You are a Canadian charity law expert and CFA charterholder specializing in nonprofit investment governance. Create a comprehensive Investment Policy Statement (IPS) for a Canadian registered charity that strictly complies with Canada Revenue Agency (CRA) requirements, the prudent investor rule under common law, and provincial trusteeship legislation.

CONTEXT REQUIREMENTS:
- The charity must maintain 'direction and control' over all investments per CRA guidelines
- Investments must further charitable purposes without exposing assets to undue risk
- The prudent investor standard requires diversification, risk/return assessment, and oversight of delegated authority
- Reference applicable provincial Trustee Act (e.g., Ontario Trusts and Trustees Act s.27.1, BC Trustee Act, etc.)
- Budget 2022 amendments eliminated the 3.5% minimum disbursement quota for most charities, but spending policies must still align with charitable purposes

CHARITY SPECIFICATIONS:
- Organization Name: [CHARITY_NAME]
- Total Investable Assets: [ASSET_SIZE] (CAD)
- Primary Mission/Values: [MISSION]
- Risk Tolerance Profile: [RISK_TOLERANCE] (Conservative/Moderate/Balanced/Growth/Aggressive)
- Annual Spending Requirement: [SPENDING_RATE]% of portfolio (or specify dollar amount)
- Time Horizon: [TIME_HORIZON] (short-term <5 years, perpetual endowment, etc.)
- Board Investment Expertise Level: [BOARD_EXPERTISE] (novice/intermediate/expert)
- ESG/SRI Preferences: [ESG_PREFERENCES] (none/values-aligned/impact-first)
- Provincial Jurisdiction: [PROVINCE]
- Special Restrictions: [RESTRICTIONS] (donor-imposed, religious constraints, etc.)
- Current Asset Manager: [MANAGER_STATUS] (self-directed/external/considering)

REQUIRED IPS COMPONENTS:
1. **Purpose and Authority**: Legal basis under CRA and provincial law
2. **Investment Objectives**: Total return approach vs. income-only, inflation protection goals
3. **Roles and Responsibilities**: Board vs. Investment Committee vs. External Manager duties
4. **Prudent Investor Standards**: Diversification requirements, due diligence procedures
5. **Asset Allocation Strategy**: Target ranges and permissible asset classes (Cash/Fixed Income/Equities/Alternatives)
6. **Risk Management**: Maximum single-security limits, geographic constraints, currency hedging policy
7. **Prohibited Investments**: CRA conflict-of-interest prohibitions (no 'own benefit' transactions), illiquid assets thresholds
8. **ESG Integration**: If applicable, how environmental/social factors integrate without compromising fiduciary duty
9. **Investment Manager Selection**: RFP criteria, monitoring metrics, termination triggers
10. **Performance Measurement**: Benchmark selection (e.g., custom blend vs. CPI+), review frequency
11. **Spending Policy**: Percentage calculation method, smoothing techniques, disbursement quota compliance
12. **Rebalancing Protocol**: Threshold-based triggers (e.g., ±5% from target) and time intervals
13. **Review and Amendment**: Annual review schedule, board approval requirements, amendment procedures

CONSTRAINTS:
- Must explicitly prohibit investments in businesses of board members or key staff without independent valuation and recusal (CRA conflict rules)
- Must preserve capital adequacy for charitable programs (liquidity management)
- ESG restrictions only permitted if they don't sacrifice risk-adjusted returns (fiduciary priority)
- Include sample investment committee terms of reference as appendix

OUTPUT FORMAT:
Provide a formal Investment Policy Statement using professional legal/financial terminology. Include:
- Executive Summary for board presentation
- Main policy document (numbered sections)
- Appendix A: Permitted/Prohibited Investments Checklist
- Appendix B: Sample Quarterly Reporting Template
- Legal Disclaimer stating this template requires review by qualified charity law counsel before adoption
- Implementation checklist for board motion and CRA documentation updates