{"id":19405,"date":"2015-09-09T15:34:24","date_gmt":"2015-09-09T19:34:24","guid":{"rendered":"https:\/\/www.cccc.org\/news_blogs\/?p=19405"},"modified":"2016-02-18T09:28:18","modified_gmt":"2016-02-18T14:28:18","slug":"implementation-of-budget-2015-an-update","status":"publish","type":"post","link":"https:\/\/www.cccc.org\/news_blogs\/legal\/2015\/09\/09\/implementation-of-budget-2015-an-update\/","title":{"rendered":"Implementation of Budget 2015 – An Update"},"content":{"rendered":"

Authored by Nevena Urosevic, Associate Director of Legal Affairs<\/em><\/p>\n

Noteworthy\u2019s blog post titled Charity Highlights of Budget 2015<\/a> outlined and explained the three proposed changes to charity law found in Budget 2015. They are:<\/p>\n

    \n
  1. Capital gains tax exemptions for donations of proceeds from the sale of private shares and real estate<\/li>\n
  2. Allowing charities to invest in limited partnerships<\/li>\n
  3. Expanding the concept of \u201cqualified donees\u201d to foreign charitable foundations<\/li>\n<\/ol>\n

    This blog post serves as an update to the three proposed changes.<\/p>\n

    Capital Gains Tax Exemptions for Private Shares and Real Estate<\/h3>\n

    On July 31, 2015, the Department of Finance released for consultation draft legislative proposals for the implementation of the capital gains tax exemption. The new capital gains exemption would be found at paragraph 38(a.4) of the Income Tax Act<\/em> (\u201cITA<\/em>\u201d) and would render a taxpayer\u2019s taxable capital gain from the disposition of property zero if:<\/p>\n