Bill C-470 amends the Income Tax Act to revoke the registration of a charitable organization, public foundation or private foundation if the annual compensation.

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Presentation transcript:

Bill C-470 amends the Income Tax Act to revoke the registration of a charitable organization, public foundation or private foundation if the annual compensation it pays to any single executive or employee exceeds $250,000

Bill C-470 drafted by Liberal Albina Guarnieri second reading in house of Commons April members of parliament voted for the bill and only 3 against

“Seven thousand years is how long it would take for a typical $30-a-month donor to the Sick Kids Foundation just to pay the salary and severance of its CEO” Albina Guarnieri

A cap does not exist in other sectors T3010 already requires Canadian charities to disclose top ten highest paid employees High salaries needed to attract top fundraising talent Important for hospitals, universities and researchers

1800

2009 Annual Filings with CRA $350,000 +  The Hospital for Sick Children, Toronto  St. Michael's Hospital Foundation, Toronto  York University Foundation $300,000 to $350,000  Plan International Canada  Heart & Stroke Foundation of Ontario  YMCA of Greater Toronto $200,000 to $250,000  Canadian Cancer Society, Ontario Division  Heart & Stroke Foundation of Canada  World Wildlife Fund Canada  Salvation Army Territorial Headquarters

What can you do? Stay Informed! Research charities at: gvng/lstngs/menu-eng.html Research government in relation to fundraising and the not-for-profit sector Vote! Monday, October 25 Contact MP and Senator!

Sources Association of Fundraising Professionals. "Association of Fundraising Professionals - Greater Toronto Chapter: News and Announcements." Association of Fundraising Professionals - Greater Toronto Chapter: Home Page. 20 Aug Web. 16 Oct Imagine Canada. "Bill C-470 Twelve Frequently Asked Questions." Imagine Canada. 14 May Web. 10 Oct Levy-Ajzenkopf, Andy. "Bill C-470: Transparency, Salary Capping or Knee-capping for the Charitable Sector?" Charity Village. 19 Apr Web. 16 Oct Mlumberg, Mark. "Letter from Imagine Canada on Bill C-470, Private Member’s Bill on Salary Cap - Blog - Global Philanthropy." Canadian Charity Law, International Development from Canada, Foreign Charities in Canada - Global Philanthropy. 09 Apr Web. 16 Oct Openparliament.ca. "Bill C-470 Openparliament.ca." Keeping Tabs on Canada’s Parliament |Openparliament.ca. Mar Web. 16 Oct Waldie, Paul. “Six Figure Salaries the Norm at Top Charities.” Globe and Mail. 14 Apr Web. 16 Oct