View Full Version : Donating to charity for tax returns
Batman.
Dec 14th, 2008, 02:44 PM
How does this work exactly? Do you get a certain percent of what you donated sent back, or excused a certain percentage from your taxes? Is it dependent on how much you donate?
spf1971
Dec 14th, 2008, 03:30 PM
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/349/menu-eng.html
Piccolo
Dec 14th, 2008, 03:47 PM
How does this work exactly? Do you get a certain percent of what you donated sent back, or excused a certain percentage from your taxes? Is it dependent on how much you donate?
Wow, you've never done your own taxes have you?
Check out the financial forum (and the link that was provided). It's good to know how your taxes work. Just taking a look at the tax package each year will help you understand it better.
www.cra.gc.ca is the place I go for all my tax questions.
darius_m5
Dec 14th, 2008, 04:47 PM
My mom asked me to donate last year. I told her god has enough money.
Nikita
Dec 14th, 2008, 05:16 PM
It's a tax deduct, in other words, it's deducted from your taxable income, but not the entire amount. FWIR I'm not sure how much is deductible now, used to be 75% of the donation, probably less now.
MrBurns
Dec 14th, 2008, 06:21 PM
Basically, you get back 16 cents for every dollar up to 200 dollars donated.
Above 200 dollars, you get back 29 cents for every dollar you donate.
Big wow.... but a commendable gesture anyways.
You can donate up to 75% of your income in a given year.
Snicla
Dec 14th, 2008, 06:24 PM
It's a tax deduct, in other words, it's deducted from your taxable income, but not the entire amount. FWIR I'm not sure how much is deductible now, used to be 75% of the donation, probably less now.
I think that was donations to political parties.
ghostryder
Dec 14th, 2008, 10:28 PM
It's a tax deduct, in other words, it's deducted from your taxable income, but not the entire amount.
Not a tax deduction. You get a non-refundable tax credit.
Piccolo
Dec 14th, 2008, 10:41 PM
Not a tax deduction. You get a non-refundable tax credit.
you beat me to it, I figured if this thread was still in Off-topics and not the financial forum I would answer the question. I think the best source is the Canadian Revenue Agency. That sight is what got me through Taxation (and a copy of the Tax Act) and simply reading the forms available when you do your taxes.
Donating to a charity will decrease the taxes you pay *if* you owe taxes (non-refundable tax credit).
This has been discussed in length in the financial forum. Do some searches. "non-refundable tax credits".