Tax Deductibility for Business

The GTFL is structured as a not for profit and is not a charitable organization for tax purposes. This distinction can have implications for our sponsors.

Since we are not a registered as a charitable organization with the Canada Revenue Agency, we cannot issue a charitable receipt for any funds that we raise or goods contributed to the organization. As a result, such contributions do not entitle the contributor to claim the non-refundable tax credit that they would be entitled to claim for contributions to a registered charity.

Contributions to the GTFL may be deducted as an advertising or promotional expense against business income earned by an individual or a corporation as permitted in the Income Tax Act when determining taxable income for the year of the contribution.

We would encourage you to discuss the tax implications of any contributions with your income tax specialist or accountant if you have any questions.