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Recently the federal government has made a proposal that may affect how you can claim certain charitable donations on your 2024 income tax return. While the proposed legislation is not expected to be discussed in parliament in time, Revenue Canada has confirmed that it will honor the intention of the proposal.
What does this mean for your gifts to TCM?
You will receive a receipt for all donations made during 2024. If you decide to make additional gifts to TCM you can make a gift here today. If we receive your donation by February 28, 2025, or if it is postmarked in January or February 2025, we will issue an additional receipt by March 31, 2025 for those donations.
You will then have the option of either:
(1) Claiming this second receipt on your 2024 income tax return, or
(2) Leaving the donations to claim on your 2025 income tax return.
In January/February 2026, we will issue another tax receipt for all donations received from March 1, 2025, through December 31, 2025.
Please remember that in order for donations to be included in the appropriate tax receipt, we must receive your gifts by the deadline dates, or they must be postmarked within those dates.
What types of donations are covered by this extension?
This extension applies to cash donations made by cheque, credit card, money order, or electronic payment. Unfortunately, it does not apply to gifts-in-kind, payroll deductions, or bequests from individuals who pass away after 2024.
We hope this update helps clarify how the proposed legislation might affect your charitable giving and tax planning. As always, we are deeply grateful for your generosity and ongoing support of TCM.
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