Foundation

The CRA has revoked the charitable status of the Pinnacle Foundation.  The foundation is built on revenue generated from the owning, purchasing, selling and donating of property.  While there is not a statement on the Pinnacle Foundation's website about the revokation of their charitable status they do state the following under the FAQ section.

How do I know whether Canada Customs and Revenue Agency will allow a credit for my donation receipt?
Material tax issues with respect to the acquisition and disposal of the Property as well as a beneficiary's claim for a tax credit on the donation of Property to Pinnacle are summarized in the legal opinion of Fraser Milner Casgrain LLP. A copy of the legal opinion is available for review upon request. In the event that CCRA proposes to reassess your claim in the future, a fund has been established by the Settlor of the Regattas Trust to pay legal costs associated with appealing any proposed reassessment of your claim.