Tax Blog

Thursday, April 8. 2021

Posted by Natalie Yunes at 07:22

Considering making a charitable contribution? Kudos to you!

And to thank you, Canada Revenue Agency allows you to claim charitable donations tax credit of up to 33 percent of the amount you donated at the federal level. You may also be entitled to an additional amount reaching up to 24 percent of your donation depending on your province of residence. There are several rules that determine whether you qualify.

Please remember to save the receipt you will receive for your charitable contribution. Only donations made to registered charities qualify (with very few exceptions).

It is best to pool your donations with your spouse as the higher the total donation value is, the higher the tax credit is.

Donations and gifts are non-refundable tax credits. You can carry forward unused donations for up to 5 years but remember that donations can be claimed only once.

List of charities and other qualified donees is https://www.canada.ca/en/revenue-agency/services/charities-giving/list-charities/list-charities-other-qualified-donees.html

 

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