Bill C-256 (Historical)

Act to amend the Income Tax Act (donations involving private corporation shares or real estate)

This bill is from the 43rd Parliament, 2nd session, which ended in August 2021.

Sponsor

Marty Morantz Conservative

Introduced as a private member’s bill. (These don’t often become law.)

Status

Second reading (House), as of May 31, 2021
(This bill did not become law.)

Summary

This is from the published bill.

This enactment amends the Income Tax Act to provide an exemption from capital gains tax in respect of certain arm’s length dispositions of real estate or private corporation shares to charities.

Similar bills

C-240 (current session) An Act to amend the Income Tax Act (donations involving private corporation shares or real estate)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-256s:

C-256 (2022) An Act to amend the Financial Administration Act (composition of boards of directors)

C-256 (2016) An Act to amend the Income Tax Act (tax credit for dues paid to veterans' organizations)

C-256 (2013) An Act to amend the Criminal Code (firefighters)

C-256 (2011) An Act to amend the Criminal Code (firefighters)

C-256 (2010) Pension Ombudsman Act

C-256 (2009) Pension Ombudsman Act

Income Tax ActRoutine Proceedings

November 26th, 2020 / 10:05 a.m.

Conservative

Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB

moved for leave to introduce Bill C-256, Act to amend the Income Tax Act (donations involving private corporation shares or real estate).

Mr. Speaker, I stand today proud to table my very first private member's bill. The bill would help charities across Canada access up to $200 million a year in additional donations.

Throughout the pandemic, charities have continued to step up and provide much-needed services to those in need, including food banks and homeless shelters. However, right now across Canada, donations are down and Canadian charities are struggling to raise much-needed funds during this pandemic.

The bill would help charities by waiving the capital gains tax on an arm's-length sale of private shares or real estate when the proceeds of that sale are donated to a charity. This change would allow these kinds of donations to receive tax treatment similar to what public shares currently receive when donated to a charity. This common-sense and much-needed legislation would help struggling charities and give Canadians greater opportunities to give back.

I hope all members in the House will support this timely and important bill.

(Motions deemed adopted, bill read the first time and printed)