Charitable donation tax credit for beginners








(NC) -- Did you know that if you donate money, goods, land, or listed securities (like stocks) to a registered charity, you could be entitled to a charitable donation tax deduction on your income tax and benefit return?

To be eligible, all donations must be voluntary and the amount claimed cannot exceed the fair market value of the gift.

To estimate your charitable tax credit, go to cra.gc.ca/charitiesandgiving and select “Donation tax credit calculator” from the left hand panel. If you are a first-time donor, do not forget to calculate the additional First-Time Donor's Super Credit.

To claim your donation receipts:

Confirm that the charitable organization you gave to is registered with the Canada Revenue Agency (CRA). Search for the charity by name, registration number, or with other filters using the CRA Charities Listings (cra.gc.ca/charitylists).

• Confirm that your receipt states that it is an "official receipt for income tax purposes."

Complete Schedule 9 of your T1 Income Tax and Benefit Return.

If you are filing electronically, keep your original receipts. If you file on paper, submit your original receipts, but keep copies. All supporting documents, such as pledge forms and proof of payment, should be kept for five years in case the CRA asks to see them.


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