Income Tax Act S. 149 (4) The Minister may, in the manner described in section 168, revoke the registration of a private foundation for any reason described in subsection 168(1) or where the foundation

• (a) carries on any business;
• (b) fails to expend in any taxation year, on charitable activities carried on by it and by way of gifts made by it to qualified donees, amounts the total of which is at least equal to the foundation’s disbursement quota for that year;
• (b.1) makes a disbursement by way of a gift, other than a gift made
• (i) in the course of charitable activities carried on by it, or
• (ii) to a donee that is a qualified donee at the time of the gift;
• (c) has, in respect of a class of shares of the capital stock of a corporation, a divestment obligation percentage at the end of any taxation year;
• (d) since June 1, 1950, incurred debts, other than debts for current operating expenses, debts incurred in connection with the purchase and sale of investments and debts incurred in the course of administering charitable activities.