Thank you very much, Mr. Chair.
In my hometown of Winnipeg, there are currently two major projects going on in the arts community. One is the Inuit art gallery, and the other is the Diversity Gardens project at beautiful Assiniboine Park in my riding. Both of these projects are multi-million dollar projects that have government grants. I was on Winnipeg City Council, in fact, when we were asked to contribute. One of the major things we were looking for as elected officials was buy-in from private donations, from the private sector, and they stepped up. Millions of dollars were raised for the Diversity Gardens at Assiniboine Park, and millions for the Inuit art gallery.
We hear a lot about asking government to contribute, and government is certainly part of the answer in a crisis of this magnitude, but they can't do everything. There are a number of policy areas that I'm wondering about—I think I'm going to direct my question to Ms. Baldwin, at least initially—that I think government could do and that wouldn't involve direct subsidy.
For example, we have heard the policy option of increasing the charitable tax credit to drive more donations. Our party has floated the idea. In fact, it would be the subject of my private member's bill, if we ever get back to Ottawa. It would be the old Don Johnson policy, Mr. Chair, about allowing private capital, private shares in corporations, to be donated to charities.
Third, I mention this because foundations are a key part of this as well, and I mention it last because they would also benefit from an increase in the tax credit and the donation of private shares. Right now, under the Income Tax Act, which is my critic area portfolio in opposition, foundations are regulated, in that they have to disburse at least 3.5% of their assets every year. Foundations currently hold over $80 billion in assets, and government certainly has it within its power under that act to increase the amount that foundations contribute. If they were to increase it to, say, 4.5%, that would be another $800 million.
These are private sector, non-government policy solutions, so I'm wondering if maybe we could have a discussion about that as well.
With that, Ms. Baldwin, it was a long introduction, but I'll let you have at it.