Debt

Summary policy

Date
September 3, 2003

Reference number
CSP-D06

Key words

Debt

Policy statement

Under the Income Tax Act, the Minister may revoke the registration of a public or private foundation where the foundation has incurred debts since June 1, 1950, other than:

• debts for current operating expenses
• debts incurred in connection with the purchase and sale of investments
• debts incurred in the course of administering charitable activities

References

• Summary policy CSP-R12, Revocation
• Registered Charities Newsletter, Issue No. 27
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, paras. 149.1(3)(d) and (4)(d)