CRA Extends Charitable Donations Deadline: Claim 2024 Tax Credits Until February 28, 2025
- Naureen Ali
- Jan 2
- 2 min read
In response to the recent Canada Post service disruption, the Government of Canada has announced an extension for charitable donations eligible for the 2024 tax year. Donors now have until February 28, 2025, to make contributions that can be claimed on their 2024 tax returns.
This extension aims to mitigate the impact of the four-week Canada Post mail stoppage, which affected many charities' fundraising efforts during the crucial holiday season. By providing additional time, the government seeks to ensure that donors can make their contributions and that charities can process these donations effectively.
Key Points to Consider:
Extended Deadline: Donations made up to February 28, 2025, are now eligible for a 2024 tax receipt. This adjustment offers donors increased flexibility in their charitable giving.
Legislative Process: The federal government intends to introduce legislation to amend the Income Tax Act accordingly once Parliament reconvenes in the new year. While the extension has been announced, it is pending formal legislative approval.
Impact on Charities: This measure is designed to support charities that rely heavily on year-end donations, ensuring they can continue to deliver vital services to communities across Canada.
Implications for Donors:
This extension provides an opportunity for individuals and corporations to plan their charitable contributions with greater flexibility. However, it's advisable to make donations as early as possible to ensure timely processing and receipting by the respective charities.
Next Steps:
While the extension offers additional time, donors should stay informed about the legislative process and any further updates from the Canada Revenue Agency (CRA). Consulting with a tax professional can provide personalized advice tailored to individual circumstances.
For more information on charitable donations and tax credits, visit the CRA's official page on giving to charity.
Please note that while this extension has been announced, it is subject to legislative approval. Donors are encouraged to monitor official communications for the most current information.