Income Tax Act S. 149(3) The Minister may, in the manner described in section 168, revoke the registration of a public foundation for any reason described in subsection 168(1) or where the foundation

• (a) carries on a business that is not a related business of that charity;
• (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) since June 1, 1950, acquired control of any corporation;
• (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; or
• (e) at any time within the 24 month period preceding the day on which notice is given to the foundation by the Minister pursuant to subsection 168(1) and at a time when the foundation was a private foundation, took any action or failed to expend amounts such that the Minister was entitled, pursuant to subsection 149.1(4), to revoke its registration as a private foundation.