The federal government has extended the deadline for making charitable donations eligible for the 2024 tax year to February 28, 2025. This adjustment comes in response to delays caused by the recent postal strike, which disrupted the timely processing of mailed donations.
Normal deadline for making charitable donations
Normally, donations need to be made by December 31 to qualify for tax deductions in the same year. With this extension, you have extra time to finalize contributions while still benefiting from the tax deductions on your 2024 return. The extension itself isn’t likely that important for many donors, although I’m sure some charities will find significant relief.
Time to re-evaluate giving strategy?
However, to me this is a great reminder for us to reevaluate charitable giving. For some people, this may also be the time to create a plan appropriate for your business and investing activities. Further, this may be an opportunity to implement a mentoring process about charitable giving with your kids or grandkids.
All of these options can be part of a larger plan for overall legacy planning, which is an exciting topic to think about at any stage in your business.
Let me know if you’d like to discuss how charitable giving fits into your overall financial strategy.
Resources
To learn more about the CRA extension of the deadline for making charitable donations, you can read the official announcement here: Government of Canada News Release.
For additional resources related to charitable giving as it relates to your overall plans and strategies, see:
More questions?
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Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
