Draft legislative proposals related to the Income Tax Act (Charitable donations)
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1 (1) Section 110.1 of the Income Tax Act is amended by adding the following after subsection (17):
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Marginal note:2024 — extension of time
(18) For the purposes of applying this section, a gift made by a taxpayer before March 2025 and after the end of a taxation year of the taxpayer that ended after November 14, 2024 and before 2025 (referred to in this subsection as the "donation year") is deemed to have been made by the taxpayer in the donation year and not in the taxpayer's 2025 taxation year, if
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(a) the gift would be deductible under this section in computing the taxpayer's taxable income under Part I for the donation year if it were made immediately before the end of that year;
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(b) the taxpayer deducts the amount of the gift under this section for the taxpayer's donation year; and
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(c) the gift was in the form of cash or was transferred by way of cheque, credit card, money order or electronic payment.
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Marginal note:
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2 (1) Section 118.1 of the Act is amended by adding the following after subsection (28):
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Marginal note:2024 — extension of time
(29) For the purposes of applying this section, a gift made by an individual before March 2025 and after the end of a taxation year of the individual that ended after November 14, 2024 and before 2025 (referred to in this subsection as the "donation year"), is deemed to have been made by the individual in the donation year and not in the individual's 2025 taxation year, if
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(a) a credit for the gift would be deductible under this section in computing the individual's tax payable under Part I for the donation year if it were made immediately before the end of that year;
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(b) the individual claims the amount of the gift under subsection 118.1(3) for the donation year;
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(c) the gift was in the form of cash or was transferred by way of cheque, credit card, money order or electronic payment; and
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(d) the gift was not made
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