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What your charity needs to know about the Federal 2012 Budget.

April 2nd, 2012 Comments off

People across Canada are talking about the Federal 2012 Budget introduced on March 29, 2012. If you’re a board member of a registered charity, there are important changes you need to know. How about snuggling up on the couch tonight and immersing yourself in the 498 page document? No? Ok then, we’ll tell you some of the things you need to know.

New for charities in the Federal 2012 Budget:

–          rules and sanctions regarding political activities by registered charities;

–          rules about gifts to foreign charitable organizations;

–          GST rebate for literary organizations in the acquisition of books for free distribution;

–          promoter penalties related to charitable donation tax shelters.

For further details on all of these items, check out the Budget Brief.

The Canada Revenue Agency has released a series of FAQs on changes proposed by the Federal Budget to gifts to foreign charitable organizations and transparency and accountability.

And in an interesting twist, Budget 2012 included an announcement about phasing out of the penny. Following the example of other countries, donations of “old coins” are being suggested. Although the details of this are not yet clear, it is something that your charity should keep an eye out for. For more information about this, check out this backgrounder.

Stay tuned to Charity Central’s newsletter, blog posts, and Twitter feed for more information on the impact of the Federal 2012 Budget.

 

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