I give to charity. How can I make the most of the tax advantages? Start with keeping your receipts and making sure the charity has a registration number.
, explains that you receive non-refundable tax credits every time you donate to a registered charity: “It’s a percentage of the charitable contribution that reduces your tax payable.” Generally, you can claim eligible donations up to 75 per cent of your annual net income. You can get a 15 per cent federal tax credit for the first $200 you donate that year, and 29 per cent for donations above $200.
Heath explains that to claim a donation on your tax return, you need the receipt, and that receipt needs to show the charitable registration number. Note that donating to a crowdfunding campaign on sites such as GoFundMe won’t entitle you to any tax credits. Each province also offers its own tax credits, in addition to federal incentives. In Ontario, for instance, the tax credit rate for the first $200 of donations is“Generally speaking, donating to a registered Canadian charity will save you somewhere between 20 and 50 per cent in tax based on the contribution amount,” says Heath.
There are some ways you can get more out of charitable donations. Heath says pooling your donations on one tax return if you’re in a marriage or common-law relationship is a smart move. “The reason is that after the first $200 of donations you make, you get a lower tax savings amount, so if you combine them on one spouse’s tax return, there are generally more tax savings as a couple.”
There are also some tax benefits to donating investments, such as individual stocks or exchange-traded funds. Heath says if your investment has gone up in value since donating it, you’ll avoid having to pay capital gains tax when you donate your investment, as opposed to selling it.
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