effective June 5, 2010.
The following notice of revocation was published in the Canada Gazette:
For issuing more than $60.7 million in donation receipts for abusive transactions arising from its role as a participant in tax shelter arrangements that, in the opinion of the Minister, do not qualify as gifts, notice is hereby given, pursuant to paragraph 168(1)(d) of the Income Tax Act, that I propose to revoke the registration of the organization listed below. In accordance with subsection 168(2) of the Income Tax Act, the revocation of registration is effective on the date of publication of this notice.
RCAAAs are organizations established for the primary purpose and primary function of promoting amateur athletics in Canada on a nationwide basis. These organizations are registered under the Income Tax Act and have the authority to issue official donation receipts for income tax purposes.
An RCAAA that has had its registered status revoked can no longer issue donation receipts for income tax purposes and is no longer a qualified donee under the Income Tax Act.
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