Unleash your inner super hero with the First-Time Donor's Super Credit
(NC) We've all had that childhood dream to put on a cape, soar through the sky, and help those who are in need. While your super powers may be more limited than you thought back then, you can still unleash your inner super hero and take advantage of the new super credit!
The federal government has introduced a new tax credit available to first-time donors called the First-Time Donor's Super Credit (FDSC) to encourage Canadians to donate and make a difference. You can claim this credit as long as neither you nor your spouse or common-law partner has claimed the Charitable Donation Tax Credit in the last five years.
Here's what the super credit has to offer—a donor is normally eligible for a 15 per cent federal credit for donations of $200 or less, a 29 per cent federal credit for the portion of donations over $200, as well as the accompanying provincial credits. The FDSC adds an additional 25 per cent credit on top of that. Go to www.cra.gc.ca/charitiesandgiving and use the “Donation tax credit calculator” under “Online tools and services” to find how much you'll save at tax time. All claims for the super credit must be made by the 2017 tax year.
Be the super hero you've always dreamed of. To learn more about the First-Time Donor's Super Credit, visit www.cra.gc.ca/donors.
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