Accounting Services, Vancouver
December 1, 2020

Claiming Charitable Tax Credits

Claiming Charitable Tax Credits

 

Every year, we like to update our clients on the various tax credits & opportunities available when donating to charity during the holidays. This will also apply to donations throughout the year. 

CRA has a variety of useful tools on their website: CRA LINK HERE

Here you will be able to calculate your charitable tax credits, get information regarding applicable non-profits & charities, what documents are needed to claim your charitable tax credits, and more. 

There is also a helpful charitable tax credit calculator, which can be used to get a general sense of the tax credit you would be eligible for.  Tax Credit Calculator

The charitable tax credit is available for anyone who makes a donation to an approved charity or non-profit organization. Your donation can be money, property, stocks, gifts, etc. For example, some of our clients have offered a week stay at their airbnb rental property, a pedicure from their salon, or a gift basket of their coffee for a charity auction. Determining the value of the goods or services donated, and having a record of it, is very important should you get audited. This is considered an “in kind” donation. 

If you have any questions about charitable tax credits, please let us know. There are many specifics with donations that we can help with. 

 

Crystal Cahill

Crystal Cahill is responsible for the social media and marketing at Cahill CPA. Crystal completed her Bachelor of Arts Degree at Simon Fraser University in English, and has an Education Degree and teaching certification. She enjoys keeping clients updated on new accounting practices, upcoming tax deadlines, and news & events within the Cahill CPA office & staff. She is married to Cahill CPA partner Jordan Cahill, and together they have two young children.

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