I-3 - Taxation Act

Section 985.8 Disposition versions

2023-03-15

985.8. The Minister may, in the manner described in sections 1064 and 1065, revoke the registration of a private foundation in the case provided for in paragraph d of section 985.7 or if the foundation

(a)  carries on a business;

(b)  fails to expend in a taxation year, on charitable activities carried on by it or by way of gifts made by it that are qualifying disbursements, an amount that is at least equal to its disbursement quota for the year; or

(c)  makes a disbursement, other than

i.  a disbursement made in the course of charitable activities carried on by it, or

ii.  a qualifying disbursement.

For the purposes of the first paragraph, if, for a taxation year of a private foundation that begins after 18 March 2007, subsection 8 of section 149.2 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) applies to the foundation in respect of a class of shares of the capital stock of a corporation, the portion of that paragraph before subparagraph a is to be read as if “in paragraph d” was replaced by “in paragraph c or d”.

1978, c. 26, s. 192; 1986, c. 15, s. 161; 1995, c. 49, s. 236; 2009, c. 5, s. 410; 2009, c. 15, s. 179; 2023, c. 2, s. 30.

2009-06-04

985.8. The Minister may, in the manner described in sections 1064 and 1065, revoke the registration of a private foundation in the case provided for in paragraph d of section 985.7 or if the foundation

(a)  carries on a business;

(b)  fails to expend in any taxation year, on charitable activities carried on by it and by way of gifts made by it to qualified donees, amounts that are at least equal to its disbursement quota for that year; or

(c)  makes a payment in the form of a gift, other than

i.  a gift made in the course of its charitable activities, or

ii.  a gift made to a donee that is a qualified donee at the time the gift is made.

For the purposes of the first paragraph, if, for a taxation year of a private foundation that begins after 18 March 2007, subsection 8 of section 149.2 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) applies to the foundation in respect of a class of shares of the capital stock of a corporation, the portion of that paragraph before subparagraph a is to be read as if “in paragraph d” was replaced by “in paragraph c or d”.

1978, c. 26, s. 192; 1986, c. 15, s. 161; 1995, c. 49, s. 236; 2009, c. 5, s. 410; 2009, c. 15, s. 179.

2009-05-15

985.8. The Minister may, in the manner described in sections 1064 and 1065, revoke the registration of a private foundation in the case provided for in paragraph c or d of section 985.7 or if the foundation

(a)  carries on a business;

(b)  fails to expend in any taxation year, on charitable activities carried on by it and by way of gifts made by it to qualified donees, amounts that are at least equal to its disbursement quota for that year; or

(c)  makes a payment in the form of a gift, other than

i.  a gift made in the course of its charitable activities, or

ii.  a gift made to a donee that is a qualified donee at the time the gift is made.

1978, c. 26, s. 192; 1986, c. 15, s. 161; 1995, c. 49, s. 236; 2009, c. 5, s. 410.

2006-03-01

985.8. The Minister may, in the manner provided in sections 1064 and 1065, revoke the registration of a private foundation in the cases provided for in paragraphs c and d of section 985.7 or where the foundation

(a)  carries on any business; or

(b)  fails to expend in any taxation year, on charitable activities carried on by it and by way of gifts made by it to qualified donees, amounts that are at least equal to its disbursement quota for that year.

1978, c. 26, s. 192; 1986, c. 15, s. 161; 1995, c. 49, s. 236.