Bill C-321: An Act to amend the Income Tax Act (tax credit for gifts)

Bill C-321 If you have any questions or comments regarding the accessibility of this publication, please contact us at [email protected]. First Reading LEGISinfo Bilingual view XML PDF Skip to Document Navigation Skip to Document Content ENGLISHSUMMARYSUMMARY1 Income Tax Act1 Income Tax Act Second Session, Forty-third Parliament, 69-70 Elizabeth II, 2020-2021 HOUSE OF COMMONS OF CANADA BILL C-321 An Act to amend the Income Tax Act (tax credit for gifts) FIRST READING, June 22, 2021 Mr. Masse 432044 SUMMARY This enactment amends subsection 118.‍1(3) of the Income Tax Act to have the tax credit for charitable and other gifts computed in the same manner as the tax credit for monetary contributions to federal political parties and candidates, when the total amount of those gifts in a taxation year does not exceed $1,625. It also provides for a manner to compute the tax credit when the total amount exceeds $1,625. Available on the House of Commons website at the following address: www.ourcommons.ca 2nd Session, 43rd Parliament, 69-70 Elizabeth II, 2020-2021 HOUSE OF COMMONS OF CANADA BILL C-321 An Act to amend the Income Tax Act (tax credit for gifts) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: R.‍S.‍, c. 1 (5th Supp.‍) Income Tax Act 1 Subsection 118.‍1(3) of the Income Tax Act is replaced by the following: Tax credit for gifts (3) For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted any amount that the individual claims that does not exceed, (a) if the individual’s total gifts for the year does not exceed $400, 75% of the total gifts; (b) if the individual’s total gifts for the year exceeds $400 without exceeding $750, $300 plus 50% of the amount by which the individual’s total gifts for the year exceeds $400; (c) if the individual’s total gifts for the year exceeds $750 without exceeding $1,625, $475 plus 33 1/3% of the amount by which the individual’s total gifts for the year exceeds $750; and (d) if the individual’s total gifts for the year exceeds $1,625, $650 plus the amount equal to the product obtained by multiplying the highest individual percentage that applies to the individual for the year by the amount by which the individual’s total gifts for the year exceeds $1,625. Published under authority of the Speaker of the House of Commons Publication Explorer Publication Explorer ParlVU