Albina Guarnieri, MP, Mississauga East – Cooksville (L) has crafted a private member’s bill, the Charity Transparency Bill (C-470), proposing to amend the Income Tax Act to revoke the registration of a charitable organization, public foundation or private foundation if the annual compensation it pays to any single executive or employee exceeds $250,000. For the purposes of this Bill, annual “compensation” includes salaries, wages, commissions, bonuses, fees and honoraria, plus the value of taxable and non-taxable benefits.
The Bill went to vote before the House of Commons on April 21 and received full cabinet support as well as support from all Liberal, Bloc, and NDP members. The measure will now go to the Standing Committee on Finance.
AHP is currently collaborating with Imagine Canada and a coalition of other interested organization to brief parliamentarians on the consequences of the legislation.