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Decentralized Democracy

House Bill

Bill C-240

44th Parl. 1st Sess.
June 08, 2022
An Act to amend the Income Tax Act (donations involving private corporation shares or real estate)
  • Bill C-240 is a proposed amendment to the Income Tax Act in Canada. Its purpose is to provide an exemption from capital gains tax for certain donations made to charities involving real estate or private corporation shares. If passed, this bill would allow individuals to donate these assets to charities without having to pay capital gains tax on the appreciated value of the assets. The exemption would apply if certain conditions are met, including the donation being made to a qualified charity within 30 days of the disposition, and the taxpayer being a resident of Canada. The bill also includes provisions for cases where the taxpayer is deceased and when the taxpayer or qualified donee acquire the property after the disposition. The bill aims to incentivize charitable giving by providing tax benefits for donating real estate or private corporation shares to charities.
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  • Yea (145)
  • Nay (171)
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