National Philanthropy Day, Elimination of Capital Gains Tax on Certain
Gifts Key to Stimulating GivingOTTAWA, Aug. 15 /CNW/ -- The Association of Fundraising Professionals
(AFP) today called on Parliament to encourage charitable giving by eliminating
the capital gains tax on gifts of land and real estate and creating a
government-recognized National Philanthropy Day.
In written comments to the House of Commons Standing Committee on
Finance, AFP urged Parliament to follow up on its 2006 elimination of the
capital gains tax for gifts of appreciated securities and extend the provision
to gifts of land and real estate.
"We are so grateful to the Finance Committee and all of Parliament for
eliminating the capital gains tax for gifts of securities, but the work is not
yet done," said Susan Mullin, CFRE, vice-president of development for the York
University Foundation in Toronto and chair of AFP's Government Relations
Committee. "Land and real estate are becoming very popular ways of
accumulating wealth in Canada. However, just as was previously the case for
those gifts of securities, contributions of land and real estate are currently
stymied by a tax system that makes such giving too burdensome and not
attractive to most donors. Eliminating the capital gains tax for such gifts
would significantly spur charitable giving to all types of organizations."
In its brief, AFP noted that the Canadian nonprofit sector includes more
than 160,000 organizations, of which approximately 87,000 are registered
charities, has more than $100 billion in annual revenue and possesses even
more than that amount in net assets. One way to encourage awareness of these
charities and encourage additional giving is through the creation of a
National Philanthropy Day.
"A day to honour and encourage charitable giving, sponsored by the
federal government, would do much to increase awareness of charities and the
important role they play in Canadian society," stated Mullin. "Such an
occasion would be devoted to increasing giving and educating interested
individuals about charities they might want to support."
Many charities across Canada already celebrate National Philanthropy Day
on November 15 every year. AFP stressed the important role the federal
government could play in this event by helping to create partnerships with
different government agencies, media outlets and other nonprofit
AFP leadership is available for interviews and comments regarding these
and other aspects of charitable giving and volunteerism. A copy of AFP's
written comments is also available upon request.
The Association of Fundraising Professionals (AFP) represents 28,000
members in more than 190 chapters around the world, including 3,000 members in
Canada, working to advance philanthropy through advocacy, research, education
and certification programs. The Association fosters development and growth of
fundraising professionals and promotes high ethical standards in the
fundraising profession. Visit AFP on the web at http://www.afpnet.org.
For further information: Walter Sczudlo, Executive Vice President,
+1-703-519-9455 or Jason Lee Director, Government Relations, +1-703-519-8484
both of Association of Fundraising Professionals Web Site: