Canada’s Charitable donations. Image credit: Unsplash/Joel Muniz
Ottawa/CMEDIA: Canada’s federal government reported intention to amend the Income Tax Act to extend the deadline for making donations eligible for tax support until Feb 28, 2025 was announced today Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, along with Élisabeth Brière, Minister of National Revenue.
To improve socioeconomic outcomes for Canadians, and keep communities connected and informed, Canada’s charities work tirelessly to address poverty and hunger since many charities depend on the generous donations of Canadians and businesses, particularly during the holiday season, to carry out this valuable work.
“Charities are at the heart of communities across Canada…This extension recognizes the impact…Canada Post service disruption…will give charities additional time to receive and process donations,” said Dominic LeBlanc.
While mitigating the impacts of the four-week Canada Post mail stoppage by providing donors with sufficient time to ensure their contributions are received and processed, this extension will also help charities ensure they can deliver vital services to the communities that depend on them.
Once Parliament returns in the new year. the Canadian government will introduce legislation affecting these changes.
With approximately 86,000 registered charities in Canada, activities of each to support advancement of education, advancement of religion, and other purposes beneficial to the community.
Understanding that registered charities are an important part of Canadian society, the Government of Canada encourages Canadians to donate generously through the Charitable Donation Tax Credit for individuals and the deduction for charitable donations for corporations.
Federal tax assistance for donations to charities and other qualified donors is projected to be almost $5 billion for 2024.
