On December 30, 2024, the Department of Finance announced that the federal government intends to amend the Income Tax Act to extend the deadline for making eligible 2024 charitable donations until February 28, 2025.
This extension is intended to mitigate the impact of the four-week Canada Post mail stoppage, providing donors with sufficient time to ensure their contributions are received and processed. This measure will help charities continue to deliver vital services to the communities that depend on them.
The Canada Revenue Agency (CRA) has now stated that they will process 2024 income tax returns based on the assumption that this extension is eventually passed into law.
To read the Canada Revenue Agency’s statement, click here.
Please contact your Lipton LLP advisor if you would like to discuss your specific situation.