1. Is there a maximum to my participation?
No, there is no limit to the amount of medicine you can purchase and donate. In any given year, as a donor, you may receive tax credits resulting from donations up to 75% of your income. If you choose to donate more than 75% in any given year, you may carry the remaining tax credits forward, up to a total of 5 years.

2. How do I report my donations on my tax return?
If you have donated in the MissionLife Financial program, please do not e-file your income tax return-use a paper file only. It is important that you keep a copy of all MissionLife paperwork. You will need to submit your tax calculations, donation receipts, and T5003 form. This form will be sent directly to you from MissionLife.

3. Will the Canada Revenue Agency (CRA) audit my program participation?
Yes, we are certain that the CRA will perform an audit. This audit will be confined to the tax shelter only. MissionLife will assist you with specific steps, if you choose to dispute the audit. MissionLife has created a legal defense fund to fully defend any CRA challenge.

4. What will be the total amount of my tax credit?
The amount you can credit for any given tax year is the highest tax rate for your specific province, multiplied by your donation receipt.

5. What percentage of my donation is actually received by the charities?
100%. We believe this is the major advantage of working in cooperation with our partners have developed distribution networks to provide the charitable goods.

6. What does the phrase 'Fair Market Value' mean?
The Tax Court of Canada has accepted the following definition, "Fair market value of an asset for tax purposes has been defined as the highest price that it might reasonably be expected to bring if sold by the owner in the normal method applicable to the asset in question, in the ordinary course of business in a market not exposed to any undue stresses and composed of willing buyers and sellers dealing at arm’s length and under no compulsion to buy or sell."

7. If I were to donate through Fast Track Tax Strategy, can Revenue Canada deny my donation claim and not give me a tax refund?
No, Revenue Canada cannot deny your claim for a tax credit from a donation to a legitimate charity. As long as the charity is in good standing with Revenue Canada, Revenue Canada must give you your tax refund. That is the law- Section 118.1 of the Income Tax Act of Canada.

8. What happens if CRA changes the rules in the future and Tax Strategy is no longer viable?
The CRA does not have the power to change the rules to the Income Tax Act. Only Parliament can make changes to the Income Tax Act. If the government were to change the rules to the Income Tax Act in the future, they cannot make rules that are retroactive. The rules can only be applied from that day forward. It would be unfair to Canadians to change rules in the future and apply them to the past.

9. What is a tax shelter?
A tax shelter is defined in the Income Tax Act to be any property for which a promoter represents that an investor may claim deductions or receive benefits which equal or exceed the amount invested within four years of its purchase.

10. What is the difference between a tax reduction and tax credit?
A Registered Retirement Savings Plan (RRSP) is a common source for tax reduction. RRSP’s reduce the amount of income you are taxed upon. If you make a $5,000 investment into an RRSP, your total taxable income is lowered by $5,000 depending on the tax bracket you are in and, you will be able to defer $1,000 to $2,000 in tax to a later date. A tax credit is dollar for dollar tax elimination. If you have a $5,000 tax credit your total tax bill is now $5,000 less. For example, if you had to pay $10,000 in tax this year but you had a $5,000 tax credit you would only have to pay $5,000 in taxes.