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Donations and Tax Information

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Tax Deductions
By making a charitable donation, you are eligible for a deduction from the income taxes that you may owe. The amount of the tax credit is determined by Federal and Provincial legislation and is a percentage of the fair market value of the donation. Federally, the tax credit is 15% on the first $200 ($30) plus 29% on the remaining amount over $200. 
 
In addition to the Federal tax credit as noted above, in Ontario the tax credit is 5.05% on donations under $200 and 11.16% on donations over $200.
 
Therefore, after factoring in provincial tax savings, the savings on the portion of the donation that is above $200 is 40.2%. The general annual limit on charitable donations as a percentage of net income is 75%. The Canadian Revenue Agency has a charitable donation tax credit estimator, where you can calculate your total tax credit on a given donation amount.
 
Tax Receipts
It is CBCF’s practice to automatically issue tax receipts for all donations in the amount of $20 or more. After making a donation, you will promptly receive a tax receipt from CBCF. To be credited for the 2015 tax year, mailed in donations must be post marked before Dec 31st. If a cheque is dated in January it will not be eligible. If it is dated December it is only eligible if it is received in the first seven business days of January and if the envelope is post marked in December.
 
First-time Donors
The 2013 federal budget introduced a new temporary First-Time Donor’s Super Credit which permits first-time donors an additional 25% federal tax credit on up to $1,000 in donations. “First-time donors” are those who have not claimed a charitable donation tax credit in any of the five previous years. This one-time credit may only be claimed once in the 2013 to 2017 taxation years.
 
Gifts of Securities (stocks)
Current rules encourage the donation of publicly listed securities (stocks) that have appreciated in value as in most cases a capital gains tax will not be applied to such gifts. This could be quite a benefit, as you will receive a tax credit on the higher amount, but will not have to pay any tax on your gain. Learn more about how to make a gift of securities.
 
Questions?
If you have any questions about donations and tax information, please contact 1-800 387-9816 or connect@cbcf.org.
 
For more information about donations and tax receipting check out these common questions and answers from Canada Revenue Agency.
 

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