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Types of Charitable Gifts During your Lifetime

Mar 1, 2009 Canadian MoneySaver Media

Canadian Moneysaver, Evgeniya Samartseva

Cash gifts

Cash gifts are the most common way to donate to charity. The donor receives a tax credit, rather than a tax deduction on the donated amount. The tax credit on the first $200 donated is calculated using the lowest federal marginal tax rate (15%). The tax credit on donations in excess of $200 is calculated using the highest federal marginal tax rate (29%). Provincial tax credits vary between provinces and territories.

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