Legislation Update

Standing Committee on Finance Makes Recommendation on Alternative Minimum Tax Regime

In anticipation of the 2024 Federal Budget, a report of the House of Commons Standing Committee on Finance entitled Shaping Our Economic Future: Canadian Priorities (the "Report") was released in February 2024. Following a study of the pre-budget consultations launched in June 2023, the Report sets out 359 recommendations over five broad categories, including support for businesses, support for people, support for communities, climate change and energy policy, and federal fiscal framework and government.

Notably, for the charitable sector, Recommendation 311 states:

Before proceeding with the proposed changes to the Alternative Minimum Tax, determine the impact these changes will have on charitable revenues by conducting an independent economic and financial analysis.