OTTAWA, Jan. 13 (UPI) -- Canada's tax agency has revoked the charity status of Little League Baseball Canada because of its involvement in a tax-shelter program under investigation.
The Canada Revenue Agency's decision on the 58-year-old organization will affect about 40,000 children who play in some 140 chapters across the country, the Globe and Mail reported Tuesday.
At issue is Little League's alliance with the Parklane Financial Group, based in Burlington, west of Toronto. The CRA has been investigating Parklane and similar investment groups over the practice in which an investor who donates $2,400 to a fund can receive $10,000 in tax receipts, as shown on the company's Web site.
Under the system, Parklane invests donations and pays member charities royalties on profits for 20 years, and then turns over 80 percent of the principle donations.
Four other sports groups affiliated with Parklane -- - the Canadian Lacrosse Association, Wrestling Canada, Biathlon Canada and Canadian Wheelchair Basketball Association -- are awaiting a CRA ruling on their status. Football Canada lost its charitable status last fall, the Globe said.
For all six groups, the CRA says Parklane has issued $82 million in income tax charitable receipts.
| Additional News Stories | |
WASHINGTON, Nov. 12 (UPI) --
U.S. President Barack Obama emerged as the world's most powerful man in Forbes magazine's assessment of the world's most powerful people released Thursday.
|
NEW YORK, Nov. 12 (UPI) --
U.S. tennis great Andre Agassi bid farewell Wednesday night on "Late Show with David Letterman" to the mullet-style hairpiece he used to wear.
|
NEW YORK, Nov. 12 (UPI) --
Crude oil prices fell Thursday on the New York Mercantile Exchange to under $79 per barrel, despite the dollar's trend towards weakness.
|
|