Charities — Take stock of new 2024 budget changes

This year, the budget announced several new measures, including some welcome revisions to the proposed alternative minimum tax (AMT) rules and an increase to the capital gain inclusion rate that may affect certain donors. The budget also included other administrative proposals that are expected to affect charities, including changes to donation receipt requirements and adjustments to the way the CRA and charities communicate. As a result of these changes, registered charities should reach out to high-net-worth prospective donors to explain how they may be affected by the budget’s proposed adjustments, and also consider how their own administrative processes may need to change.

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