Did you watch the news about donations to charities as addressed by the recent Federal budget? There’s an interesting new feature in the budget. Here’s the details:
FIRST TIME DONOR’S SUPER CREDIT
The budget introduces a new, albeit, temporary tax incentive to encourage young Canadians to make charitable donations. First-time donors who make charitable gifts prior to 2018 will receive an additional 25% tax credit, over and above the tax credit that is normally available for charitable gifts.
Only donations of money will qualify; gifts of property will not qualify. The credit is only available to individuals; businesses do not qualify.
In order to qualify as a “first-time donor”, neither the donor nor the donor’s spouse or common law partner (as of December 31 of the year of the gift) can have claimed a donation tax credit or in any previous taxation year after 2007.
The credit will be available for donations made or after March 21, 2013 and up to December 31, 2017.