When you donate $100 to Haven Toronto, it could mean spending as little as $79. Donate $500 and spend $395.
The Charitable Donations Tax Credit (CDTC) can be up to 29 percent of the amount you donated at the federal level. You may also be entitled to an additional amount reaching up to 24 percent of your donation depending on your province of residence.
The CDTC is available for anyone who makes a donation to a qualifying donee. A donation is defined as a gift for which no consideration is given in return.
A qualifying donee is a registered charity or one of several other public organizations which can issue tax receipts.
Haven Toronto is one such registered charity; Charity Number 118941269RR0001.
Claiming and Calculating the Credit
To claim your credit, report it on your annual tax return.
As a rule, at the federal level, your credit will be 15 percent of the first $200 of donations and 29 percent of your additional donations.
All provinces also have similar credits, which fluctuate between 4 percent and 24 percent. The CRA provides an online tool to calculate your credit, including the provincial component.
There is an additional credit available to new donors called the First-Time Donor’s Super Credit. If you or your spouse are making your first donation since 2007, an additional credit of 25 percent of the first $1,000 in donations may be available to you.
You must make your donation before December 31 to quality.
Source: Turbo Tax, https://turbotax.intuit.ca/tips/tax-benefits-of-charitable-donations-5414