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Email the CRA to demand they open an investigation into Canadian charities that have invested in or given money to Israel Bonds
What are Israel Bonds?
Israel Bonds launched in May 1951 in New York, only three years after the Nakba.[1] After its first year, Israel had already raised $52.6 million in sales. As evidenced by the ‘museum’s’ website, Israel Bonds were (and continue to be)[2] integral to the illegal development of the Israeli state on Palestinian land (e.g. Be’er Sheva-S’dom Highway, the National Water Carrier, Ashdod Port, etc.).[3] By 1971, worldwide sales had already passed $2 billion, and by 1992, $12 billion.[4] In 1996, as part of the “Jerusalem 3000 celebration,” an international Israel Bonds delegation buried a times capsule of Bonds artifacts at the site of the founding conference.[5]
As of 2022, worldwide sales of Israel Bonds exceeded $47 billion.[6] Despite the devastation caused by Israeli’s escalation of genocide in October 2023, in the 30 days after October 7, Israel Bonds secured another $1 billion in investments.[7] Following that, Israel raised a total of $8 billion after selling $2 billion of 5-year bonds and 3 billion each of 10 and 30-year bonds in March 2024.[8] Israel Bonds are the main finance source for Israel’s state budget and have been critical to financing the ongoing genocide in Gaza.
In Canada, Israel Bonds are administered by Canada-Israel Securities, Limited (CISL) – a registered Exempt Marker Dealer (EMD) – originally incorporated in 1952. Israel Bond’s can be added to personal self-directed TFSAs, RRSPs, and RESPs and may also be used as part of pension plan portfolios.
What does that have to do with Canadian charities?
We have identified 13 Canadian charities that have either given tax-subsidized funds to Israel Bonds as charitable recipients or hold investments in Israel Bonds. 1 additional organization reports hosting an ongoing collaboration with Israel Bonds.
Charitable Recipients
We found a total of 9 organizations who transferred funds for “Israel Bonds” and/or where the recipient name was listed as CISL. This is not necessarily an exhaustive list, it is simply where we could clearly identify money moving from charitable organizations to Israel Bonds.
| Year | Donor BN | Donor Name | Recipient BN | Recipient Name | $ CAD |
|---|---|---|---|---|---|
| 2001 | 861905792RR0001 | The Eddie And Marilyn Weisz Family Foundation | State Of Israel Bonds | $1,000 | |
| 2003 | 881516322RR0001 | Sherman Foundation | 100764646RR | Cdn Friends Of Massuah (Israel Bonds) | $10,000 |
| 2003 | 881516322RR0001 | Sherman Foundation | 107534877RR | Jewish National Fund (Israel Bonds) | $25,000 |
| 2003 | 881516322RR0001 | Sherman Foundation | 119048108RR | Mount Sinai Hosp Fdn (Israel Bonds) | $178,000 |
| 2004 | 881516322RR0001 | Sherman Foundation | State Of Israel Bonds | $5,000 | |
| 2004 | 899357644RR0001 | Alvin Segal Family Foundation | Canada Israel Securities | $15,000 | |
| 2004 | 881516322RR0001 | Sherman Foundation | Baycrest Centre Fdn (Israel Bonds) | $399,000 | |
| 2005 | 869044891RR0001 | The Dr. Wolf Lebovic Charitable Foundation | Canada Israel Securities Ltd | $900 | |
| 2007 | 888584877RR0001 | Mike & Valeria Rosenbloom Foundation | 890618796RR0001 | V.M.M. State Of Israel Bonds (Women`S Division-Sponsor) | $1,000 |
| 2008 | 892425166RR0001 | The Azrieli Foundation | Canadian Israel Securities (2008 Gole Meir Award | $3,600 | |
| 2008 | 891364366RR0001 | The Cyril & Dorothy Joel & Jill Reitman Family Foundation | State Of Israel Bonds | $5,000 | |
| 2009 | 139291181RR0001 | Weloga Foundation | 106702251RR0001 | Federation CJA (Israel Bonds) | $85,155 |
| 2012 | 892425166RR0001 | The Azrieli Foundation | Canada Israel Securities | $5,000 | |
| 2019 | 804921963RR0001 | Wynn Family Charitable Foundation | The State Of Israel Bonds | $360 |
Investors
We found a total of 4 organizations who have reported holding Israel Bonds as part of their assets / investment portfolio. Again, this is not necessarily an exhaustive list, as this is only based on a preliminary search.
| Organization BN | Organization Name | Report Year | $ CAD |
|---|---|---|---|
| 119215242 RR0001 | Baycrest Foundation | 2024 | $713 |
| 107534877RR0001 | Jewish National Fund of Canada | 2023 | $73,585 |
| 119048106RR0001 | Sinai Health Foundation | 2025 | $123,106 |
| 108155797RR0002 | Jewish Foundation of Greater Toronto | 2024 | $11,609 |
The value for each of these organizations varies over the years (where records are available).
Jewish Federation of Greater Toronto
| Report Year | $ CAD |
|---|---|
| 2024 | 11,609 |
| 2023 | 7,531 |
Sinai Health Foundation
| Report Year | $ CAD |
|---|---|
| 2025 | 123,106 |
| 2024 | 123,106 |
JNF Canada
| Report Year | $ CAD |
|---|---|
| 2023 | 73,585 |
| 2022 | 59,044 |
Baycrest Foundation
| Report Year | $ CAD |
|---|---|
| 2024 | 713 |
| 2023 | 713 |
| 2022 | 713 |
| 2021 | 863 |
| 2020 | 864 |
| 2019 | 871 |
| 2018 | 891 |
| 2017 | 179 |
| 2016 | 416 |
| 2015 | 1,015 |
Collaborators
| Organization BN | Organization Name | Description |
|---|---|---|
| 827264995RR0001 | Canadian Friends of Soroka Medical Center | Double Mitzvah Bonds “Israel benefits from use of the funds for the term of the bond, and Soroka Medical Center receives the interest and principal upon maturity.” |
Israel Bonds are used to not only maintain the occupation, but expand and develop it. The State of Israel has also clearly explained in its SEC filings, that Israel Bonds are important to its actions in Gaza since October 7, 2023 – thereby establishing evidence that Israel Bonds support genocide. That being said, irrespective of October 7, Israel Bonds have and continue to be an integral factor in Israel’s establishment and continued presence as an occupier and apartheid state. One of the issues in addressing the illegality of Israel Bonds is an overall lack of transparency in the financial sector. We will explore the history of Israel Bonds and the implications of Canadian support in an upcoming report.
Take action!
[1] “Our History”, The Online Museum of Israel Bonds (n.d.), online: <Link>.
[2] DAWN-ILC also provides an evaluation of how DCI has contributed to establishing and maintaining Israel’s presence in OPT. This is also applicable to CISL, which was established in 1952. See Section III(B).
[3] Ibid.
[4] Ibid.
[5] Ibid.
[6] “Israel Bonds Proudly Announces $47 Billion in Worldwide Sales”, Israel Bonds (24 February 2022), online: <Link>.
[7] Zachy Hennessey, “Israel Bonds Achieves Record of $2.7 Billion in Worldwide Investments”, The Jerusalem Post (7 January 2024), online: <Link>.
[8] Steven Scheer, “Israel Sells Record $8 Billion in Bonds Despite Oct 7 Attacks, Downgrade”, Reuters (6 March 2024), online: <Link>. There is more information on the history of Israel Bonds, including a journal article from Douglas Mulliken about the link between Israel Bonds and identity. See Douglas Mulliken, “’It’s Not Just Money; You Are Investing in Your Identity’: Israel, the Jewish Diaspora, and the Israel Bonds Programme” (2024), 19:2 Capital Markets LJ 169.
