I believe you can give up to 75% of your net income to charity and still obtain the tax credit.
Here's a good site with a list of Canadian Charities: http://www.canadahelps.org/
Here is more information on the donation tax credit.
I believe you can give up to 75% of your net income to charity and still obtain the tax credit.I was wondering what is maximum amount you can give to a charity/organization in order to claim a tax credit because I don't want to go over the limit and not be able to claim them for next years taxes. Also, what are some organizations I can give to? I only know of Church and Political party's, any other? I was just interested since I'm only 18yrs old and would like to increase my tax credit for next year.
can anyone answer this for me, please - looking at donating $900 but have to make sure Mrs. SPF understands how our refund will be impactedare these formulas still the same as presented by FT in his 2007 post on MDG?
taxtips.ca is confusing me a bit.
we want to donate more this year, a lot more, but we'd also like to take advantage of the tax benefits best we can
Based on the following three pages, for 2010 here's the calculation in Ontario:can anyone answer this for me, please - looking at donating $900 but have to make sure Mrs. SPF understands how our refund will be impacted
thanks a ton plenBased on the following three pages, for 2010 here's the calculation in Ontario:
http://www.taxtips.ca/filing/donationstaxcredit.htm
http://www.taxtips.ca/taxrates/on.htm
http://www.taxtips.ca/taxrates/canada.htm
$900 donation would be
15% Federal + 5.05% ONT = 20.05% on the first $200 = $40.10
29% Federal + 11.16% ONT = 40.16% on the other $700 = $281.12
Total: $40.10 + $281.12 = $321.22
The best way to maximize donations is for one spouse to claim it all. Since you can carry over for up to 5 years, you can maximize your credit by amassing the largest you can over 5 years so the most of it is calculated from the higher tax category. But of course more money now means more investing opportunity now.