Mar 2019 Charity & NFP Law Update
On March 19, 2019, Finance Minister Bill Morneau tabled the fourth budget of the Liberal Federal Government (“Budget 2019”). Similar to previous budgets by the Liberal Government, Budget 2019 again focuses on investing in the middle class, economic growth, as well as advancing reconciliation with Indigenous peoples in Canada.
This Charity & NFP Bulletin provides a summary and commentary on these and other provisions from Budget 2019 that impact the charitable, not-for-profit, and health sectors. In this regard, Budget 2019 includes a number of important tax incentives and amendments. The most important are the addition of registered journalism organisations as qualified donees, as well as amendments to the Income Tax Act and the Cultural Property Export and Import Act to ensure that existing special tax incentives will continue to be available for donations of cultural property of outstanding significance to designated institutions in Canada, such as museums and public art galleries, notwithstanding a recent court decision that had raised uncertainty in this regard. In addition, amendments are proposed to the Excise Tax Act to expand the list of GST/HST-exempt health care services to include a multidisciplinary health care service, as well as the creation of a $755 million Social Finance Fund.
For the balance of this Bulletin, please see Charity & NFP Law Bulletin No. 443.