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← Historical versions

Versions of s. 188.1(11)

I-3.3 — Income Tax Act · 3 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

  1. 2011-12-15 to present available View Source
    If, in a taxation year, a registered charity has entered into a transaction (including a gift to another registered charity) and it may reasonably be considered that a purpose of the transaction was to avoid or unduly delay the expenditure of amounts on charitable activities, the registered charity is liable to a penalty under this Act for its taxation year equal to 110% of the amount of expenditure avoided or delayed, and in the case of a gift to another registered charity, both charities are jointly and severally, or solidarily, liable to the penalty.
    Full text

    If, in a taxation year, a registered charity has entered into a transaction (including a gift to another registered charity) and it may reasonably be considered that a purpose of the transaction was to avoid or unduly delay the expenditure of amounts on charitable activities, the registered charity is liable to a penalty under this Act for its taxation year equal to 110% of the amount of expenditure avoided or delayed, and in the case of a gift to another registered charity, both charities are jointly and severally, or solidarily, liable to the penalty.

  2. 2010-12-15 to 2011-12-15 View Source
    If, in a taxation year, a registered charity has madeentered into a transaction (including a gift of property to another registered charitycharity) and it may reasonably be considered that onea purpose of the main purposes for the making of the gifttransaction was to avoid or unduly delay the expenditure of amounts on charitable activities, eachthe ofregistered those charitiescharity is jointly and severally, or solidarily, liable to a penalty under this Act for its respective taxation year equal to 110% of the fair market valueamount of expenditure avoided or delayed, and in the property.case of a gift to another registered charity, both charities are jointly and severally, or solidarily, liable to the penalty.
    Full text

    If, in a taxation year, a registered charity has entered into a transaction (including a gift to another registered charity) and it may reasonably be considered that a purpose of the transaction was to avoid or unduly delay the expenditure of amounts on charitable activities, the registered charity is liable to a penalty under this Act for its taxation year equal to 110% of the amount of expenditure avoided or delayed, and in the case of a gift to another registered charity, both charities are jointly and severally, or solidarily, liable to the penalty.

  3. 2005-05-13 to 2010-12-15 View Source

    If, in a taxation year, a registered charity has made a gift of property to another registered charity and it may reasonably be considered that one of the main purposes for the making of the gift was to unduly delay the expenditure of amounts on charitable activities, each of those charities is jointly and severally, or solidarily, liable to a penalty under this Act for its respective taxation year equal to 110% of the fair market value of the property.