{"id":28177,"date":"2019-03-19T20:40:13","date_gmt":"2019-03-20T00:40:13","guid":{"rendered":"https:\/\/www.cccc.org\/news_blogs\/?p=28177"},"modified":"2019-03-19T20:42:21","modified_gmt":"2019-03-20T00:42:21","slug":"the-2019-federal-budget-highlights","status":"publish","type":"post","link":"https:\/\/cccc.org\/news_blogs\/legal\/2019\/03\/19\/the-2019-federal-budget-highlights\/","title":{"rendered":"The 2019 Federal Budget Highlights"},"content":{"rendered":"\n

The 2019 Federal Budget addressed several areas of concern involving\ncharities. Few of these measures will affect our membership. You may read\nthe budget in full here<\/a>. For your easy reference we note the following\nthree points. <\/p>\n\n\n\n

Social Finance Fund<\/strong><\/p>\n\n\n\n

The government reiterated its 2018 Fall Economic Statement wherein it\nproposed to make available up to $755 million on a cash basis over 10 years to\nestablish a Social Finance Fund (SFF). The SFF will help charitable, non-profit\nand other social purpose organizations access financing for projects that reduce\npoverty, expand employment opportunities for persons with disabilities, build\nmore affordable housing, etc. <\/p>\n\n\n\n

Professional investment managers will manage the fund by investing in\nexisting or emerging social finance intermediary organizations that have\nleveraged private or philanthropic capital for co-investment. The fund\nmanager(s) will also be required to leverage a minimum of two dollars of\nnon-government capital for every dollar of federal investment, with the\nexception of investments for Indigenous-led or Indigenous-owned funds. <\/p>\n\n\n\n

A minimum of $100 million will be allocated towards projects that support\ngreater gender equality. A $50 million investment will be made in the newly\nproposed Indigenous Growth Fund.<\/p>\n\n\n\n

Supporting Canadian Journalism<\/strong><\/p>\n\n\n\n

The 2019 budget also reiterated government\u2019s 2018 Fall Economic\nStatement to introduce three new tax measures to support Canadian journalism:<\/p>\n\n\n\n

\u2022 A new refundable tax credit for journalism organizations.<\/p>\n\n\n\n

\u2022 A new non-refundable tax credit for subscriptions to Canadian digital\nnews.<\/p>\n\n\n\n

\u2022 Access to charitable tax incentives for not-for-profit journalism.<\/p>\n\n\n\n

An independent panel of experts from the Canadian journalism sector will\nbe established to assist the Government in implementing these measures,\nincluding recommending eligibility criteria for Qualified Canadian Journalism\nOrganizations (QCJO) to be registered. <\/p>\n\n\n\n

Budget 2019 further proposes to add registered journalism organizations\nas a new category of tax-exempt qualified donee. To qualify, a QCJO will be\nrequired to be a corporation or trust and to have purposes that exclusively\nrelate to journalism. These organizations will not be permitted to distribute\ntheir profits, if any, nor allow their income to be available for the personal\nbenefit of individuals connected with the organization.                        <\/p>\n\n\n\n

QCJO will not be used to promote the views or objectives of any\nparticular person or related group of persons. A registered journalism\norganization:<\/p>\n\n\n\n

\u2022 will be required to have a board of directors or trustees, each of whom deals
at arm\u2019s length with each other; <\/p>\n\n\n\n

<\/p>\n\n\n\n

\u2022 must not be\nfactually controlled by a person (or a group of related persons); and<\/p>\n\n\n\n

\u2022 must generally\nnot, in any given year, receive gifts that represent more than 20 per cent of\nits total revenues, including donations, from any one source (excluding\nbequests and one-time gifts made on the initial establishment of the particular\nregistered journalism organization).<\/p>\n\n\n\n

The names of all registered journalism organizations will be listed on\nthe Government of Canada website. They will be required to file an annual\nreturn with the CRA disclosing their activities, the name(s) of any donors that\nmake donations of over $5,000, and the amount(s) donated. Similar to registered\ncharities and registered Canadian amateur athletic associations, these\ninformation returns will be made public along with certain additional\ninformation.<\/p>\n\n\n\n

Donations of Cultural Property<\/strong><\/p>\n\n\n\n

There will be enhanced tax incentives to encourage donations of\ncultural property to certain designated institutions and public authorities in\nCanada, in order to ensure that such property remains in<\/p>\n\n\n\n

Canada. These will include a charitable donation tax credit (for\nindividuals) or deduction (for corporations), and an exemption from income tax\nfor any capital gains arising on the disposition. <\/p>\n\n\n\n

To qualify, donated property must be of \u201coutstanding significance\u201d by\nreason of its close association with Canadian history or national life, its\naesthetic qualities, or its value in the study of the arts or sciences. It also\nhas to be of \u201cnational importance\u201d to such a degree that its loss to Canada\nwould significantly diminish the national heritage. <\/p>\n\n\n\n

However, Budget 2019 proposes to amend the Income Tax Act<\/em> and the Cultural\nProperty Export and Import Act<\/em> to remove the requirement that property be\nof \u201cnational importance\u201d in order to qualify for the enhanced tax incentives.\nNo changes are proposed that would affect the export of cultural property. This\nmeasure will apply in respect of donations made on or after Budget Day.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 2019 Federal Budget addressed several areas of concern involving charities. Few of these measures will affect our membership. You may read the budget in full here. For your easy reference we note the following three points. Social Finance Fund The government reiterated its 2018 Fall Economic Statement wherein it… 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":"","footnotes":""},"categories":[137],"tags":[],"series":[],"class_list":["post-28177","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts\/28177","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=28177"}],"version-history":[{"count":0,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts\/28177\/revisions"}],"wp:attachment":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/media?parent=28177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/categories?post=28177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/tags?post=28177"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/series?post=28177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}