Public foundation
A charitable foundation that meets the following requirements:
- More than 50% of the directors, officers, trustees or like officials deal at arm's length:
- with each other;
- with each of the other directors, officers, trustees or like officials; or
- with a person that contributed amounts representing more than 50% of the organization's capital or with each of the members of a non-arm's length group of persons that contributed such amounts.
- If more than 50% of the capital was contributed by one person, the foundation is not controlled, in any way whatsoever, by that person or by members of a non-arm's-length group of persons one of whom deals at non-arm's length with that person.
Important
In this definition, a reference to a “person” or a “group of persons” does not include the following:
- the Government of Canada;
- the Québec government or another provincial government;
- a municipality;
- a charity registered as a charitable organization or a public foundation; or
- a club, society or association that is exempt from income tax.
End of note