December 31 is the Tax Deadline for charitable giving.
If you are planning to make a charitable donation and would like a charitable tax receipt to claim with your income taxes, please make sure we receive your donation by December 31, 2017.
Further, if you are a first-time donor, or you or your spouse/partner has not claimed a charitable donation in any year since 2007, you may be eligible for the First Time Donor Super Credit. This is the last year you can take advantage of this tax break. The super credit adds 25 per cent to the value of the tax credit you get for the first $1,000 you give. That can add up to a generous reduction of your tax bill.
For example, if you make a $1,000 donation to United Way, the first $200 qualifies for a 15 per cent tax credit ($30) while the remaining $800 gets a 29 per cent credit ($232). That adds up to a total of $262. Now add 25 per cent of the $1,000 you gave and your federal tax credit soars to $512. Provincial credits are on top of that. Your donation means a lot to us, but can mean a lot to your taxes as well. Please consult with your financial advisor for more details specific to your situation.