The Department of Finance Canada has published “Legislative Proposals Notice of Ways and Means Motions” and “Explanatory Notes”. Many readers will find the explanatory notes more helpful to understand the effect of these changes. These proposals will generally try to incorporate many changes that have been previously announced over the last 8 or so years but have not made it into the Income Tax Act. This includes changes dealing with ecological gifts, the definitions of charitable organizations/public foundation/private foundation, limited-recourse debt with gifts, provisions on gifting to a non-qualified donee, split receipting, deemed fair market value, greater disclosure and transparency about RCAAAs, including in the definition of qualified donee a “public body performing a function of government in Canada” and intercharity transfers.
Legislative Proposals and Explanatory Notes Relating to Income Tax http://www.fin.gc.ca/drleg-apl/itaJuly10-eng.asp
Explanatory Notes to Legislative Proposals Relating to Income Tax http://www.fin.gc.ca/drleg-apl/itaJuly10n-eng.asp
Related Posts
March 24, 2024
Blumbergs’ Snapshot of the Canadian Charity Sector 2022
We recently reviewed the T3010 Registered Charity Information Return database for 2022 as part of the Sean Blumberg Transparency Project to create…
March 24, 2024
To what extent can the special provisions of an Ontario non-profit charitable organization be used to give another group approval rights
We sometimes see special provisions in Ontario non-profit corporations that give another group or individual in Canada or abroad certain approval…
March 24, 2024
CRA Charities Directorate recently released their “Report on the Charities Program 2021 to 2022” – it has interesting information and we provide some comments on the Report
CRA has recently published their Report on the Charities Program 2021 to 2022. Here are some preliminary comments on the Report: The report…