Draft legislation released from Finance today regarding 2024 donation extension. Two new sections added to the ITA:
- 110.1(18) "2024 - extension of time" (deduction), and
- 118.1(29) "2024 - extension of time (tax credit)"
110.1(18) A gift made by a taxpayer before March 2025 and after the end of a taxation year of the taxpayer that ended after November 14, 2024 and before 2025.
118.1(29) A gift made by an individual before March 2025 and after the end of a taxation year of the individual that ended after November 14, 2024 and before 2025.
The donations must be in the form of cash, cheque, credit card, money order or electronic payment.
Government of Canada releases draft legislation to extend 2024 charitable donations deadline
Originally posted on LinkedIn on January 23, 2025
------------------------------
John Oakey
CPA Canada
------------------------------