March 24, 2019

Did you donate to a charity? You may be able to claim a charitable donation tax credit

If you donated to a registered charity, then hopefully you kept the receipt they gave you a proof of donation, because it is good for a tax credit. Donations include any property including land, cash and goods. There are several ways to determine if the charity qualifies, but the easiest method is to call them or through an online search. Receipts must be kept up to six years after you make the claim. Any unclaimed donations can be used during the year they were made or for the last five years. If it was a gift of ecologically sensitive land made after February 10, 2014, then it can be claimed within ten years of the donation.

“You need an official receipt to claim a charitable donation tax credit.”

Read more: https://www.newswire.ca/news-releases/did-you-donate-to-a-charity-you-may-be-able-to-claim-a-charitable-donation-tax-credit-816667773.html

Ask Our Experts

Quadrant is dedicated to your financial success. Get expert advice and insights to grow your business and plan for your future.

Request a Consultation