Fortunately, the case is no longer about speculation. ISNA Canada is finished as a charity. According to the CRS, this means it can no longer issue donation receipts for income tax purposes and is no longer a qualified donee under the Income Tax Act. The organization is no longer exempt from income tax, unless it qualifies as a non-profit organization, and it may be subject to a tax equal to the full value of its remaining assets. Its parent organization in the United States issued a statement on its website distancing itself from its Canadian counterpart, noting that the leadership and management of both of these organizations in Canadaare separate fromISNA in the United States, and that there has been no links of authority or responsibility between the United States andCanadian organizations for a few decades, despite the similarity of names. The American version of ISNA was one of three major Islamic organizations listed by federal prosecutor as unindicted co-conspirators in the Holy Land Foundation (HLF) case. HFL founders were convicted of funnelingmore than $12 million to support Hamas. During that trial, ISNA and thethe North American Islamic Trust werealso listed asentities who are and/or were members of the U.S. Muslim Brotherhood. The Obama administration has had close relations with ISNA in the U.S. President Obama and his senior advisor, Valerie Jarrett, have met multiple times with the president of ISNA. Jarrett in fact spoke at ISNA in 2009. Earlier this month, President Obama himself sent a video-taped message to the 2013 ISNA convention in which he praised ISNA and called the group his partner. And while Americans are well aware of the IRSs laser-like scrutiny of right wing groups applying for charitable status, they will be hard pressed to find any evidence of an IRSs investigation into ISNAs activities. In fact, the Council on American-Islamic Relations (CAIR), one of the other unindicted co-conspirators in the Holy Land Foundation case, had its tax exempt status restored by the IRS, after it had been taken away in 2011 forfailure to file annual tax reports required by federal law. Last weekend was a busy one for Islamic terrorists. In Nairobi, at least 60 people were killed and more than 300 wounded when an upscale shopping center was turned into a killing field by the al-Qaeda-linked al-Shabaab.
PRESS DIGEST- Canada-30 Sept
Nobody should be naive out there, to think if we get a worst-case scenario with respect to the U.S. budget impasse that Canada comes out of this unscathed. You could see some very heavy losses in the TSX. The U.S. Senate voted to finance the government through Nov. 15, sending the bill to the House and setting up a weekend of negotiations and brinkmanship three days before federal spending authority runs out and a few weeks until the country reaches its borrowing limit. Destabilizing Effect President Barack Obama said in a televised statement that Congresss failure to approve funding would have a destabilizing effect on the economy. Democrats and Republicans cant agree on the inclusion of funds for Obamas health-care law in the bill. Energy stocks added 0.1 percent as a group, as six of 10 industries in the S&P/TSX rose. Trading volume was 20 percent below the 30-day average. Trilogy Energy soared 11 percent to C$28.80 after reporting an operating update for its Montney and Duvernay oil projects. The company said unexpected plant outages reduced third-quarter volumes to about 31,000 barrels of oil equivalent per day, and anticipates levels returning to normal in the fourth quarter. Athabasca Oil Corp. (ATH) , which is seeking a joint-venture partner for its Duvernay holdings, jumped 9.3 percent to C$7.97, the most in seven weeks. BlackBerry Earnings BlackBerry added 0.7 percent to C$8.28, the first increase in six days. The smartphone maker reported more complete second-quarter earnings , including a loss of 47 cents a share from continuing operations and a 45 percent plunge in sales to $1.57 billion, after disclosing preliminary results on Sept.
Canada Stocks Rise as Oil Producers Offset Drop in Phone Shares
Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL * Major energy companies led by Imperial Oil Ltd have applied to drill for crude in the Beaufort Sea, targeting an area that could require operations in the deepest water yet for the industry in the Canadian Arctic. Imperial, Exxon Mobil Corp and BP PLC filed a project description with regulators this month as a first step in the proposed drilling on two jointly held licences about 175 kilometres northwest of Tuktoyaktuk, Northwest Territories. () * Monday brings a reading of Canadian gross domestic product for July. The consensus among economists is that the economy grew 0.5 per cent in the month – a reversal from June when floods in Alberta and the Quebec construction strike caused a 0.5-per-cent contraction. () Reports in the business section: * A series of high-level meetings are under way to discuss how the British Columbia and Alberta provinces can open up the path to B.C.’s coasts, and then Asian markets. An agreement is not imminent, but officials for both the provinces are working on a framework to address B.C.’s five conditions. () * BlackBerry Ltd’s prized intellectual property risks leaving the country, even if the troubled company winds up under Toronto-based Fairfax Financial Holdings Ltd’s control. Only a limited number of buyers worldwide can afford the smartphone maker’s patent portfolio. But for those who can, it is a find so rare that it has outsized value. () NATIONAL POST * The Conservative government is launching a $1.3 billion free market in medical marijuana this Tuesday, eventually providing an expected 450,000 Canadians with quality weed. Health Canada is phasing out an older system on Monday that mostly relied on small-scale, homegrown medical marijuana of varying quality, often diverted illegally to the black market.