The following is an extract from a press release posted on the CRA’s website today:
The Canada Revenue Agency (CRA) has revoked the registered charity status of the Francis Jude Wilson Foundation, a Montreal-area charity. This revocation was effective February 23, 2008, and follows a letter dated August 27, 2007, that was sent to the Foundation.
The release goes on to quote from a letter sent to the charity about its activities:
Given the manner in which the Charity has structured its financial affairs for the private benefit of the tax shelter and its promoters, its proportionally minimal levels of involvement in these financial arrangements, its failure to act in the best interests of the Charity by choosing prudent investments in favour of those pre‑selected and pre-arranged by the tax shelter, it is our view that a collateral purpose, if not primary purpose of the organization is, in fact, to support and promote the tax shelter arrangement.
