Legislation Update (May 30, 2024)

Federal Bill C-69, Budget Implementation Act, 2024, No. 1

Following the release of Federal Budget 2024 on April 14, 2024, draft legislation to implement certain provisions of the Budget was introduced and, most recently, received second reading on May 22, 2024. Bill C-69, Budget Implementation Act, 2024, No. 1 ("Bill C-69") includes certain provisions of Budget 2024 that impact the charitable and not-for-profit sector as previously explained in Charity & NFP Law Bulletin No. 526.

Part 1 of Bill C-69 implements amendments to the alternative minimum tax set out in the Notice of Ways and Means Motion to Amend the Income Tax Act and the Income Tax Regulations, with the exception of an exemption from the alternative minimum tax for certain trusts relating to Indigenous Groups, as described in Charity & NFP Law Bulletin No. 526.