Charities

The Public Good and Private Funds: The Federal Tax Treatment of Charitable Giving by Individuals and Corporations

Date:                  2004
Chair:                 Hon. Jerahmiel S. (Jerry) Grafstein (ON)
Deputy Chair:    Hon. W. David Angus (QC)
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Summary:
This report examines issues dealing with charitable giving in Canada. In particular, the report focuses on

     *  the needs and opportunities of Canadians in relation to various
        aspects of Canadian life (such as health care, education, social
        and cultural programs and institutions, senior care, heritage
        preservation, scientific research and more) and the ability of
        Canadians to assist in these areas through charitable giving;

     *  current federal policy measures on charitable giving;

     *  new or enhanced federal policy measures, with an emphasis on
        tax policy, which may make charitable giving more affordable for
        Canadians at all income levels;

     *  the impact of current and proposed federal policy measures on
        charitable giving at the local, regional and national levels and
        across charities;  and

     *  the impact of current and proposed federal policy measures on
        federal treasuries.

Impact:
The C.D. Howe Institute commented favourably on the Senate's governance recommendations in its backgrounder, Firm Foundations. Recommendations to eliminate capital gains taxes on charitable gifts of securities or land were commended by the Association of Funding Professionals. Budget 2006 eliminated the last of the capital gains tax on listed securities donated to charities, and extended this measure to gifts of ecologically sensitive land.