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)