Future of Good’s Post

#ImpactBrief | Extension of charitable tax deadline not in jeopardy: CRA The federal government has released draft legislation amending Canada’s Income Tax Act and provided additional information on a promised extension of last year’s charitable tax deadline—a move intended to buoy charitable donations following a month-long Canada Post Strike. Finance Minister Dominic LeBlanc announced plans to extend 2024’s charitable tax deadline to Feb. 28, 2025, last December, following a letter-writing campaign by thousands of charities. However, Prime Minister Justin Trudeau’s decision to prorogue parliament until March 24 led many to fear the proposed legislation would never pass. Not so, according to the Canada Revenue Agency (CRA). “The CRA is administering this proposed legislation, consistent with its longstanding practice,” stated a press release issued by the federal agency late last week. It stated that charities and other qualified donees should continue to issue official donation receipts according to the receipting rules, adding that qualified donees are not required to issue official donation receipts specific to the extension period but can if they wish to. With certain exceptions, individuals may claim the eligible amount of certain gifts made to charities and other qualified donees up to February 28, 2025, on their 2024 personal income tax return. “We hope that this public confirmation will provide certainty to donors and charities alike,” said Imagine Canada—a national charity supporting non-profits—in a statement posted to its LinkedIn profile. - Shannon VanRaes ✉️ Our newsletter also contains all our impact briefs conveniently in one place. Stay on top of all the latest social impact news! ➡️ 🔗 https://lnkd.in/ey5_Rqbn #charities #futureofgood #nonprofits #taxdeductions #donations #canada

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