10 Myths About Tax Credits

Tax season is soon upon us!

One of the things many of us don’t know but should, is that Canada is one of the best places in the world to donate to charity when it comes to tax credits. Did you know you can claim up to 75% of your net income as charitable donations (of course with your Official Tax Receipts!), benefiting your tax return? Crazy hey? There aren’t a whole lot of us who fit in that category, but the message is clear: Canadians who give reap the rewards!

Tax credits: more exciting than you think!

Not too many of us get excited about doing our taxes every year, however it is up to us to educate ourselves and be knowledgeable as far as what we can and can’t claim. We don’t have to be experts but it sure helps to have understanding throughout the year. Be savvy when you’re deciding what receipts to keep, where to file them, and how they affect year end!

The Canadian Revenue Agency has some great resources to learn how charitable giving impacts your tax return. Furthermore, they offer tips on what to watch for when donating. They have a charitable organization listing so you know that you’re giving to a recognized charity. Not only that, they note the rules around how to work it all out on your return. Webinars make it easy to learn more about charitable giving. Find the details here: Charities Webinar Registration.

More helpful bits & bobs from the CRA

You can find another valuable resource here: Claiming Charitable Tax Credits. It answers questions like: 1) Is a charity required to issue an official donation receipt? 2) If the charitable status of a charity to which I have recently made a donation has been revoked, can I still claim my tax credit? 3) Do I have to claim donations the same  year I make them? And several more often asked questions.

The CBC does a great job every year of providing answers to our tax questions. Here is their latest article called 10 Myths About Taxes that Mislead Canadians.

One more place you can get good information is at http://www.taxtips.ca.

Ready to boost your tax credits for 2023?

Our generosity is clearly acknowledged by our Canadian government. If they see the value in charity and reward us accordingly, that’s a good thing for our country all around!

Donate a Car Canada makes giving to the charity you love so easy! First, you can choose any charity in Canada. That’s right! ANY charity. The tow is always free. And we don’t just scrap your donated car, truck, van, or SUV. No way! If our agents see re-sale value in the vehicle they will try-try-try again to get the highest sale outcome possible. This ensures the strongest donation possible. And that benefits you and your tax credits while helping the cause you love!

Not quite ready to donate? Follow us on Facebook, Instagram, or Twitter! There you will get an overall feel for how we care for each other and our charities. This is a caring community, here to serve you.

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Sandra McDonald

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