If you’ve never given a charitable donation, now is the time! Revenue Canada is offering extra incentive for first-time donors with a “super credit”, meaning you will receive greater tax benefit if you make a gift before December 31st.
Individuals qualify as first-time donors if neither they nor their spouse/common-law partner has claimed the charitable donation tax credit since 2007. Monetary donations made by first-time donors after March 20, 2013, qualify for the first-time donor's super credit. The credit can be claimed starting in 2013 and will continue through to 2017. Canadians must donate by December 31st to qualify for a tax credit for the 2013 tax year.
The “super credit” provides an extra 25% credit in addition to federal and provincial charitable donation tax credits. This means that donors can get a 40% federal credit for monetary donations of $200 or less, and a 54% federal credit for the part of donations over $200 and up to $1,000.
For more information on the first-time donor's super credit, go to www.cra.gc.ca/fdsc.