If you or your spouse or common-law partner made a gift of money or other property to certain institutions, you may be able to claim a non-refundable tax credit when you file your return. It's advisable to make donations of over 200.00 (yearly total) to maximize the tax benefit which can be quite lucrative. If you don't have 200.00 worth of deduction, keep them until you are able to accumulate 200.00 or use within 5 tax years. Complete the Charitable and Political donations worksheet
Carry forward
You do not have to claim all of the donations you made this year on your current year return. It may be more beneficial to carry them forward and claim them on your return for any of the next five years. We can determine this when you bring in your yearly tax information.
Deductions for Federal and Provincial political contributions are treated differently than donations to a charitable organization. Please keep these separate from your charitable donations and ensure Federal and Provincial are also separated to ensure you receive the full benefit these donations provide. These are generally more lucrative than charitable donations with a return of approximately 75% of the donation. Complete the Charitable and Political donations worksheet
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