Canada's Tax Agency Nixes Break for 'Donation' of Name to Charity ...

November 1, 2012, 10:34 am

The Canada Revenue Agency has tentatively denied a disability foundation?s attempt to provide a tax break worth hundreds of thousands of dollars to its celebrated namesake for the ?donation? of his name, The Vancouver Sun reports.

The Rick Hansen Foundation had issued a tax receipt valuing Mr. Hansen?s name at $1.8-million, which under British Columbia law would have entitled him to deduct 43.7 percent of the contribution. The Paralympic athlete and activist made worldwide headlines and attained hero status in Canada in the 1980s for when he circled the globe in his wheelchair.

The ruling doesn?t appear to be final, but the tax agency?gave the charity 60 days to withdraw the receipt.

The foundation said it believed the transaction complied with Canadian tax rules, but it will comply with the agency if the transaction ?is ultimately determined to not be ?tax receiptable.??

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Source: http://philanthropy.com/blogs/philanthropytoday/canadas-tax-agency-nixes-break-for-donation-of-name-to-charity/56816

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