
January 1-February 28, 2025 donations eligible to be claimed on 2024 tax return
At the end of last year, the federal government announced it would introduce legislation so that charitable donations made in early 2025 would be eligible to be claimed on your 2024 tax return. The CRA has confirmed that it will proceed with administering this 2024 deadline extension for charitable donations to February 28, 2025.
What does this mean for individuals? For donations made between January 1 and February 28, 2025, you may claim them on your 2024 tax return. If you choose to not claim these donations made during the first two months of 2025 on your 2024 personal tax return, you may still claim them on your 2025 return or carry forward the amount.
What does this mean for corporations? For the purposes of the 2024 charitable donations extension, corporations must have a taxation year that ended after November 14, 2024, and before January 1, 2025, to apply for the extension. A corporation that meets this taxation year-end condition and makes a gift before March 1, 2025, may choose to deduct the eligible amount of the gift on its 2024 corporate income tax return.
Does this apply to donations of public company stocks? No. Any donations of public company stocks made between January 1 and February 28, 2025 will only be eligible for a 2025 tax receipt.
UJA will be issuing tax receipts in early March 2025 for any donations received during the extension period so that donors have the option of claiming these receipts on their 2024 tax returns.
Thank you for your generosity—we are grateful for your continued partnership in strengthening our Jewish community.