The House of Commons Standing Committee on Finance issued a news release on December 15, 2011 announcing that a study of charitable giving in Canada will be launched when Parliament returns in 2012.
This study will be undertaken pursuant to a recommendation included in the 2011 Federal Budget that such a study be conducted on tax incentives for charitable giving. The news release indicates that the study will examine, in respect of both individuals and corporations, current and proposed tax measures to encourage charitable giving. The examination will include the charitable tax credit amount and the possible extension of the capital gains exemption to donations of private company shares and real estate. The study will also focus on the feasibility and cost of changes to existing tax measures as well as the implementation of new tax incentives.
The Committee invites members of the public to submit briefs to the Committee on the topic of tax incentives for charitable giving. Submissions must be received by January 17, 2012. The Committee notes that submissions should be no more than five pages, and may be published on the Committee website.
Charities and advisors who work in the sector should consider making submissions to the Committee on this important topic.