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I-3 - Taxation Act
Section 985.15
Disposition versions
985.15. (Repealed).
1978, c. 26, s. 192; 1995, c. 49, s. 225; 2011, c. 34, s. 53; 2024, c. 112024, c. 11, s. 9411.
985.15. A registered charity may, with the approval in writing of the Minister, accumulate property for a particular purpose, on the terms and conditions and over the period of time specified in the approval.
Any property accumulated after receipt of and in accordance with the approval referred to in the first paragraph, including any income related to the accumulated property, is not to be included in computing the prescribed amount in subparagraph i of subparagraph b of the second paragraph of section 985.9 for the portion of any taxation year in the period, except to the extent that the registered charity is not in compliance with the terms and conditions of the approval.
985.15. A registered charity may, with the approval of the Minister, accumulate property for a particular purpose, on such terms and conditions, and over such period of time, as specified in the approval; any property so accumulated, including any income related thereto, is deemed to have been expended on charitable activities carried on by the charity in the taxation year in which it was so accumulated and not to have been expended in any other taxation year.
