Finance publishes Legislative Proposals Notice of Ways and Means Motions -affects charities

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