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

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