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 a registered charity? You can verify whether a charity is registered by searching for it in the CRA Charities Listings.

In 2006, the first $200 you donate is eligible for a federal tax credit of 15.25% of the donation amount. After the first $200 of charitable donations, the federal tax credit increases to 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 do not have to claim all of the donations you made this year on your current-year return. You can carry forward any donations you do not claim in the current year and claim them on your return for any of the next five years. Married couples or common-law partners can pool their donations and claim them on one return.

For more information, visit www.cra.gc.ca/charities and choose “Giving: Information for Donors.”

SOURCE: CRA

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Note: That CRA Charities Listings is a great site to bookmark .. if you want to search and see if an organization is really registered and your donation eligible for a tax deduction .. SEARCH THE CHARITY SITE FROM HERE / HART

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