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Seasons Greetings: Charitable Donations

Hello everyone, the holiday season is upon us and with the spirit of giving alive and well, it’s a good time to discuss Charitable Donations. In addition to providing great assistance to a worthy cause, a donation to a registered charity can help you with significant tax savings. At this particular point in time, a charitable donation provides a tax credit federally at 15% for the first $200 donated and and 29% for the amount after $200. Additionally, there are different rates for a provincial sales credit as well in Ontario it is 5.05% for the first $200 and 11.16% after $200. For British Columbia, the rate is 5.06% for the first $200 and 14.7% after $200. With large enough donations this is a considerable difference, and can reflect thousands of dollars in personal tax savings. Remember that these tax credits can only be obtained by donating to registered charity and with proper receipt of the payment, evidence of a pledge is not sufficient. Time to give charitable donations for the 2017 taxation year is running out so don’t delay! Giving generously can grant significant boons in life and in finance, happy holidays from JAIKS Inc.

 

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Thursday, 24 September 2020
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