This time it’s the right one! Our donors can now benefit from tax credits on their donations.
André Ryan, chairman of the board of directors
Brian Myles, Director
103333514RR0001. Never has an alphanumeric combination inspired us with so many emotions. This issue establishes the new status of Duty as a qualified donee with the Canada Revenue Agency (CRA).
Since October 1, The duty has its full recognition as a registered journalism organization (RJO). We are proud to announce to our donors that the donations they make to Duty will now be tax deductible. The duty thus becomes the eleventh media outlet to benefit from qualified donee status in Canada as part of a standardized program established by the federal government in 2018-2019 in order to support journalism, an essential profession whose vitality goes hand in hand with that of democratic institutions.
A world of possibilities opens up to us. We have big plans for the future to bring The duty even further, and so that it can enlighten and inspire you in a universe that is gaining in complexity. Starting today, we are launching our philanthropy campaign with renewed energy, knowing that your patience and generosity are finally recognized.
An engaged supportive community
Our supportive community has never waited for a tax benefit to show generosity towards the Duty throughout its history. We had a foot in philanthropy since 1916. When we faced adverse pressures, or when we launched future projects, such as our mobile application in 2017, we turned to you. And we have never been disappointed with your response.
As proof of this, we can point to the support of 6,000 individual donors since 2018, as well as the contributions of socially responsible companies such as Beneva, the Angus Development Corporation, Behavior Interactive, the Caisse d’Économie Solidaire, the CSN and Transat. By donating $500,000 over five years to support international journalism in Duty, without any conditions, the Quebec air carrier has laid the foundations of a model that will serve as an inspiration for us in the future. The Transat Fund / The duty for international journalism has made it possible to enrich our content, in an approach of public interest, while preserving our journalistic independence.
Each donation, from the smallest to the largest, reminds our collective memory of the importance of Duty as a fundamental institution of Quebec. If this media did not exist, we would have to completely invent it!
Until we obtained our OJE status, however, we could not say that we had both feet in philanthropy. For four consecutive years, from 2019 to 2022, we indicated in our annual reports that we were continuing our efforts with the CRA in the hope of obtaining qualified donee status.
Our file presented certain barriers that we removed thanks to the judicious advice of BCF Business Lawyers, Me Marc-André Godard and Me Alex Côté-Thivierge, that of our government relations representatives at NATIONAL, Sabrina Duguay and Marc Desmarais, and to the gradual opening of the ARC to our original and sincere proposals.
Understanding shareholders
The duty has evolved since its foundation under the legal umbrella of La Fiducie The duty, whose charter was renewed in 2017 to make it a trust with a social vocation. But to meet all eligibility requirements, The duty had to make significant changes to its unique legal structure.
Its institutional shareholders (the FTQ Solidarity Fund, the Fédération des caisses Desjardins du Québec, Fondaction and the newspaper editorial union The duty) and private individuals (the Sirois and Lamarre families) agreed to convert their preferred shares into a loan for an amount equivalent to their initial contribution. In doing so, they waived any possibility of being entitled to dividends, redemption or remainder in the event of liquidation or dissolution.
Our shareholders showed patience and creativity to meet the program criteria without altering the foundations of our business model. We owe them a debt of gratitude for their understanding and unequivocal support for this important transformation. They demonstrated that the success of Duty remains the primary reason for their commitment to us.
Shareholders retain their voting rights and their seat on the board of directors of the Dutynow constituted and administered exclusively for journalism-related purposes.
Subscription, again and again
The duty has come a long way since its founding on January 10, 1910. In a history marked by setbacks and successes, two constants have remained: on the one hand, our commitment to producing quality content and fueling the debate of ideas , and on the other hand, the unwavering attachment to Duty as our readership tells us. These are, so to speak, the not-so-secret ingredients of our sustainability.
As a new era dawns for The duty, we reiterate our deep conviction in the viability of a business model based on subscription, both in print and digital, to support quality journalism. Philanthropy is expected to play an important role in our future, thanks to donations from individuals, corporations or large foundations. It will be complementary to subscription revenue, on which we are banking, like many quality media outlets around the world which have turned their backs on free content. We also rely on advertising and the valorization of intellectual property in our strategy based on income diversification.
The 2023 fundraising campaign is finally launched! Your participation remains essential to ensure our success… Your success, because The duty is a collective project that you have been supporting with its artisans since the beginning of the adventure.
This campaign, which is based on the theme When the news gets complicated, The duty enlightens you, marks both the culmination of intensive efforts to make your donations tax deductible, and the renewal of a promise so that The duty remains your preferred source of information and debate to act on our individual and collective destiny.
