Ottawa – The Department of Finance released draft legislation (and related explanatory notes) to amend the Income Tax Act to extend the deadline for making donations eligible for tax support in the 2024 tax year to February 28, 2025. This draft legislation provides further details on how the extended deadline will be applied and which types of donations will be eligible. Given the need to provide taxpayers with certainty as to how donations made during the extension period will be treated, the Department of Finance is not soliciting feedback on the draft legislation.
Canada’s charities work tirelessly to address poverty and hunger, improve socioeconomic outcomes for Canadians, and keep communities connected and informed. Many charities depend on the generous donations of Canadian individuals and businesses, particularly those made during the holiday season, to carry out this valuable work. This extension will help mitigate the impacts of last year’s Canada Post mail stoppage by providing donors with sufficient time to ensure their contributions are received and processed, helping charities to continue delivering vital services to the communities that depend on them. The government will introduce the legislation in Parliament effecting these changes in due course.