Whenever a friend/colleague/family member is fundraising for a race/walk/bike I always donate as well. Sometimes its $5, sometimes $10, sometimes $20. I've gotten tax receipts for almost everything over $20, but often times do not get one for the smaller donations.
Let's say I donate $12 per pay cheque (in my case semi-monthly) into everything from a local race to a school fundraiser, to UNICEF at Halloween-time, to poppies at Remembrance Day, to the local charity at the grocery store checkout.
Over the year, I will have donated $288 into different charities/causes. For me, that's almost 1 month worth of food!! I've seen on income tax forms a section for donations and thought I'd investigate. I had tax deductible receipts for that $288 donation I would be eligible for a federal tax credit of 29% and a provincial tax credit of 11.16%.
So, what does all of this mean?? If I donate $288 in 2010 (and have the proper receipts), I would get a tax credit of $78.44.....that means that the $288 really only cost $209.56!
Living on a tight budget, this benefit is something that I will definitely take advantage of. Hopefully my donations over time will grow with each bump in income!
To perform your own calculation, no matter the Province/Territory, visit: http://www.gcwcc-ccmtgc.org/en/TaxCredit/index.php
Thanks for sharing that link. I'm looking at funneling all my donation money to one charitable organization next year, so it was helpful to see what credit I will get for it.
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