Government of Canada releases draft legislation to extend 2024 charitable donations deadline
2025-01-23 18:01
Source: Canada All National News
The Government of Canada has released draft legislation that would extend the deadline for making charitable donations for the 2024 tax year. The proposed changes would allow Canadians to claim donations made up to December 31, 2025, for the 2024 tax year.
The current deadline for making charitable donations for the 2024 tax year is December 31, 2024. The proposed changes would extend this deadline by one year, giving Canadians more time to make their donations and claim the corresponding tax benefits.
The draft legislation is currently open for public comment until February 28, 2025. The government is seeking feedback from Canadians on the proposed changes before finalizing the legislation.
In a statement, the Minister of National Revenue, Diane Lebouthillier, said that the proposed changes are intended to provide Canadians with more flexibility in making their charitable donations.
“We understand that many Canadians may need more time to make their donations, especially in light of the ongoing economic challenges,” said Lebouthillier. “These proposed changes would give Canadians more time to plan their donations and ensure that they can claim the full tax benefits available to them.”
The proposed changes would apply to all charitable donations made to registered charities in Canada. This includes donations made by individuals, corporations, and trusts.
The government is also proposing to make other changes to the rules for charitable donations. These changes include:
- Increasing the maximum amount that individuals can claim for charitable donations from 75% to 100% of their net income.
- Allowing corporations to claim donations made to registered charities in Canada for up to 10% of their taxable income.
- Allowing trusts to claim donations made to registered charities in Canada for up to 100% of their net income.
These proposed changes are part of the government’s ongoing efforts to encourage Canadians to support charitable organizations. The government believes that these changes will make it easier for Canadians to make donations to the charities they care about.
Canadians who have any questions about the proposed changes can contact the Canada Revenue Agency (CRA) at 1-800-959-8281.
Government of Canada releases draft legislation to extend 2024 charitable donations deadline
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