The FXDD application process to list PhoenixFund as the IB is very simple, same application with "PhoenixFund" in the upper right. We have preapproval for becoming an IB, but we need to send massive amounts of documentation since this is a nonprofit business and not an individual as the IB. You may need to fill out the paperwork again with PhoenixFund listed as the IB after we are completely approved.

PhoenixFund will receive 1/4 pip per full lot traded up to 400 lots, then we might be eligible for bonuses. In exchange, PhoenixFund must provide technical support, main contact information, and so on. As an IB we have additional duties as well, I need to reread the (30+ page) agreement to create a full list. If we all help each other, this will be much easier to accomplish. There are brokers that pay a lot more, but we wanted the best broker not the best compensation.

One of the synergistic bonuses is that I will professionally host the IB customers at no cost, and then charge a special rate out of the IB funds for hosting the account. (I have to charge something, because they are completely separate accounts & they don't mix finances at all.) The discount on the hosting is also a tax writeoff for the hosting company if I recall correctly.

I have no idea what canadian tax law looks like. I know we can generate receipts for direct donations, I don't know if we can generate receipts for IB fees. Asking a Canadian Tax Attorney is highly recommended for qualifying donations as writeoffs in Canada. We provide an email receipt with TaxID #, address, qualifying date, receipt date, the clauses under which we are allowed to receive tax deductible gifts, a list of the applicable IRS Tax Codes, parent company information, etc. A paper receipt can also be created, and I will have the Dun & Bradstreet number for the foundation available later today.

I am very interested to know which countries share Tax Deduction status with the US, if any. I am hoping we don't need to set up nonprofits in all of the major high-tax countries in the world. It probably wouldn't be worth it for most countries, because of the fees and expertise required. Also, the larger and more complex this gets, the more hassle and alarms go off related to money laundering. We have a mountain of paperwork to fill out as soon as the first international transfer for more than $10,000 comes in. PhoenixFund needs to stay transparent and legimate.

Short version: if Canada allows it great, if not there isn't much we can do immediately. In either case we give all of the necessary information.