OTTAWA, Jan. 24, 2018 /CNW/ – Did you accord to a registered Canadian alms or added able almsman that gives official donation receipts? You may be acceptable for a accommodating donation tax acclaim that reduces your taxes owing.
Where do you get an official donation receipt? You get an official donation cancellation from a registered Canadian alms or added able donee. You charge an official cancellation to affirmation a accommodating donation tax credit.
Where do you acquisition advice about a charity? If you appetite to apprentice added about the alms afore donating, there are altered means to get information. You can:
How continued should you accumulate a accommodating donation receipt? You should accumulate your official donation receipts for six years afterwards the end of the tax year you fabricated a affirmation for, in case the Canada Revenue Agency asks to see them. If you did your taxes late, accumulate your receipts for six years from the date you submitted your return.
What donations can I affirmation as a accommodating donation tax credit? Donations of cash, goods, land, and listed securities to a registered alms or added able almsman may be acceptable for a accommodating donation tax credit.
How do you account your accommodating donation tax credit?To account your accommodating donation tax credit, you aboriginal charge to bulk out the acceptable bulk of your accommodating donations. Once you apperceive that amount, you charge to adjudge how abundant you appetite to claim. In any one tax year, you can claim:
You can affirmation acceptable amounts of ability to a absolute of 75% of your net income. For ability of certified cultural acreage or ecologically acute land, you may be able to affirmation up to 100% of your net income. For added advice go to: Pamphlet P113 Ability and Income Tax.
For a quick appraisal of your accommodating donation tax acclaim for the accepted tax year, use the accommodating donation tax acclaim calculator.
Are you acceptable for the first-time donor’s cool credit? You are advised a first-time donor if you or your spouse or common-law partner have not claimed and been accustomed a accommodating donation tax acclaim afterwards 2007. If you’re eligible, you may be able to affirmation the first‑time donor’s cool credit. However, alone ability of money are eligible. For donations fabricated afterwards March 20, 2013 until the end of 2017, acceptable first-time donors may get an added federal tax acclaim of 25% on the aboriginal $1,000 they donate. Accumulate in apperception that 2017 is the aftermost year back you may be acceptable to affirmation this credit
For added advice on charities, donations, and accommodating donation tax credits, go to the Charities and giving affair folio on canada.ca.
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