Whitby, Ontario, October 29, 2010
2010-102
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The Honourable Jim Flaherty, Minister of Finance, today highlighted regulatory changes that will help encourage U.S. residents to donate real property in Canada for use in the public interest of Canadians.
The interaction of the Canadian and U.S. tax systems can present an impediment to such donations. Designating the American Friends of Canadian Land Trusts (AFCLT) as a “prescribed donee” ensures that U.S. donors of Canadian real property to the AFCLT can obtain U.S. tax relief for such donations, at no cost to Canada.
“This initiative will encourage donations of lands so that they may be preserved for the enjoyment of current and future generations,” said Minister Flaherty, speaking at an event at Thickson’s Woods, a land trust nature reserve located in south Whitby, Ontario.
The granting of prescribed donee status is typically used to help protect Canada’s natural heritage. The AFCLT intends to achieve this goal by facilitating the acquisition, by Canadian land trusts and conservation organizations, of Canadian lands and interests or rights in Canadian lands that have been donated to it. As such, this designation encourages the preservation of natural areas in Canada that are owned by non-residents.
The regulatory changes were published in the Canada Gazette, Part II on October 13, 2010.
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
