Embrace the spirit of giving
(NC) The holiday season ignites not only the fireplace, but the spirit of giving. This year if you are planning to give to an organization that will help others, take a look at these tips for donating wisely:
• Make sure that organizations are registered charities or qualified donees. They're the only ones that can give you official donation receipts that you can use to claim the charitable tax credit. To check if an organization is registered, go to the Canada Revenue Agency website: www.cra.gc.ca/charitylists.
• Take advantage of the new First-Time Donor's Super Credit. If you're a first time donor or haven't claimed the Charitable Donation Tax Credit in the last five years, you'll get a 40 per cent federal tax credit for monetary donations of $200 or less, and a 54 per cent federal credit for the portion of donations over $200. To learn more, visit www.cra.gc.ca/donors.
• Know that money isn't the only thing you can give. Donations of goods, land, or listed securities (like stocks) also qualify for charitable tax credits.
• Protect yourself from gifting tax shelter schemes. If a tax shelter promoter offers you a tax receipt for a larger amount than the out of pocket cost, then it is likely not valid. Learn more at www.cra.gc.ca/taxshelters.
The best tip of all is to donate to a charity you are passionate about. They say that 'the greatest gift of all is giving' so what better way is there to spread the holiday spirit?
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