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Tax Tips to Help You Shine Bright
Dec 27, 2024
End the year in a meaningful way by donating to the Canadian Mental Health Association, Vancouver Fraser (CMHA-VF). Make a donation to help people with mental health challenges in your local community by December 31 and reduce your annual taxable income.
Here’s some generalized tax tips about how to maximize your tax benefits!
- Charitable Donation Tax Credits: Donations to CMHA-VF are eligible for both federal and provincial tax credits. You can receive a federal tax credit of 15% on the first $200 of your donation and up to 29% on amounts over $200. Combined with the provincial tax credit, this can lead to significant tax savings. The larger your donation, the greater your tax benefit.
- Eligibility for Tax Credits: You can only claim a non-refundable charitable tax credit if you make a donation to a registered charity like CMHA-VF. The maximum donation credit you can claim in one year is 75% of your net income for the year.
- Carry Forward Donations: If you don’t need to use your tax credit in the current year, you can carry forward your donation for up to five years. This gives you the flexibility to use your credits in a year when you have higher income, potentially getting a larger tax benefit.
- Transfer donation credits to your spouse or common-law partner: The donation tax credit is a non-refundable tax credit which means other tax credits must get claimed first to bring your tax payable to zero. If you cannot claim your donation amount on your tax return, pool your donations with your partners for a larger tax credit on their tax return.
Everyone’s personal situation is different so we encourage you to talk to your advisors and accountants about what is right for your situation and how your gift can help change the mental health landscape in our region.
Consider making a donation to CMHA, Vancouver-Fraser. Your gift this December will ensure all Vancouverites have access to essential mental health programs and services delivered by Canadian Mental Health Association, Vancouver Fraser.
