Charitable Tax Benefits:

Individual donors – You will receive a federal tax credit equal to 15% of the first $200 you give to registered charities in a taxation year. You will also eceive a tax credit equal to 29% for donation amounts that exceed that $200.

The more you give, the greater the tax credit.

Canadians are allowed to claim receipts for up to 75% of their annual income.  Donations may not be claimed for previous taxes, but may be carried forward up to 5 years. In year of death, donations may be made up to 100% of income for that year and the previous year.

There are numerous regulations regarding what may be claimed as a donation, tax implications, and the valuation of a donation (artwork in particular). Before any donation is made, seek a qualified financial planner, accountant, or tax lawyer and get independent licensed advice.