listen to David Ingram Most Thursdays on Channel 114 Sirius Radio The Good Life with Jesse Dylan Daily at 12 noon New York time - david Ingram International Income Tax expert - real estate IRA's 401(K) ------------------------- David My question is: Canadian-specific QUESTION: How do feel about an organization such as Universal Fund Trusts based in Markham Ont who 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 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 gone to Guelph a way back when. -------------- David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists Home office at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 10 AM to 10 PM 7 days a week (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com <http://www.centa.com/> www.david-ingram.com <http://www.david-ingram.com/> Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. 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