Budget 2016: Impact On Charities

Finance Minister Bill Morneau delivered the government's 2016 federal budget yesterday. Below is a summary of some of the announcements from the budget that will impact charities.

Update on Previous Budget Proposal: Capital Gains Exemption for Donations of Real Estate and Private Company shares

The 2015 federal budget proposed to extend the exemption for capital gains tax to situations where the proceeds from the sale of private company shares or real estate are donated to charity, as discussed in this previous post. In yesterday's budget, the government announced that it does not intend to proceed with these changes. This is unfortunate news for the charitable sector, as it was hoped that this change would help boost charitable donations.