Highlights of Federal Budget 2012 relating to charities
Published under: What's New from the Charities Directorate of CRA | Canadian Charity Law | Political Activities and Canadian charities
Here is a short summary of the major provisions relating to charities in the 2012 Federal Budget - tried to keep it to 100 words but I did not make it.
Budget 2012 and charities
* receipting suspension for incomplete T3010 filings (eg. Not putting in fundraising costs, political activities etc)
* more transparency by Canadian charities on foreign grants to Canadian charities earmarked for political activities (but no limits on it)
* Canadian inter-charity transfers earmarked for political purposes count towards 10 percent allowance of both donor charity and recipient charity.
* changes to one category of qualified donee namely foreign charities who receive a gift from the federal government - this revamped category may result in more international philanthropy.
* bigger penalties for charity tax shelters
* there were no additional tax incentives (Stretch Credit etc.) but also no cuts as in US and UK.