{"id":18563,"date":"2015-04-21T19:04:43","date_gmt":"2015-04-21T23:04:43","guid":{"rendered":"https:\/\/www.cccc.org\/news_blogs\/?p=18563"},"modified":"2015-04-22T15:22:38","modified_gmt":"2015-04-22T19:22:38","slug":"charity-highlights-of-budget-2015","status":"publish","type":"post","link":"https:\/\/cccc.org\/news_blogs\/legal\/2015\/04\/21\/charity-highlights-of-budget-2015\/","title":{"rendered":"Charity Highlights of Budget 2015"},"content":{"rendered":"<p>There are three items affecting charities in the 2015 Federal Budget tabled in the House of Commons by the Hon. Joe Oliver, the Minister of Finance, on April 21, 2015:<\/p>\n<ul>\n<li>donations of private corporation shares and real estate;<\/li>\n<li>investments by registered charities in limited partnerships; and<\/li>\n<li>gifts to foreign charitable foundations.<\/li>\n<\/ul>\n<p><strong>Exempting Donations Involving Private Shares and Real Estate from Capital Gains Tax<\/strong><\/p>\n<p>Presently, donations of publicly listed securities to qualified donees are exempt from capital gains tax; however, donations of private shares and real estate to registered charities and other qualified donees can give rise to taxable capital gains.<\/p>\n<p>In its ongoing advocacy for charities, CCCC recommended on February 14, 2012 to the Finance Committee that the current tax treatment for donations of publicly listed shares\u00a0be extended to donations of real estate.<a href=\"#_edn1\" name=\"_ednref1\">[1]<\/a>\u00a0 This recommendation became part of the Standing Committee on Finance\u2019s report one year later.<a href=\"#_edn2\" name=\"_ednref2\">[2]<\/a><\/p>\n<p>We are pleased to see that the Government of Canada has provided Canadians with more viable gift-giving options. Budget 2015 proposes to exempt individual and corporate donors from tax on the sale of private shares or real estate to an arm\u2019s length party if the proceeds are donated within 30 days.<\/p>\n<p>If a portion of the proceeds is donated, the exemption from capital gains tax would apply to that portion. <em>This measure will apply to donations in respect of dispositions occurring after 2016.<\/em><\/p>\n<p>Anti-avoidance rules will ensure that the exemption is not available in circumstances where, within five years after the disposition:<\/p>\n<ul>\n<li>the donor (or a person not dealing at arm\u2019s length with the donor) directly or indirectly reacquires any property that had been sold;<\/li>\n<li>in the case of shares, the donor (or a person not dealing at arm\u2019s length with the donor) acquires shares substituted for the shares that had been sold; or<\/li>\n<li>in the case of shares, the shares of a corporation that had been sold are redeemed and the donor does not deal at arm\u2019s length with the corporation at the time of the redemption.<\/li>\n<\/ul>\n<p>Where the anti-avoidance rules apply, the exemption will be reversed by including the previously exempted amount in the income of the donor in the year of the reacquisition by the donor (or the non-arm\u2019s length person) or the redemption.<\/p>\n<p><strong>Investments by Registered Charities in Limited Partnerships<\/strong><\/p>\n<p>Charitable organizations are permitted to engage in \u201crelated\u201d business activities to raise revenues.\u00a0 A related business includes one linked to a charity\u2019s purpose and subordinate to that purpose; or a business run substantially by volunteers.<\/p>\n<p>Since a partnership is a relationship among persons carrying on business with a view to profit, a charity could not, until the 2015 Budget, hold an interest in a partnership.\u00a0 The federal government recognizes that partnerships may be used extensively as investment vehicles to pool funding received by institutional and other large investors in order to invest in private market opportunities and is now willing to allow registered charities to invest in limited partnerships to access a wider range of investment opportunities and diversify their investment portfolios.<\/p>\n<p>Budget 2015 therefore proposes to amend the <em>Income Tax Act<\/em> to provide that a registered charity will not be considered to be carrying on a business solely because it acquires or holds an interest in a limited partnership.<\/p>\n<p>However, the government requires the registered charity to have only a \u201cpassive investment\u201d in a limited partnership.\u00a0 It will be a passive investment only if:<\/p>\n<ul>\n<li>the charity \u2013 together with all non-arm\u2019s length entities \u2013 holds 20 per cent or less of the interests in the limited partnership; and<\/li>\n<li>the charity deals at arm\u2019s length with each general partner of the limited partnership.<\/li>\n<\/ul>\n<p>These rules would not apply to the related businesses carried on by the registered charity.<\/p>\n<p><em>This measure applies in respect of investments in limited partnerships that are made or acquired on or after Budget Day, being April 21, 2015.<\/em><\/p>\n<p><strong>Gifts To Foreign Charitable Foundations<\/strong><\/p>\n<p>The 2015 Budget has broadened the spectrum of foreign charitable entities permitted to be deemed \u201cqualified donees\u201d under the<em> Income Tax Act<\/em>. Gifts to foreign charitable entities are no longer limited to foreign charitable organizations alone, but may be made to foreign charitable foundations as well, as long as they are:<\/p>\n<ul>\n<li>pursuing activities related to disaster relief; or<\/li>\n<li>pursuing activities related to urgent humanitarian aid; or<\/li>\n<li>carrying on activities in the national interest of Canada.<\/li>\n<\/ul>\n<p>Under the current legislation, only a foreign charitable organization could be a qualified donee. However, under the new legislation, the Minister of National Revenue may, in consultation with the Minister of Finance, grant qualified donee status to a foreign charitable foundation that meets these conditions. Qualified donee status will be granted for a 24-month period that begins on a date chosen by the Minister of National Revenue.<\/p>\n<p>Registered foreign charitable foundations will be included on the list of registered foreign charities maintained on the Canada Revenue Agency\u2019s website.<\/p>\n<p><em>This measure will apply once the enacting legislation receives Royal Assent.<\/em><\/p>\n<p><a href=\"#_ednref1\" name=\"_edn1\">[1]<\/a> See testimony of Barry Bussey at the February 14, 2012 hearing of the House of Commons Standing Committee on Finance.\u00a0 Online:\u00a0 <a href=\"http:\/\/www.parl.gc.ca\/HousePublications\/Publication.aspx?Language=E&#038;DocId=5388812\">http:\/\/www.parl.gc.ca\/HousePublications\/Publication.aspx?Language=E&amp;DocId=5388812<\/a><\/p>\n<p><a href=\"#_ednref2\" name=\"_edn2\">[2]<\/a> James Rajotte, MP Chair, \u201cTax Incentives For Charitable Giving in Canada,\u201d Report of the Standing Committee on Finance, February 2013, 41<sup>st<\/sup> Parliament, 1<sup>st<\/sup> Session.\u00a0 Online:\u00a0 http:\/\/www.parl.gc.ca\/HousePublications\/Publication.aspx?DocId=5972482<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are three items affecting charities in the 2015 Federal Budget tabled in the House of Commons by the Hon. Joe Oliver, the Minister of Finance, on April 21, 2015: donations of private corporation shares and real estate; investments by registered charities in limited partnerships; and gifts to foreign charitable&#8230; <a href=\"https:\/\/cccc.org\/news_blogs\/legal\/2015\/04\/21\/charity-highlights-of-budget-2015\/\" class=\"linkbutton\">More<\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ts_fic_featured_image_caption":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[137],"tags":[],"series":[],"class_list":["post-18563","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Charity Highlights of Budget 2015 - CCCC Blogs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cccc.org\/news_blogs\/legal\/2015\/04\/21\/charity-highlights-of-budget-2015\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charity Highlights of Budget 2015 - CCCC Blogs\" \/>\n<meta property=\"og:description\" content=\"There are three items affecting charities in the 2015 Federal Budget tabled in the House of Commons by the Hon. 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Every organization\u2019s circumstances are unique. Before acting on the basis of information contained in this blog, readers should consult with a qualified lawyer for advice specific to their situation.","sameAs":["https:\/\/www.cccc.org","simone.waller@cccc.org"],"url":"https:\/\/cccc.org\/news_blogs\/author\/legal\/"}]}},"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":19405,"url":"https:\/\/cccc.org\/news_blogs\/legal\/2015\/09\/09\/implementation-of-budget-2015-an-update\/","url_meta":{"origin":18563,"position":0},"title":"Implementation of Budget 2015 &#8211; An Update","author":"Deina Warren","date":"September 9, 2015","format":false,"excerpt":"Authored by Nevena Urosevic, Associate Director of Legal Affairs Noteworthy\u2019s blog post titled Charity Highlights of Budget 2015 outlined and explained the three proposed changes to charity law found in Budget 2015. They are: Capital gains tax exemptions for donations of proceeds from the sale of private shares and real\u2026","rel":"","context":"In &quot;Charity law and policy&quot;","block_context":{"text":"Charity law and policy","link":"https:\/\/cccc.org\/news_blogs\/category\/charity-law-and-policy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34106,"url":"https:\/\/cccc.org\/news_blogs\/legal\/2022\/03\/04\/private-shares-real-estate-donations-changes-proposed-by-bill-c-240\/","url_meta":{"origin":18563,"position":1},"title":"Private Shares, Real Estate &#038; Donations: Changes Proposed by Bill C-240","author":"Deina Warren","date":"March 4, 2022","format":false,"excerpt":"Last month, Bill C-240 was introduced in the House of Commons. Also known as the Supporting Canadian Charities Act, this private member\u2019s bill would amend the Income Tax Act to waive capital gains tax on the arm\u2019s-length sale of private shares or real estate when the proceeds of the sale\u2026","rel":"","context":"In &quot;Charity law and policy&quot;","block_context":{"text":"Charity law and policy","link":"https:\/\/cccc.org\/news_blogs\/category\/charity-law-and-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2022\/03\/shares-1.png?fit=300%2C300&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":21738,"url":"https:\/\/cccc.org\/news_blogs\/legal\/2016\/03\/22\/charity-highlights-of-budget-2016\/","url_meta":{"origin":18563,"position":2},"title":"Charity Highlights of Budget 2016","author":"Deina Warren","date":"March 22, 2016","format":false,"excerpt":"The 2016 Federal Budget tabled in the House of Commons by the Hon. Bill Morneau has two references to charities. The first deals with the donations of real estate and shares of private corporations.\u00a0 The 2015 Budget proposed to provide, beginning in 2017, an income tax exemption for capital gains\u2026","rel":"","context":"In &quot;Charity law and policy&quot;","block_context":{"text":"Charity law and policy","link":"https:\/\/cccc.org\/news_blogs\/category\/charity-law-and-policy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30600,"url":"https:\/\/cccc.org\/news_blogs\/legal\/2021\/01\/11\/bill-c-256-donating-proceeds-from-sale-of-real-estate-or-private-shares\/","url_meta":{"origin":18563,"position":3},"title":"Bill C-256: Donating Proceeds from Sale of Real Estate or Private Shares","author":"Deina Warren","date":"January 11, 2021","format":false,"excerpt":"Bill C-256 proposes to provide capital gain exemptions for the sale of real estate or private corporate shares when the proceeds are donated to charity. Introduced to Parliament in late 2020, the private member\u2019s bill would amend the Income Tax Act to reduce capital gains tax to zero if listed\u2026","rel":"","context":"In &quot;Income Tax Act&quot;","block_context":{"text":"Income Tax Act","link":"https:\/\/cccc.org\/news_blogs\/category\/income-tax-act\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2021\/01\/2.png?fit=600%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2021\/01\/2.png?fit=600%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2021\/01\/2.png?fit=600%2C600&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":34450,"url":"https:\/\/cccc.org\/news_blogs\/legal\/2022\/06\/15\/update-on-private-shares-real-estate-donations-changes-proposed-by-bill-c-240\/","url_meta":{"origin":18563,"position":4},"title":"UPDATE on Private Shares, Real Estate &#038; Donations: Changes Proposed by Bill C-240","author":"Deina Warren","date":"June 15, 2022","format":false,"excerpt":"Earlier this year we let you know about Bill C-240, the Supporting Canadian Charities Act. Bill C-240 was voted down at second reading. This private member\u2019s bill would have amended the Income Tax Act to waive capital gains tax on the arm\u2019s-length sale of private shares or real estate when\u2026","rel":"","context":"In &quot;Charity law and policy&quot;","block_context":{"text":"Charity law and policy","link":"https:\/\/cccc.org\/news_blogs\/category\/charity-law-and-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2022\/06\/blog-images-1.png?fit=300%2C300&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":37003,"url":"https:\/\/cccc.org\/news_blogs\/legal\/2023\/08\/18\/qualifying-disbursements-grants-and-conditional-donations\/","url_meta":{"origin":18563,"position":5},"title":"Qualifying Disbursements, Grants, and Conditional Donations","author":"Deina Warren","date":"August 18, 2023","format":false,"excerpt":"Summary Recent amendments to the Income Tax Act prohibit charities from receiving donations that are conditional on the charity making a gift to a non-charity. Now that charities can give grants to non-charities, this blanket prohibition has created confusion about whether and how charities can accept gifts with a donor\u2026","rel":"","context":"In \"charitable donations\"","block_context":{"text":"charitable donations","link":"https:\/\/cccc.org\/news_blogs\/tag\/charitable-donations\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2023\/08\/nick-fewings-zF_pTLx_Dkg-unsplash-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2023\/08\/nick-fewings-zF_pTLx_Dkg-unsplash-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2023\/08\/nick-fewings-zF_pTLx_Dkg-unsplash-scaled.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2023\/08\/nick-fewings-zF_pTLx_Dkg-unsplash-scaled.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2023\/08\/nick-fewings-zF_pTLx_Dkg-unsplash-scaled.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p30X8p-4Pp","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts\/18563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/comments?post=18563"}],"version-history":[{"count":0,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts\/18563\/revisions"}],"wp:attachment":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/media?parent=18563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/categories?post=18563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/tags?post=18563"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/series?post=18563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}