Types of Charitable Gifts During your Lifetime

1 March 2009
2,653 Views

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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