Tax tip – Generosity is rewarding!

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The following is now available on the CRA Web site:

Did you know…

That you may be able to reduce your income tax by donating to registered charities? You can verify whether a charity is registered by searching for it in the Canada Revenue Agency (CRA) Charities Listings.

In 2007, the federal tax credit for charitable donations is calculated as 15% of the first $200 of donations, plus 29% of the amount donated over $200. You may also be eligible for provincial or territorial tax credits based on the applicable provincial or territorial rates. You can claim donations made this year, or carry forward any unclaimed donations for up to five years. Married or common-law couples can pool their donations and claim them on one return.

However, please be aware of certain charitable donation schemes being promoted about which the CRA has issued numerous warnings. For more information, visit www.cra.gc.ca/newsroom/alerts/2007/a070813-e.html or www.cra.gc.ca/donors.

Notice to the reader: This tax tip is also offered as an audiocast.

SOURCE: CRA Newsroom

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PS: That list of registered charities is worth bookmarking 🙂 I’m always looking at it during tax season! // HART

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