Bill C-600: An Act to amend the Income Tax Act (tax credit for charitable gifts)

C-600 Third Session, Fortieth Parliament, 59 Elizabeth II, 2010 HOUSE OF COMMONS OF CANADA BILL C-600 An Act to amend the Income Tax Act (tax credit for charitable gifts) first reading, November 30, 2010 Mr. Mulcair 403213 SUMMARY This enactment amends section 118.1 of the Income Tax Act to provide an additional non-refundable tax credit to taxpayers whose total eligible charitable gifts for the current taxation year are greater than the total eligible charitable gifts claimed in the 2009 taxation year. Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca .vis1 {position: absolute;display:block;} .vis2 {position: static;} 3rd Session, 40th Parliament, 59 Elizabeth II, 2010 house of commons of canada BILL C-600 An Act to amend the Income Tax Act (tax credit for charitable gifts) R.S., c. 1 (5th Supp.) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Section 118.1 of the Income Tax Act is amended by adding the following after subsection (3): Additional deduction for charitable gifts (3.1) For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted such additional amount as the individual claims, subject to the lifetime tax credit limit set in subsection (3.2), not exceeding the amount determined by the formula A x B where A      is the amount by which the individual’s total charitable gifts made in the current taxation year exceeds the total charitable gifts declared and claimed as a deduction under subsection (3) by the individual in 2009; and B      is equal to (a) 10%, if the individual’s total charitable gifts made in the current taxation year exceeds $200, or (b) zero, in any other case. Lifetime limit (3.2) For the purposes of the calculation in subsection (3.1), the lifetime tax credit limit is $10,000. Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada