The Canada Revenue Agency Revokes the Registration of Power Zone Outreach Ministries as a Charity
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 05/04/12 -- The Canada Revenue Agency (CRA) will revoke the charitable registration of Power Zone Outreach Ministries, a Toronto area charity. The notice of revocation will be published in the Canada Gazette with an effective date of May 5, 2012.
On March 23, 2012, the CRA issued a notice of intention to revoke the charitable registration of Power Zone Outreach Ministries, in accordance with subsection 168(1) of the Income Tax Act. The letter stated, in part, that:
The notice of intention to revoke and other letters relating to the grounds for revocation are available to the public on request, in the language they were originally written, by calling 1-800-267-2384.
A charity that has had its charitable status revoked can no longer issue donation receipts for income tax purposes and is no longer a qualified donee under the Income Tax Act. The organization is no longer exempt from income tax, unless it qualifies as a non-profit organization, and it may be subject to a tax equal to the full value of its remaining assets.
Registered charities perform valuable work in our communities, and Canadians support this work in many ways. The CRA regulates registered charities through the Income Tax Act, and it is committed to ensuring that charities operate in compliance with the law. Registered charities receive generous tax incentives under the Income Tax Act, including the authority to issue official donation receipts. To maintain this privilege, registered charities are required to keep adequate books and records to allow the CRA to verify donations made to the charity and to ensure the proper use of charitable resources.
Issuing receipts for property that does not legally qualify as a gift and failing to maintain adequate books and records are both considered serious breaches of the requirements of the Income Tax Act and each is grounds for the revocation of charitable status. Where a registered charity is found not to comply with its legal requirements, the CRA may apply monetary penalties or may suspend or revoke the charity's status under the Income Tax Act.
For more information about the registration of Canadian charities, go to the CRA's Charities and Giving Web page at .
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The Canada Revenue Agency has announced that it will revoke the charitable registration of Power Zone Outreach Ministries, a Toronto area charity, for not complying with Income Tax Act requirements. The revocation will come into effect on May 5, 2012.
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Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
(613) 952-9184
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Datum: 04.05.2012 - 20:36 Uhr
Sprache: Deutsch
News-ID 143004
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OTTAWA, ONTARIO
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Local
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