The Canadian income tax system encourages gifts to charitable organizations by granting tax credits. The actual tax credit may vary slightly depending on the province you live in. In BC, if you have donated more than $200 to any charity already this year, any donation you give now means a 43% tax return! Total annual donations of under $200 will give you approximately 20% back.
Either spouse can claim a tax credit, regardless of whose name is on the donation receipt. The general limit on the deduction of charitable donations is 75% of net income. However, unclaimed charitable donations can be carried forward for up to five years. Try our tax calculator now and see how far your gifts can really go. Making a big impact may cost less than you think.
Gifts of stocks, securities and mutual funds can provide even greater tax advantages. And in 2017, gifts of private stocks and real estate will also receive excellent tax benefits. Please feel free to contact Alan Rycroft at 250-414-4781 or arycroft@CoolAid.org to learn more.