DONATE BEFORE DECEMBER 31st! FEDERAL GOVERNMENT ANNOUNCES A SUPER TAX CREDIT FOR FIRST TIME CHARITABLE DONORS!
Starting in the 2013 taxation year, the federal budget proposes to introduce a temporary non-refundable First-time Donor Super Tax Credit. This provides further credits to individuals who have not claimed a charitable donation in any of the five preceding tax years*. This new credit effectively adds 25% to the rates used in the calculation of the CDTC for up to $1,000 of monetary donations. As a result, a first-time donor will be allowed a 40% federal credit for donations of $200 or less, and a 54% federal credit for the portion of donations over $200 but not exceeding $1,000. This can only be claimed once between 2013 and 2017.
*For more information visit: http://www.cra-arc.gc.ca/gncy/bdgt/2013/qa01-eng.html