Ottawa, ON – Marty Morantz, Member of Parliament for Charleswood—St. James—Assiniboia—Headingley, this week introduced Bill C-240, the Supporting Canadian Charities Act.
During COVID-19 many charities have continued to step up and provide much-needed services to those in need including food banks, homeless shelters, and those providing counselling. There are other charities that have had to suspend or limit their operations, including children’s programs, disability programs, and many others.
“Many Canadian charities are struggling to raise much-needed funds during this pandemic,” said Morantz. “Their traditional fundraisers aren’t an option, and many of their traditional donors can no longer afford to make a monthly donation. All this is leaving charities across Canada struggling.”
This legislation will help charities by waiving the capital gains tax on an arm’s length sale of private shares or real estate when the proceeds of the sale are donated to a charity.
According to reports tabled at the Special Senate Committee on the Charitable Sector, Bill C-240 will generate up to $200 million a year in new donations and help charities offer their much-needed services. This legislation will empower Canadians to decide where their money should go and choose the charities, large or small, that make a difference in their communities.
“This common-sense legislation is a way to help struggling charities and allow Canadians to give back,” said Morantz. “My hope is that all parties can work together to pass this important legislation.”