Supporting Canadian Charities Act
During COVID-19 many charities have continued to step up and provide much needed services to those in need, including food banks, homeless shelters, and those providing counselling. There are other charities that have had to suspend or limit their operations due to COVID-19, including children’s programs, disability programs, and many others.
Many Canadian charities are struggling to raise much needed funds during this pandemic, Their traditional fundraisers aren’t an option, and many of their traditional donors can no longer afford to make a monthly donation. All this is leaving charities across Canada struggling.
If passed, this bill would waive capital gains tax on the proceeds of the arms length sale of private shares/real estate when they are donated to a registered charitable organization. This would give them a similar tax treatment which is currently given to public shares when donated to charitable organizations.
According to reports tabled at the Special Senate Committee on the Charitable Sector, Bill C-240 will generate up to $200 million a year in new donations so charities will be able to offer their much-needed services. This bill will empower Canadians to decide where their money should go and choose the charities, large or small, that make a difference in their communities.
This common-sense legislation is a way to help struggling charities and allow Canadians to give back. My hope is that all parties can work together to pass this important legislation.