As a tax payer, you can claim up to 75 per cent of your net income as donation, except the year before or the year of your death when 100 per cent can be claimed. You may also claim up to 100 per cent of your net income when you donate certified cultural property or ecologically-sensitive land. The first $200 you donate is eligible for a federal tax credit of 15 per cent of the donation amount. Any amount over $200 is eligible for a 29 per cent tax credit, to a maximum of 75 per cent of your net income.
If you want to claim them against your income for the current year, donations must be made by December 31st. However, you do not have to claim all of the donations you make during the calendar year on your current year return. Any donations that you do not claim can be carried forward to claim on your return for any of the next five years (a carry forward).
When you claim a carry forward, you should attach a note to your return that includes the following: the year of the return with which you submitted the receipt; the portion of the eligible amount you are claiming that year and the amount (if any) you are carrying forward. Keep in mind that you have to claim tax credits for gifts that you carried forward from a previous year before you claim tax credits for gifts in the current year.
For more information, please contact our Donor Relations Department at 1-888-333-5515 Ext. 229