While this proposal is
remedial in the sense that it will permit a specially large donation to be spread over two years, I do not think it meets the needs of a good many people who are generous givers and who use up their 10 per cent exemption by the middle of the year. I wonder whether the minister would consider again the desirability of meeting this problem in a different way, that is by increasing the exemption from 10 per cent to 15 per cent in the case of individuals and from 5 per cent to 7J per cent in the case of corporations. It is not likely to be a costly item to the treasury, but it would be an encouragement to those generous givers for whose giving there are certainly plenty of worthy objects these days.
Income Tax Act
I have run across many cases, as have other members, where the 10 per cent is exhausted by the middle of the year, and that does restrain the generosity of people who want to help worthy causes. In fact I think a good many people feel that their normal giving to their church accounts for the 10 per cent, and anything they give on top of that of course is beyond the exemption which now exists. I do suggest this is a matter worthy of consideration by the minister.
Subtopic: INCOME TAX ACT