Bill C-600
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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 Commons
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Available from:
Publishing and Depository Services
Public Works and Government Services Canada