AFP Comments on Bill C-458
Mr. Peter Braid, the Member of Parliament for Kitchener-Waterloo introduced a Private Members Bill, Bill C-458, in the House of Commons on October 31st, 2012. The legislation entitled An Act Respecting a National Charities Week and to Amend the Income Tax Act (Charitable and Other Gifts) is awaiting second reading debate.
This Bill has two key components:
1. Amend the Income Tax Act to allow for charitable gifts made by an individual within 60 days after the end of the taxation year to be deducted from their taxable income for that taxation year.
2. Establish the last seven days of February each year, throughout Canada, as National Charities Week.
While AFP applauds Mr. Braid's support for the Charitable Sector and his enthusiasm to introduce changes to tax laws, AFP has provided these comments about the bill.