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Opinion

Charitable giving in the age of digital currency

By Tanya Woods      

Modernizing the Income Tax Act to support digital currencies is becoming increasingly important in a space where traditional charitable donations are stagnating.

In the last session, the Senate’s special committee on the charitable sector acknowledged that Canada must keep pace with technological development on fundraising disruptors like digital currencies. Photo by Kat Yukawa on Unsplash

Charitable donors across the country are used to receiving a tax credit from Ottawa on donations made to any of Canada’s registered charities or other qualified organizations. Since 1930, Canadian taxpayers have received a tax credit of 15 per cent on the first $200 they donate, and 29 per cent for eligible amounts over $200. It’s a tradition that covers assets ranging from cash and securities to gifts of ecologically sensitive land. So, now that digital currency is becoming more prevalent, with more than five per cent of Canadians holding Bitcoin, according to the Bank of Canada, why don’t donors of digital assets receive the same treatment? 

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Stand by me: a number of chiefs of staff stick with ministers

Feature|By Laura Ryckewaert
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