Words and Phrases - "organized"

a
89
b
44
c
86
d
56
e
43
f
31
g
20
h
15
i
77
j
2
k
2
l
32
m
57
n
29
o
41
p
82
q
3
r
78
s
95
t
47
u
16
v
10
w
23
y
2

19 October 1999 Internal T.I. 9922707 F - OSBL CHANGEMENT DE STATUE

Summary Under
Tax Topics - Income Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(l)
NPO can qualify under s. 149(1)(l) even if it was originally organized for profit

In finding that an organization that was originally a for-profit organization can become a non-profit organization under s. 149(1)(l), the Directorate stated:

[I]t is not necessary for an organization to have been created initially to meet the requirements of paragraph 149(1)(l). What is important is that it meets those requirements at the time it is necessary to determine whether they have been satisfied. Paragraph 149(1)(l) refers to an organization that is organized and operated exclusively for non-profit purposes. That paragraph therefore does not apply solely to an organization that was originally and still is incorporated and operated on a non-profit basis.

Words and Phrases
organized