POST FROM LORNE KENNEY

Author : Lorne Kenney sandparents@sympatico.ca URL : http://www.notprettyriver.com/ Comment: Hi: Actually, it’s $506,000 in grants. However, there is also an additional $250,000 being put forward by a private benefactor which has some implications as well.Since Pretty River Academy is a charitable corporation it can issue a tax receipt for $250,000 entitling the donor to deduct that amount from her income. Assuming she is in the 50% tax bracket (which seems reasonable enough), her income tax payable would be reduced by $125,000. So, the total bill for the taxpayer is $631,000. People tell me that a clever accountant can reduce the tax payable even further but I’ll leave it at that. Lorne
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About lorrystdavid

I'm a retired guy who loves to get involved in community affairs and issues especially when I feel there is some injustice involved or that I have a valid point of view. I still believe that the pen is mightier than the sword although lately, I am wondering if this is still true.
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