Thank you very much.
I want to thank all of you for coming here to put forward your perspectives.
I'd like to know what each of you thinks of the idea of “[m]odifying the Income Tax Act to allow non-profits to generate revenues not directly related to their core mission”. In the brief we received from the Credit Union Central of Canada, this is one of their recommendations. It has been suggested that:
Current income tax interpretation significantly restricts the ability of non-profits to earn such income and, instead, requires any such revenues to be unintentional, unanticipated and incidental to carrying out its core purposes. This makes it difficult to generate revenues to put back into a non-profit's mission, and it restricts the cash reserves they can build and maintain.
Who would like to start? What are your thoughts on modifying the Income Tax Act in this way?