Super Credit is great incentive for first-time donors
When thinking about donating for the first time remember the below benefits. Also consider making that donation one to the Ottawa Food Bank!
The federal government established a First-Time Donor’s Super Credit to encourage charitable donations from first-time donors or those who have not claimed a charitable donation on their taxes in the last five years.
This means you get a certain portion of your donation back on your tax return. The standard federal tax credit for a donation is 15 per cent for the first $200 donated and 29 per cent for donations above that level. The Super Credit increases these federal tax credits by 25 per cent.
If you nor your spouse have claimed a charitable donation in the last five years, you will now be eligible for tax credits as follows:
- Donations up to and including $200: 40 per cent tax credit
- Donations between $201 and $1,000: 54 per cent tax credit
For more information, take a look at the Canada Revenue Agency (CRA) website.