In late July, the Department of Finance (Finance) released draft legislation relating to charitable gifts arising from the sale of shares in a private corporation or real estate to an arm’s-length purchaser. CALU recently published a Special Report discussing these new rules.
While CALU is supportive of the overall tax policy goals of the legislation, we do have a number of questions and concerns relating to its operation in certain situations. CALU President Kevin Wark has completed a submission to Finance which discusses CALU’s concerns and provides a number of recommendations. Many thanks to CALU Associate members Rachel Blumenfeld, Pam Cross, Elena Hoffstein, Florence Marino and Angela Ross, who assisted Kevin with this submission.