Canadian Group’s Charitable Status Revoked
January 15, 2009
The Canada Revenue Agency has revoked the charitable status of a large Toronto nonprofit group, saying the organization redirected its assets to two other charities in a tax-shelter arrangement, reports The National Post, in Toronto.
The Canadian counterpart to the Internal Revenue Service says the Millennium Charitable Foundation raised more than $169-million between 2003 and 2006 and redirected $114-million of it. Most of that money benefitted the organizers of the tax-shelter arrangement, the paper reports. Officials with the Millennium foundation did not comment in the story.
