On December 9, 2009, the Standing Committee on Finance released its report, "A Prosperous and Sustainable Future for Canada: Needed Federal Actions," which included recommendations to assist the charitable sector. The Report will now be considered by the Ministry of Finance in drafting the 2010 federal budget.
The Committee recommended that the federal government examine incentives that would have the effect of increasing the level of charitable giving by businesses and individuals. The following three incentives were highlighted:
- An increase in the charitable tax credit rate to 39% for incremental annual increases in giving, provided that annual giving is more than $200 and less than $10,000;
- The creation of a corporate structure for not-for-profit organizations that would allow the issuance of share capital and other securities; and
- The elimination of the capital gains tax on donations of real estate and land to public charities.
AHP members are encourage to contact your lawmakers and ask their support of these and other initiatives outlined by AHP. Learn More about the AHP Letter Writing Campaign.