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November 04, 2008
Canadian Group's Charity Status Revoked After Tax-Shelter Allegations
A Toronto charity has lost its nonprofit status after the Canada Revenue Agency accused it of acting as a tax shelter for donors, reports The Globe and Mail, in Toronto.
The Choson Kallah Fund allegedly issued inflated receipts to donors who gave pharmaceutical drugs bought overseas at cheap prices. The nonprofit group issued the receipts for the drugs, assigning them the much higher Canadian value without independently appraising the value of the drugs, says the federal agency.
Eli Gross, who runs Choson Kallah, said he did not break any regulations and did not promote the charity as a tax shelter, reports the newspaper.
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