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Trusts & Trustees Advance Access originally published online on May 25, 2009
Trusts & Trustees 2009 15(5):330-338; doi:10.1093/tandt/ttp044
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© The Author (2009). Published by Oxford University Press. All rights reserved.

Canada: recent developments for private foundations

Robert Hayhoe*

*Robert Hayhoe, Partner and National Chair of the Charities and Not-for Profit Group, Miller Thomson LLP Scotia Plaza, 40 King Street West Suite 5800, PO Box 1011, Toronto, ON M5H 3S1 Canada. Tel: + 1 416 5958500; Fax: + 1 416 5958695; Email: rhayhoe{at}millerthomson.com; Website: www.millerthomson.com

Private foundations are one of the three recognized categories of Canadian charities. They are regulated under the Income Tax Act through the administration of the Canada Revenue Agency. Changes to legislation proposed recently have provided a capital gains exemption for donations of publicly-listed shares to private foundations, but an excess corporate holdings regime has put severe restrictions on the ability of foundations to hold shares in privately held companies. Private foundations must also adhere to strict rules regarding permissible activities, investments and non-arms length donors in order to maintain their registered charity status.


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