Sector News & Trends Policy & Regulation Submission for the Pre-2024 Budget Consultations Published: August 2, 2023 Documents PFC Documents Policy & Regulation Submission for the Pre-2024 Budget Consultations Philanthropic Foundations Canada (PFC) recommends that the government fully implement its policies and commitments from over the last few years to modernize the regulatory framework for the non-profit and charitable sector – most notably related to the increase to the disbursement quota rate for charities with assets over $1M, as well as the new qualifying disbursements regime, which permits granting to non-qualified donees. This modernization is imperative in making our country more inclusive, more resilient and more prosperous in a world threatened by the climate crisis, conflicts, and persistent and growing inequalities. PFC is optimistic that the government will ensure sufficient supports for new regulations, and follow through on its promises from Budget 2022 to put into place an adequately resourced regular review mechanism for the disbursement quota. We also are optimistic that the government will improve data collection from charities, including whether charities are meeting their disbursement quotas, and on investments and donor-advised funds. Overhauling the T3010 is the ideal way in which the government can meet this need. In addition, we encourage the government to unlock the power of philanthropy to make impact investments, and move towards ensuring a home in government for our sector – given how central an economic power and social underpinning it serves for communities in Canada, particularly the most vulnerable.