ࡱ> q` "MbjbjqPqP >r::DSLLLLLLL`HHH8LD`F 2 H H H H H H dFfFfFfFfFfFfF$HhJFL$-H H $-$-FLLH H FJ/J/J/$-|LH LH dFJ/$-dFJ/J/CLLDH  bH-C0F4F0FCK4.K,DKLDxH #J/R&V(H H H FF.dH H H F$-$-$-$-```D``````LLLLLL   Association of Fundraising Professionals (AFP) Pre-Budget Consultation Brief To The Department of Finance Regarding Enhancing the Voluntary Sector April 18, 2006 Association of Fundraising Professionals 275 Slater Street, Suite 900 Ottawa, ON K1P 5H9 (613) 236-0658 Background/Executive Summary The Association of Fundraising Professionals (AFP) is a professional association representing individuals responsible for generating philanthropic resources for charitable organizations. AFP is the largest association of fundraisers in the world, representing more than 27,000 practitioners around the world and more than 2,500 members in Canada. AFP sets the high standards for ethical behavior in fundraising. AFP members are required annually to sign its Code of Ethical Principles and Standards of Professional Practice, which were first developed in 1964. AFP instituted a credentialing process in 1981, which was designed to identify for the giving public fundraisers who possess the demonstrated knowledge and skills necessary to perform their duties in an effective, conscientious, ethical, and professional manner. AFP appreciates the Department of Finances continued outreach to the voluntary sector during its Pre-Budget Consultations. We are pleased to present our recommendations on how to improve the voluntary sector, and in particular, how to increase charitable giving in Canada. Recommendations AFP comes to the Department of Finance one key recommendation: Complete elimination of the capital gains tax on gifts of publicly traded securities to charities. In addition, AFP would strongly urge the department to consider: Creation of a government-sponsored day to recognize the importance of the voluntary sector and increase public awareness of charitable giving (e.g., National Philanthropy Day). The Voluntary Sectors Role in Canadas Economy Canadas charitable sector plays an increasingly critical role in ensuring the strength and vibrancy of many aspects of Canadian life for several reasons. The size of the voluntary sector and its impact on the overall Canadian economy and productivity The services and programs provided by the sector that directly or indirectly affect Canadas human and physical capital The entrepreneurial aspect of Canadas charities and voluntary sector organizations The critical way charities strengthen society, and thus the quality of life and ultimately productivity, through philanthropy and community involvement First and foremost, the size and scope of the Canadian voluntary sector makes up an important of the overall economy. There are more than 81,000 registered charities in Canada that receive approximately $10 billion in contributions annually, according to Statistics Canada. But the sector accounts for more productivity than just receiving contributions and providing services. In 1999, Statistics Canada estimated that the economic contribution of the sector was 6.8 percent of Gross Domestic Product greater than that of some business sectors, including agriculture and vehicle manufacturing. According to the recent Cornerstones of Community: Highlights of the National Survey of Nonprofit and Voluntary Organizations study, the sector posted $112 billion in revenues in 2003 and employed more than 2 million people. A strong voluntary sector is important not just for the individuals who rely on its services, but for all of Canada its economy, productivity and overall quality of life. Second, the programs and services that charities provide often directly or indirectly affect Canadas human and physical capital. For example, workforce and skills training, continuing, adult and remedial education, and similar program have a direct impact on human capital and productivity. Other types of programs, including such items as health, housing and the environment, can have an indirect affect on productivity by improving and strengthening human and physical capital. For example, if a country were to raise its literacy scores by one per cent relative to the international average, it could expect to eventually see a 2.5 per cent relative rise in labour productivity and a 1.5 per-cent rise in Gross Domestic Product (Statistics Canada, International Adult Literacy Study, February 2005). Canadas charities are unique in that they can increase human and physical capital while being nonprofit and remaining outside the business realm. Third, it is worth noting that charities are entrepreneurial by nature. They exist beyond the traditional government benefit providers, working in areas that either government cant or wont provide services. When donors give to charities, they are often supporting organizations that provide innovative, individually-tailored services and solutions to specific people in a particular geographic area or demographic group. This ability to pinpoint particular issues and address them in unique ways make charities an important part of the entrepreneurial capital equation. Consequently, donors should be encouraged to support this kind of entrepreneurial capital through tax incentives for charitable giving. By contributing to charities, donors are, in effect, becoming social entrepreneurs themselves, redirecting their capital to causes and solutions that will strengthen Canadian society. The tax code should include incentives that encourage this behavior. The Canadian government should also look to encourage philanthropy directly by publicly acknowledging and recognizing the importance of giving and volunteering at every possible opportunity. Fourth, an important side benefit of philanthropy through the voluntary sector is the strengthening of societal connections and bonds between individuals. Philanthropy unites people who might otherwise have very little in common. Charitable giving and volunteering are critical ways that communities come together to work on issues that affect them. They provide a common goal and common identity for all people a way to fit in and be a part of the larger picture. This impact on society and Canadas human capital should not be underestimated. All of these reasons point to a voluntary sector that is integral to the overall stability and health of Canada. Increases in Canadian productivity can be achieved through proposals that continue to strengthen the voluntary sector and encourage public involvement in the sector. Recommendation # 1: Complete elimination of the capital gains tax on gifts of publicly traded securities to charities AFP recommends to the Department of Finance that the capital gains tax be eliminated on all gifts of publicly traded securities to charities. This proposal is a smart and needed investment in entrepreneurial capital that will spur additional giving, allowing charities in turn to develop Canadas human and physical capital through a myriad of programs and services. AFP was delighted by the press release of January 7th by Stephen Harper announcing that a future Conservative government would remove the capital gains tax on gifts of listed stocks. This commitment was further emphasized by including this proposed measure in the Conservative election platform. The measure also has the publicly stated support of the Liberal party, the NDP and the Bloc Quebecois. In the past, the House of Commons Standing Committee on Finance also has supported eliminating the capital gains tax for gifts of securities. The committee went even further to include two additional recommendations in its 2004 report: Reduce the capital gains inclusion rate for donations of publicly traded securities and ecologically sensitive lands to public charities; and Subject to proper valuation, extend the asset classes to which this reduced capital gains inclusion rate applies to include real estate and land. AFP very much appreciates the support of the committee in the past on these recommendations and encourages the department to support them as well. The rationale behind these proposals has remained the same, as charities of all types continue to report receiving gifts of appreciated securities because of the reduction in the capital gains tax. AFP includes further rationale for eliminating the capital gains tax on gifts of appreciated assets below. AFP would first note, however, that another committee in Parliament has also endorsed these recommendations. The Standing Senate Committee on Banking, Trade and Commerce is conducting an ongoing investigation of the sector and how it can be strengthened. Its interim report, The Public Good and Private Funds: The Federal Tax Treatment of Charitable Giving by Individuals and Corporations, supported the idea of eliminating the capital gains tax on gifts of appreciated assets. In particular, its recommendations included: Eliminate the capital gains tax on donations of listed securities and ecologically sensitive lands to registered public charities; Eliminate the capital gains tax on donations of real property to registered public charities (as long as mechanisms are developed to ensure that proper valuations occur); and Eliminate the capital gains tax on donations of listed securities, ecologically sensitive lands or real property to private foundations on a temporary basis for five years (provided that appropriate governance and monitoring systems are in place to ensure that private foundations are clearly operating in the public interest and that self-dealing will not occur), with a review after that time to determine whether the provision should be made permanent. Clearly, there is a growing consensus in Parliament that the capital gains tax should be eliminated on gifts of publicly traded securities to charities. Therefore, the Department of Finance should feel confident in supporting these recommendations knowing that they are good policy decision and have the support of the voluntary sector and a strong majority in Parliament. AFP recommends their adoption this year. Rationale for Elimination of Capital Gains for Gifts of Publicly Traded Securities to Charity In 1997, a new provision was included in the federal budget that lowered the capital gains inclusion rate for gifts of qualifying marketable securities by 50 percent on a five-year experimental basis. At the end of that period, the government indicated that it would assess the effectiveness of this initiative. AFP and other charities sponsored a study by Deloitte and Touche which showed that over that five-year period, gifts of securities went from being a de minimis factor to accounting for, on average, 10 percent of a charitys receipted donations. The pilot provision was made permanent, and since that time, the Standing Committee on Finance has repeatedly recommended the complete elimination of the capital gains tax for gifts. Additional evidence supports the notion that the reduction in the capital gains tax is increasing charitable giving. According to Statistics Canada, charitable giving increased from $5.5 billion in 2001 to more than $8 billion in 2003. While there is no way to ascertain exactly how much of that increase was in gifts of stock, gifts of millions of dollars are not uncommon with stock. The elimination of the capital gains tax will encourage gifts of securities and have a widespread, positive effect on the voluntary sector and the Canadian public. Eliminating the capital gains tax for gifts of publicly traded securities will be a huge boon for productivity. The elimination of the capital gains tax is an investment in the entrepreneurial capital of the charitable sector. It will allow charities to greater leverage their resources (human and physical capital) into services that will directly or indirectly increase productivity. In the end, it is the millions of Canadians whose quality of life will be greatly increased who will benefit the most. While people give because they want to improve society, tax policy does affect how much they give, especially as the gifts become larger. Eliminating the capital gains tax creates a strong incentive for donors to give gifts of appreciated assets, which are typically larger and often in the millions (and even tens of millions) of dollars. Elimination of the tax will affect all charities. The Deloitte and Touche study referenced above found that all types of charities small, medium, large, national, regional, local, culture/arts, health, education and research, and social services saw increases in gifts of securities. A complete exemption is already proven to work. For many years, U.S. charities have reaped the benefits of a complete capital gains exemption for gifts of appreciated securities and other assets. While the situation in the U.S. and Canada is not strictly the same, enough similarities exist for AFP to be confident that a similar boom in giving will occur with a complete exemption. Complete elimination of the capital gains tax for gifts of securities is a critical way to help ensure sustainability and improve capacity of the voluntary sector. These policy changes would open up entirely new avenues of giving for Canadians, and the average size of these gifts would create additional opportunities for capacity building and self-sustainability. Recommendation # 2: Creation of a government-sponsored day to recognize the importance of the voluntary sector and increase public awareness of charitable giving (e.g., National Philanthropy Day). The creation of tax incentives to encourage Canadians to give to charity is one way the government can help ensure sufficient investment in human and physical capital through the voluntary sector. However, there are additional, more direct ways that the federal government can spur these types of investments from the public. The government must use every opportunity to increase awareness of charitable giving and volunteering and their impact on community, productivity and the overall quality of life in Canada. A day to honour and encourage charitable giving, sponsored by the federal government, would do much to increase awareness of charities and the important role they play in Canadian society. Such an occasion could be devoted to increasing giving and volunteerism and also be used to direct interested individuals to charities they might want to support. Honourary awards could be bestowed on individuals and organizations that performed exemplary charitable work as a way of inspiring further participation. Many organizations such as AFP already hold celebrations designed to encourage giving, raise awareness and honour donors and volunteers. AFPs own National Philanthropy Day is held on November 15 every year and includes celebrations in communities across Canada. The governments involvement could help create partnerships with media sources and other organizations to further increase awareness of philanthropy and encourage Canadians to invest in the voluntary sector. The Canadian government has moved one step closer to officially recognizing November 15 of each year as National Philanthropy Day, with the reintroduction of the National Philanthropy Day Act, Bill S-204. If this bill were enacted, Canada would be the first country in the world to permanently recognize NPD. While this proposal would not have a huge impact on the budget, it should be funded in an appropriate way to ensure that the message about the importance of philanthropy gets out to the public. AFP would note that the Senate Banking Committee included the creation of a National Philanthropy Day in its list of issues that it plans to address in its final report. We encourage the Department of Finance to support this recommendation. Conclusion AFP believes that the proposals in our comments will go a long way toward building the capacity of the sector and creating a stronger sense of community in all Canadians. With these proposals in place, donors will have greater incentive to give, charities will receive more support and increase their capacity to sustain themselves for the long-term, and the government may find that funding pressures decrease as private giving increases. Canadians will feel more connected with their communities, and communities, in turn, will be strengthened and enhanced by their involvement. Furthermore, the public is anticipating the complete elimination of the capital gains tax on gifts of appreciated securities to charities as outlined in the governments election platform. Any delay in implementing this provision will cause unintended negative consequences in our communities as donors (the public) postpone making new gifts to the charitable organizations they support, and, even more importantly, delay completing existing pledge commitments to charitable organizations in anticipation of more favourable tax treatment at a later date. Canadas voluntary sector is not just a societal force, assisting Canadians in need. It is a financial and business force as well, employing millions of Canadians and strengthening the overall economy. We encourage the Department of Finance to consider ways to help the sector not just because it is charitable and works to help others, but because by helping the sector, the department will help all of Canada. AFP appreciates this opportunity to comment before the Department of Finance. Should you have questions about these proposals, please contact AFP at (613) 236-0658 or  HYPERLINK "mailto:paffairs@afpnet.org" paffairs@afpnet.org.     AFP Comments/2006 Pre-Budget ConsultationsPage  PAGE 3 7WX^o! 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