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Did you know that contributing to your favourite charity not only helps their bottom line, but that your generosity can also save you money on your taxes?
Ever since the early 90’s when cost-cutting became the top priority, government support for charities has decreased significantly. In the absence of their traditional source of funding, charities are [...]
A great way to reduce your taxes is through charitable giving. Some of the benefits of charitable giving, and some of the ways to do it, are discussed below.
The simplest way is a direct gift of money to your favourite charity. If made before year end, the value of the gift can be used to [...]
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A charitable remainder trust is a type of living trust in which one can place an asset one intends to contribute to charity at one’s death. The income generated from the trust asset or capital is available to the donor during his or her remaining life. A tax receipt for the “future value” of the [...]
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The CRA allows a federal tax credit of 17% of the first $200, and 29% of the remainder of the value of the gift up to a maximum gift size of 75% of net income. In the year of death the maximum gift allowed is increased to 100% of net income. The tax credit can [...]
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The following article is taken from the CRA website at http://www.ccra-adrc.gc.ca dated November, 2002.
Donating art and other gifts in kind to registered charities or other specified institutions is a legitimate charitable activity that is encouraged by the Canadian tax system. However, taxpayers should be aware of the risks associated with certain art-donation schemes—often [...]
Gifts to charities qualify under section 118.1 of the Income Tax Act for tax credits during a taxation year. Gifts to charities, Crown gifts, cultural gifts and ecological gifts all qualify and are added to other personal credits and deducted directly from taxes owing. The following lists the types of donations that qualify for credit:
-Cash
-Securities [...]
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