1. Bill C-470
Our friends at Imagine Canada have been keeping Orchestras Canada in the loop as the discussion on Bill-C470 (a federal private member’s bill intended to make certain changes to the Income Tax Act that would affect both compensation and reporting on compensation at Canadian registered charities) continues at the Standing Committee on Finance.
The Committee will report on its findings by December 17; in the meantime, however, we’ve learned via Imagine that “Albina Guarnieri, the Bill’s author, appeared and proposed amendments that would eliminate the compensation cap and limit the effects on smaller charities by placing a $100,000 floor on compensation that would be publicly divulged. This is a significant development and reflects the strong, united, and measured messages that the sector has sent to Parliamentarians.”
You can learn more about Imagine’s work on this file, here and here.
2. Federal Pre-Budget Consultations
While we await formal release of the federal Standing Committee on Finance’s report on its pre-budget consultations, public discussion about one of the recommendations Orchestras Canada (in partnership with many other charities and umbrella organizations) put forward to the committee on the need for improved incentives for charitable giving, has been heating up.
In our brief to the Standing Committee, Orchestras Canada recommended that “the Government of Canada establish a “stretch” tax credit that would increase the federal charitable tax credit by an additional 10% on all new giving up to $10,000, in order to increase the flow of charitable gifts from Canadians., and ensure that charities can play their role in strengthening Canadian society.”
Last week, Statistics Canada published a report on the latest, somewhat alarming, trends in charitable giving by Canadians. You can find more on this on Imagine Canada’s blog, here.
On November 30, Thomas Mulcair, MP for Outremont (and member of the Standing Committee on Finance) introduced a private member’s bill that calls for the implementation of the “stretch” tax credit. You can review it, here.
On Friday, December 3, the Globe and Mail published a sobering and important article on these trends – which you can read here.
On December 6 – in response to the earlier article – the Globe published an editorial expressing support for the very tax measure we recommended – which you can read here.