Finance Issues Important Amendment on New Estate Donation Rules
The Department of Finance has listened to Canadian Association of Gift Planners!
Over the last year, CAGP has expressed concern to the Department of Finance over new legislation which came into effect on January 1st and which had a potentially negative impact on estate gifts. Specifically, it noted that the 36 month timeframe to settle a graduated rate estate was too limited, possibly putting the tax credit from a charitable gift at risk in situations where an estate is complex, illiquid or litigious.
An amendment to this legislation announced by Finance this past Friday responds to this issue by extending this period to 60 months after the individual’s death. For more information, please see the Backgrounder from the Department outlining this and other amendments to the legislation.
CAGP thanks the Department of Finance for this important change and for their continued support of a positive tax environment that enables charitable giving in Canada. Special thanks also to CAGP’s Government Relations Committee for their leadership and expertise on this important matter.
Message from the National Office of CAGP posted Jan 19, 2015Print PDF