2024
Tax-Deductible Donations: Important Update
As we head into tax season, we wanted to keep you informed
about an important update regarding 2024 charitable donations. The Canadian
government has officially extended the deadline for donations eligible for tax
deductions to February 28, 2025.
This extension was introduced to address the impact of the
Canada Post mail disruption that occurred last December, which affected many
year-end donation campaigns, include the Bruyère Health Foundation. While
Parliament is not currently in session, the Canada Revenue Agency (CRA) has
confirmed they will proceed with the deadline extension to provide certainty
for donors.
Key Details:
- Eligible
donations: Donations made by cash, cheque, credit card, money order,
or electronic payment will qualify for the extension.
- Ineligible
donations: Gifts made via payroll deductions or of property/securities
will not qualify.
- Tax
filing: You can claim donations made up to February 28, 2025, on
either your 2024 or 2025 tax return, or carry them forward for up to five
years.
This extension allows more time for those
wishing to make a charitable contribution and still receive a tax benefit for
the 2024 tax year. Thank you for your ongoing support during these challenging
times.