Subject: Charity scams Canadian Humanitarian Trust Banyan Milennium
Universal Funds Trust and twenty others
Expert: taxman at centa.com
Date: Tuesday August 01, 2006
Time: 11:20 AM -0700
QUESTION:
Ref your AM600 presentation 30/Jul/06. This refers to the scam of giving
$10000 to a charity and claimimg a face value of $50,000.
could you please send me info regarding the same.
---------------------------------
david ingram replies:
This fell through the cracks of over 5,000 emails I received about then.
------------------------------------------
QUESTION: Do you recommend or can you comment on Canadian Humanitarian
Trust, or the Millennium Fund please.
=============================================
david ingram replies:
I would not touch them, but have no time to spend on it.
GOTO http://forums.beyond.ca/showthread/t-69639.html and read what it has to
say.
Then Goto
http://forums.canadianbusiness.com/thread.jspa?threadID=85&tstart=0 and
start reading back up from the bottom.
The following is another answer I gave previously
You may find it useful
-------------------------
David
My question is: Canadian-specific
QUESTION: How do feel about an organization such as Universal Fund Trusts
based in Markham Ont who give charitable tax receipts of $5000 for each
$100 donated? Is this allowed in the Canadian income tax act. Whom would
you recommend in the Kitchener- Waterloo Ontario area?
Thanking you in advance
---------------------------------------------------------------------------
david ingram replies:
I would not touch the Charity deal with a ten foot Pole or an eleven foot
Englishman. There are a whole bunch of these charitable schemes set up
and the CRA shut most of them down a year and a half ago.
A charitable deduction should represent the invested funds and although
giving stale dated drugs or revalued artwork may be a legitimate venture
on a one time
basis, they do not stand up to scrutiny when peddled by a bunch of boiler
room people.
There are things that people miss however. For instance, if you owned stock
or land or mutual funds and wanted to give money to your favourite charity,
the best way is to give the actual land, stock or mutual funds. A little
known fact in the tax act, cuts your tax in half on any capital gains when
you give the actual stock, etc., to your charity. This is really important
when it comes to estates and wills.
Sorry, I do not have anyone to recommend in the Kitchener Waterloo area
although I know it reasonably well having attended the University of
Guelph a way back when.
--------------
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