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DUE DILIGENCE: GIFTING ARRANGEMENT TAX SHELTER

Filed Under Tax · Tagged:  

As with all other financial transactions, due diligence is needed in choosing the right Gifting Arrangement that best suits you.  Here are some things you need to know in choosing a Gifting Arrangement Tax Shelter:

1.       Ensure there is a Tax Shelter number (TS#)

2.       Ensure the transactions are structured legally.

3.       Ensure the transactions make business sense.

4.       Ensure there is a legal opinion by a reputable lawyer.

5.       Ensure there is a defense fund in place to back the program.

6.       Ensure the charities are Registered Canadian Charities.

7.       Ensure the organizations involved could function without the tax shelter being in existence.

8.       Ensure the cause is real and there is a real benefit for recipients.

October 30, 2009 by KustomDesign

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