Quebec to follow Ottawa in extending the deadline for declaring donations
Posted December 31, 2024 1:37 pm.
Quebec is ready to follow Ottawa’s lead and extend the deadline for declaring charitable donations to the end of February, to mitigate the effects of this fall’s postal service disruption.
On Tuesday, the office of the Quebec’s Finance Minister announced the government’s intention to modify Quebec’s tax system so that charitable donations made up to February 28, 2025, will be eligible for tax assistance for the 2024 taxation year.
This follows the federal government’s announcement the previous day. Ottawa plans to table a bill at the start of the new parliamentary session to amend the Income Tax Act and implement this extension.
The aim is to give donors enough time to ensure that their contributions are received and processed, despite the Canada Post strike that interrupted mail delivery for a month before the holidays.
“Charities play an essential role in Quebec by lending a helping hand to citizens in need. Our goal today is to mitigate the impact that Canada Post’s service disruption has had on their fundraising campaigns,” said Quebec Finance Minister Eric Girard in a press release.
There are some 86,000 registered charities in Canada working in a variety of fields, from alleviating poverty to promoting education.
By reporting donations to a recognized organization on their income tax return, taxpayers can obtain a tax credit.
The federal government estimates that tax assistance for charitable donations should reach nearly $5 billion by 2024.
–This report by La Presse Canadienne was translated by CityNews
