Blog posts tagged in charitable donation
There are certain questions that a qualified donee (such as a registered charity) must consider to be able to determine if it received a gift. If the donation is considered a gift, the qualified donee can issue a receipt to the donor.
Here are the questions:
Was the gift made voluntarily? A gift must be given freely. If it the gift was given because of a contractual or other obligation, then a receipt cannot be issued.
Was there a transfer of property? A receipt can only be issued for a gift of property and not for a gift of service.
The Forum Poll recently did a random sampling of public opinion among 1281 Canadian voters and it shows that 71% say they are confident that charities will use donations responsibly. Only 7% say they are not confident at all on the use of their donations. This is a good indication of the general attitude of Canadians towards charitable giving. Indeed, Canadians are very giving. But it is also important as donors to be sure that our donations are spent efficiently and are eventually used to change lives. There are many charities that we can choose from. It is a MUST as...
Last week, through the tabling of a Notice of Ways and Means Motion in the House of Commons, Finance Minister Bill Morneau officially asked the wealthiest one percent of Canadians to give a little more. In this Notice of Ways and Means Motion, the wealthiest one percent of Canadians will be paying four percent more on federal tax on taxable income above $200,000 to help pay for the middle tax cut starting 2016 tax year. But there is good news for wealthy Canadians. The government also announced its plan to introduce a new tax credit rate of 33% to match with...
TAXTIPS.CA has released a very helpful article on how a taxpayer can maximize the donations tax credit. Every taxpayer is allowed to claim up to 75% of his or her net income as donations. Please always remember that only donations to registered charities and other qualified donees can be claimed as charitable donations. The CRA website has a complete list of all registered charities that you can use to ensure that the charity you are donating to is a registered one.
It is also important to note that once any advantage was received by the taxpayer in return for the...