Bill C-476 (Historical)

An Act to amend the Income Tax Act (tax credit for gifts)

This enactment amends section 118.1 of the Income Tax Act to have the tax credit applicable to charitable and other gifts computed in the same manner as the tax credit applicable to monetary contributions to federal political parties and candidates, where the total amount of the gifts in a taxation year does not exceed $1275.

Charitable Tax Credit

[Brian Masse, NDP, Windsor West, ON]

Mr. Speaker, I have two sets of petitions to present. The first is with regard to a private member's bill that I am moving forward, Bill C-476, to amend the charity portion of the Income Tax Act. The legislation would provide for charitable donations the same type of tax deduction that political parties get right now. The petitioners are from across Canada and support this important change.

[Brian Masse, NDP, Windsor West, ON]

Mr. Speaker, I am happy to table two sets of petitions. The first set is on Bill C-476 and I am glad the member for Winnipeg Centre is here.

This bill addresses the charitable tax rate in this country. It introduces more generous tax deductions for those who give to charities. It mirrors the political tax credit which is very generous right now. The bill would revolutionize charitable giving in Canada. It would make it fairer and would treat charities the same as political parties.

As well, it is of interest to note that the government has actually reduced the charitable tax rate. It has actually gone in the opposite direction. Right now we have submissions from around 200 people on this issue.

Income Tax Act

[Brian Masse, NDP, Windsor West, ON]

moved for leave to introduce Bill C-476, An Act to amend the Income Tax Act (tax credit for gifts).

Mr. Speaker, it is a privilege to introduce this bill. I would like to thank the member for Winnipeg Centre who has been helping me with the bill.

The bill would amend the Income Tax Act and provide for greater donations and return for those individuals who give to the not for profit sector, charities, organization and groups.

In particular, the proposed bill mirrors the political system, where for the first $1,275 that a person gives, charities will be able to issue a greater tax back, so middle and lower income earners will get a better return. It treats the system fairly.

This is a significant change that would help the industry. The charitable industry sector is around 8% of the Canadian economy and employs 2 million people in great causes, everything from seniors and children to universities and colleges.

I would request unanimous consent for the following motion: That, notwithstanding the Standing Orders or usual practices of the House, that this bill, an act to amend the Income Tax Act, be deemed carried at second reading, referred to the committee of the whole, be deemed to have been adopted at committee of the whole and reported without amendment, be deemed to have been concurred in at report stage, without amendment, and be deemed carried at third reading and passed.