moved for leave to introduce Bill C-240, An Act to amend the Income Tax Act (donations involving private corporation shares or real estate).
Mr. Speaker, I am delighted to introduce my private member's bill, the supporting Canadian charities act. This bill would help charities across Canada access up to $200 million a year in additional donations.
During COVID-19, many charities have had to suspend or limit important services that they provide. Many Canadian charities are struggling to raise much-needed funds during this pandemic, leaving charities across Canada struggling. This 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, in much the same way as donations of publicly traded shares are currently treated.
Many stakeholders have endorsed this bill, including Diabetes Canada, the Heart and Stroke Foundation of Canada and Imagine Canada, just to name a few.
To look at my private member's bill further, members are invited to visit the website for the bill, the supporting Canadian charities act.
The bottom line is that when charities are hurting, people are hurting. Let us all work together in the spirit of giving and help people by supporting the charitable sector.
(Motions deemed adopted, bill read the first time and printed)