Yes.
Evidence of meeting #41 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was donations.
A recording is available from Parliament.
Evidence of meeting #41 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was donations.
A recording is available from Parliament.
Conservative
Brian Jean Conservative Fort McMurray—Athabasca, AB
But that doesn't necessarily answer my question.
Federal and Ontario Director, Canadian Taxpayers Federation
It's a question of motivation. If you want to do some tax planning, some work with charitable donations, and the person with the money, let's say an elderly entrepreneur who's run a mill or a small business in a community, if that person's eyes glaze over and he goes “Oh, my head's going to explode”—
Conservative
Brian Jean Conservative Fort McMurray—Athabasca, AB
Okay, but I'm from Fort McMurray and I have a lot of rich people who are young. They have a lot of money, a lot of income. I'm interested in ways to get more money from them and encourage more giving, because they want to give more.
Federal and Ontario Director, Canadian Taxpayers Federation
Make it understandable. Make it understandable on its face, so in a brief discussion—
Conservative
Federal and Ontario Director, Canadian Taxpayers Federation
—you can put it across to them. I think the principle is if you give the money to charity, that money won't be taxed. If you achieve that, then you make it much easier.
Head, Philanthropic Advisory Services, Scotia Private Client Group, Scotiabank
I don't believe it's a tax issue. I think it's a clarity issue. We don't communicate what the benefits are. Look at the T1 form—it only shows the federal, not the provincial.
But frankly, it's the Manitoba solution. Social cohesion, community development—these are grassroots things. It's the volunteerism. Those things translate into giving. It's not tax alone; it's about building healthier communities.
February 9th, 2012 / 5:25 p.m.
Senior Vice-President and Chief Economist, TD Bank Financial Group
The national survey of giving, volunteering, and participating revealed that 45% of top givers said they would actually give more if there were a more generous tax incentive.
Conservative
Senior Vice-President and Chief Economist, TD Bank Financial Group
I'm not an expert on the tax incentive side of it. The stretch will only work up to a limited amount because it needs to be capped at $10,000 through your lifetime. At the end of the day, it will help to encourage some additional donations.
Conservative
Drache Aptowitzer LLP
If you look at some of those numbers and break them down, I think you'll probably see that the largest amount came from the donation of shares. Maybe flow-through shares in Fort McMurray might be a big one. That was a special type of combining a double incentive that would encourage people to donate massive amounts of money. When the government first eliminated tax on donation of public securities, a philanthropist in Toronto stood up and donated $50 million as an example to everybody else of what can be done. That's the way to go, unlocking that kind of value. It already exists. Unfortunately, the exemption was repealed, but it already exists in terms of telling them, and getting the money out of them. That's an educational component.
Conservative
The Chair Conservative James Rajotte
Thank you, Mr. Jean.
I want to thank all of you for being with us here today.
Thank you very much for your presentations and your answers to our questions.
There's one thing further for Mr. Aptowitzer. If there's anything further you can submit to the committee on your definition of charity, we will look at this very interesting idea. If there's anything further on that you can submit, we would appreciate it.
If there is anything further from any of you, please submit it to the clerk. We will ensure everyone gets it.
Colleagues, just a brief note. You have a draft schedule. I have attempted to plot out our meetings as far as we can. It's a draft, so if there's something on here that needs to be changed, please let me know. We do have a Cisco meeting on Monday morning at 9:30. Please let the clerk know whether you will be able to attend.
Okay, thank you so much.
The meeting is adjourned.