By Terrance S. Carter, Sean S. Carter, Urshita Grover, Theresa L.M. Man, Ryan M. Prendergast, Esther Shainblum, Cameron A. Axford and Martin U. Wissmath

Finance Minister Chrystia Freeland tabled the eighth budget of the Liberal federal government (“Budget 2024”) on April 16, 2024. Budget 2024 is comprised of eight chapters and three annexes, with the relevant proposed tax measures being summarized in “Tax Measures: Supplementary Information” that includes a Notice of Ways and Means Motion to Amend the Income Tax Act (“ITA”) setting out the specific proposed amendments to the ITA.

Charity & NFP Law Bulletin No. 526 provides a brief summary and commentary on relevant provisions proposed in Budget 2024 that impact the charitable and not-for-profit (“NFP”) sector. Budget 2024 includes a number of legislative proposals that will directly affect charities and NFPs, including a degree of relief to the Alternative Minimum Tax involving gifts to charities, as well as “improv[ing] the operations of the rules related to registered charities and other qualified donees” concerning the requirements to be a registered foreign charity, communication and services to charities, and donation receipts, as well as expanding the powers of the Canada Revenue Agency (“CRA”). In addition, Budget 2024 includes an announcement that legislative amendments will be made to expand the capabilities of the federal government to share information in order to combat money laundering and terrorist financing. Finally, of note, Budget 2024 includes program funding initiatives and grants of interest to the charity and NFP sector, including affordable housing, post-secondary institutions, community organizations, and not-for-profit child care.

To read the balance of this Bulletin, click here.

​Read the April 2024 Charity & NFP Law Update