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.
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