Finance committee  Just quickly, there are some concerns about charities holding illiquid assets as well. So the preferred model would be that you can dispose of the private company shares and then donate the cash, because what does a charity do with the share of a private company?

Finance committee  There is a school of thought in tax theory that charitable donations aren't tax expenditures because they're not within the normative tax base. It's not a widely held view, but it is a view that does have some adherence, and that continues to this day. On the specific question o

Finance committee  There are some Canada Revenue Agency technical interpretations offering the view that when a corporation issues stock of its shares to a charity or issues stock options to a charity, that's not a recognized donation. That might be one way to incentivize corporate giving: the actu

Finance committee  It would be the one I proposed.

Finance committee  On the first issue of the single credit, there are other people making that submission before the committee. There's certainly something to be said for it. I don't think it's going to solve the revenue dilemmas that charities are currently facing, although it does have the benefi

Finance committee  Very quickly on bequests, I used to be an estate planner prior to joining the academy. A useful first step might be to take a look at what donations out of testamentary trusts created in wills are actually recognized as gifts. The way the law currently stands, many distribution

Finance committee  I have some concerns over this particular proposal. I think, as it's already been published in the media, it could trigger some potentially abusive planning in terms of people just aggregating donations into a single year, giving nothing in other years, or combining spousal don

Finance committee  We did have something similar to what you described before we transitioned from deductibility to tax credits. It had essentially the same effect. If you were in a higher tax bracket, you got a greater tax incentive. This was seen as regressive and as being unfair to donors. One

Finance committee  I'll just add that I do have some sensitivity for the perspective that at some point the income tax subsidy for charities becomes so extensive that the sector actually will become somewhat indistinguishable from government. That is a relevant policy consideration to take into acc

Finance committee  Some of the submissions that I've read online pertaining to the exemption of capital gains tax from donations of capital property already exist in the U.S. That would certainly be an example of the difference it can make in terms of volume of donations and the kind of donor you'r

Finance committee  In my specific proposal in terms of actually identifying what donations qualify, the provinces typically piggyback the federal system. In terms of gifts that are recognized federally, they're also recognized provincially. So that's one of the talking points. The second is that

Finance committee  Donations of services don't qualify under current law. That's not unique to Canada. There are probably some good reasons for that, at least one of which is the potentially highly significant revenue implications of recognizing donations of services, in the sense that people aren'

Finance committee  Yes. I have two points, just quickly. On the difficulty with the calculation regarding the tax expenditure for the capital gains exemption for gifts of capital property, it's very difficult to determine what revenue would have otherwise been realized, because the donor may well

Finance committee  Thank you. My name is Adam Parachin. I am an associate professor at the Faculty of Law at the University of Western Ontario, where I research and lecture in the field of the legal definition and regulation of charity. Perhaps not surprisingly, then, I'm going to bring the committ