An outright gift of cash and/or property to a registered charity entitles the donor to a charitable tax receipt. Although the federal tax credit for donations is the same, the amount you receive back on your taxes is different for each province. Most importantly, if you contribute to your parish every Sunday, you are entitled to a charitable receipt as a result of your support for the church. Using envelopes and claiming your tax credit can add up.
Many married couples don’t consider that the federal tax credit jumps to 29% from 15% when you give more than $200 a year. So, don’t split the receipts – share them!
Also, if you give more than usual in any one year, you can carry over charitable credits for five years. A good financial advisor, tax planner or accountant can help you maximize every dollar you give away – they cost less than you think and will save more than you expect.
For more information on using envelopes or more benefits to planning your annual gifts to the Church please contact us.
Peter OkonskiManager, Planned Giving and Personal Gifts Development Office 416-934-3400 ext firstname.lastname@example.org