A federal charitable-donation credit is provided to individuals who contribute to qualifying charitable donations. The federal tax credit granted is 15% for the first $200, plus 29% of any amount in excess of $200, to a limit of 75% of net income.
- The spouses or partners can combine their tax credits in order to maximize their credit at the highest rate of 29%.
- If your combined donations are under $200 is better to defer claiming this deduction, up to five years to get the above $200 threshold.
- Make sure you request a tax receipt from the organisation to which you are making a tax-deductible donation.
- Donations already deducted from a paycheque and recorded on a T4 slip may not be transferred to your spouse or common-law partner.
If you have more questions send me an e-mail at firstname.lastname@example.org
Nicole Dronca, Accountant and Tax Preparer