First time donors to charity

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.

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