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Finance committee launches pre-budget consultations for 2024
Even though it feels like we just finished the 2023 federal budget cycle, it’s already time to gear up for next year. The House of Commons Standing Committee on Finance is requesting that Canadians share their priorities for next year’s federal spending by August 4, 2023.
The sector seeks consensus and a louder voice in Ottawa
More than 60 representatives from across the nonprofit sector gathered in Ottawa for two days this Spring for an event convened by Imagine Canada. The purpose was to discuss how the sector could find common ground and work together to advance key shared priorities through the federal budget process. Four broad themes emerged for the 2024 pre-budget consultation process: funding, data, labour (paid and volunteer) and a home in government for the sector. Work will begin over the summer to engage participants and non-participants in some common recommendations.
Updated lobbyist code of conduct goes into effect July 1, 2023
Following public consultations (which Imagine Canada participated in), the Commissioner of Lobbying has released an updated Lobbyist Code of Conduct, which applies to anyone lobbying the federal government. Among the changes include a stipulation that lobbyists should not offer officials gifts exceeding the value of $40 or $200 annually.
Click here to read the updated code
Pre-budget consultation toolkit - A tool to help you have your voice heard
The presentation of the federal budget is one of the most politically significant moments of the year. It is when the government announces new spending and unveils many of its legislative priorities. At the same time, the presentation of the budget is just one part of a year-long budget cycle - one that provides lots of opportunities for charities and nonprofits to get involved. We’ve put together a simple toolkit to help you navigate the pre-budget consultation process more smoothly.
Click here to see the toolkit.
Consultation on proposed changes to Canadian Accounting Standards for nonprofits
The Canadian Accounting Standards Board recently released draft changes to accounting standards related to recognizing contributions and nonprofit financial statements. The proposed changes, once finalized, will affect all organizations that apply Accounting Standards for NFPOs (Part III of the Canadian GAAP Accounting Handbook) and will result in significant change to many NFPO financial statements. The consultation period for these draft changes runs until September 30, 2023.
Click here to read the draft and share your feedback.
Will your organization be impacted by changes to the Alternative Minimum Tax?
In the last Budget, the federal government introduced changes to the Alternative Minimum Tax (AMT), which reduced the inclusion of the Charitable Tax Credit from 100% to 50% when calculating the AMT. This change may disincentivize large charitable donations made by wealthy donors over time. We are working to understand the impact of this proposed change on donor behaviour. Has your organization received a large gift in the last 20 years? Do you have any comments or concerns regarding changes to the Alternative Minimum Tax? Whether your organization has received a large donation or not, we want to hear from you!
Click here to share your thoughts.
