Johnson Proposes Additional Giving Incentives on National Philanthropy Day®
November 19, 2012
On Nov. 15, National Philanthropy Day®, noted businessman and philanthropist Donald K. Johnson O.C., LL.D, addressed the Economic Club of Canada and urged Parliament to enact new legislation and incentives to further encourage additional giving and volunteering across Canada.
Johnson focused on the opportunity for the federal government to unlock additional private wealth for public good by removing the capital gains tax on gifts of two appreciated assets – private company shares and real estate.
“Of the alternatives for the government to provide additional tax incentives for charitable donations, the single, most effective step for the government to take is to expand the capital gains tax exemption to include gifts of private company shares and real estate,” said Johnson in his remarks. “Removal of this barrier to charitable giving would unlock more private wealth for public good.”
AFP has supported these proposals in its comments to the Standing Committee on Finance during its Pre-Budget Consultations.
In addition to speaking about specific proposals, Johnson also laid out what each individual and organization can do to push Parliament to implement these ideas.
To help ensure these measures are in the next budget, it is essential that all Members of Parliament and Senators understand the benefits of these proposals and communicate their support to the Leaders of their Parties,” added Johnson.
A copy of Johnson’s comments is available here.