Income Tax Act and Revenue Diversification in the Charitable and Non-Profit Sector
May 10, 2020
Innoweave is helping gather some information on how our sector is faring during the COVID crisis.
For charities and non-profit organizations, the consequences of the economic lockdown are going to be enormous. Among the most important issues the sector will face are restoring financial capacity and resources, as well as restructuring to fit new realities.
As such, there may be a rationale for more flexibility in the Income Tax Act and regulations, and to provide more capacity for shared platforms and exchanges between charities and non-profit organizations.
To this end, in concert with Imagine Canada and other national partners, we have a question: Do you have an example or specific story that concretely illustrates reasons why the charitable and non-profit sector needs more flexibility than the Income Tax Act currently allows to diversify revenue sources (e.g. to sell products or services), partner with non-charities or otherwise improve financial sustainability?