The benefits of giving
Not only does giving feel good, it also helps others, not to mention the tax benefits involved.
The combined federal and provincial tax credit rate is an impressive 48%!
Federal tax credit
- The federal charitable tax credit rate is 12,5%* on the first $200.
- After that, the tax credit is up to 27,5%* on the remaining amount.
- You can combine donations made by you and your spouse that have not been claimed in the previous five years.
- In general, you can claim all or part of an amount to a limit of 75% of your net income.
- For gifts of certified cultural property or ecologically sensitive land, you may be able to claim up to 100% of your net income.
For more information, visit the Canada Revenue Agency website.
*Federal tax credit after the 16.5% Abatement for all tax filers in Quebec
Provincial tax credit
You may be eligible depending on your province of residence. In Québec:
- The tax credit rate is 20% for the first $200, and up to 25,75% for the rest of the donation.
- You can carry forward any unused donation amount to any of the 5 years following the current tax year.
For more information, visit the Revenu Quebec website.