Winding-up period

Summary policy

Date
November 3, 2005

Reference number
CSP-W03

Key words

Winding-up period - Revocation tax

Policy statement

Under the Income Tax Act, the winding-up period of a charity is the period that begins immediately after the day the Minister issues a notice of intention to revoke the registration of a charity or immediately after the day on which it has been determined that a certificate served under the Charities Registration (Security Information) Act is reasonable, and ends on the day that is the latest of:

• the day on which the charity files Form T2046, Tax Return Where Registration of a Charity is Revoked, but no later than the day on which the charity is required to file that return
   
• the day on which the Minister last issues a notice of assessment of revocation tax payable under the Act for that taxation year by the charity
   
• if the charity has filed a notice of objection or appeal in respect of that assessment, the day on which the Minister may take a collection action under the Act in respect of the tax payable

References

• Summary policy CSP-C26, Collection
• Summary policy CSP-R12, Revocation
• Summary policy CSP-R24, Revocation
• Charities Registration (Security Information) Act, S.C. 2001, c. 41, ss. 5(1) and 7(1)
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 188(1.1), (1.2) and s. 225.1