DQ6. How does a charity obtain the required permission from the Canada Revenue Agency?
To apply to accumulate property, registered charities can visit the Canada Revenue Agency website and write a letter of request. The request must include the following information:
- the specific purpose for which the funds will be used;
- the amount required;
- the length of time needed to accumulate the funds (minimum 3 years and maximum 10 years);
- the signature of a director/trustee or other authorized representative of the charity;
- the name and the registration number of the charity;
- the effective (starting) date.
If the request is approved, the registered charity will receive a letter confirming the amount that it can accumulate, the specific purpose for which the approval is granted, and the number of years that the accumulation can continue.
For more information visit: www.cra-arc.gc.ca/chrts-gvng/chrts/prtng/rqsts/ccmlt-eng.html