With the holiday season upon us, many Canadians are turning their minds to both good-will and the end of the tax year. The next time you reach for your wallet to make a donation or contribution, think back on this summary of the differences between the two and reflect on what the tax implications will be.
On March 22, 2017, Canada’s Finance Minister Bill Morneau tabled the Liberal Government's Federal Budget 2017, Building a Strong Middle Class, which includes various measures affecting payroll, and an abundant amount of measures that would be of interest to employers, including the extension of maternity leave to 18 months, the electronic distribution of T4 information slips, and the elimination of various tax credits.
Planned giving has been an issue of interest to the charitable sector for several years. The enthusiasm by which the sector has taken up the discussion has permeated the donor community. As a result donations by will are a common occurrence. But if the donor does not monitor developments with the charity the gift could lapse and frustrate the donor’s intentions to support the organization.