The Canadian Finance Minister, Paul Martin, announced last week that a tax break on charitable giving initially introduced as a five year trial in 1997, will become a permanent feature of the Canadian tax system.
The rules, which were set to expire on December 31st 2001, allow for a reduced capital gains inclusion rate on charitable gifts of listed securities which have appreciated in value, and were introduced in order to see if this would increase the gifting of securities as charitable donations.
Both the government's own studies and independent research have revealed this to be the case, and one planned giving association survey recently lauded the experiment as 'the greatest success since the introduction of the charitable tax receipt.'
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