Department of Finance Canada released draft legislation to extend the 2024 charitable donation deadline.
The proposal would amend the Income Tax Act so eligible donations made up to February 28, 2025 could receive tax support for the 2024 tax year.
Finance Canada said the draft legislation explained how the extended deadline would apply and which types of donations would be eligible.
The measure applied to individuals, corporations, and graduated rate estates, according to CRA's administrative clarification.
Finance Canada said there are about 86,000 registered charities in Canada and projected federal tax assistance for donations to registered charities and other qualified donees at almost $5 billion for 2024.
The extension was designed to preserve 2024 tax recognition for donations made after the usual year-end date but before the new February 28, 2025 deadline.
For donors and charities, the timing mattered. A later deadline could affect 2024 donation receipts, personal tax-credit claims, corporate deduction planning, and year-end fundraising.