Get documents about "Enhanced Charitable Tax Credit Chart
Document Sample
Source:
Government of Alberta
October 2009
Enhanced Charitable Tax Credit Chart
Total Annual Alberta Federal Total Tax
Donations* Credit**
$ 500.00 $ 83.00 $ 117.00 $ 200.00
$ 1,000.00 $ 188.00 $ 262.00 $ 450.00
$ 2,000.00 $ 398.00 $ 552.00 $ 950.00
$ 5,000.00 $ 1,028.00 $ 1,422.00 $ 2,450.00
$ 10,000.00 $ 2,078.00 $ 2,872.00 $ 4,950.00
$ 25,000.00 $ 5,228.00 $ 7,222.00 $ 12,450.00
* Total Annual Donations – When you make a charitable donation to a Canada Revenue Agency-registered charity,
you receive an official income tax receipt. You will receive a receipt for each individual donation you make.
** The charitable tax credit is non-refundable, which means you must be a taxpayer to benefit from the tax credit.
Example
Here’s how to calculate your 2. Provincial tax credit: 3. Federal tax credit:
charitable tax credit with a. On the first $200, the a. On the first $200, the
total annual donations of provincial tax credit rate federal tax credit is
$500. Detailed instructions is 10%, yielding a tax 15%, yielding a federal
are provided with your credit of $20. tax credit of $30.
income tax return forms. This b. On the amount over b. On the amount over
charitable tax credit is non- $200, you receive a $200, you receive a
refundable, which means you provincial tax credit of federal tax credit of
must be a taxpayer to benefit 21% (see note below). 29%. This would yield
from the tax credit. This would yield a tax a tax credit of $87.
1. Gather all your official credit of $63. c. When you add $30 +
charitable donation tax c. When you add $20 $87, your total federal
receipts and add them + $63, your total charitable tax credit is
up (i.e. $100 to a youth provincial charitable $117.
shelter + $50 to a local tax credit is $83. 4. Your total combined
food bank + $350 to
provincial and federal
a health organization
tax credit is $200 ($83 +
= $500 in total annual
$117).
donations).
Effective January 2007, the Alberta tax credit for eligible charitable donations that exceed $200 in a
tax year has increased to 21 per cent of the amount donated. When added to the federal tax credit
of 29 per cent, this gives Albertans a 50 per cent tax credit on those donations – one of the highest
charitable tax credits in Canada. The first $100 in eligible charitable donations made in a tax year
continues to receive a federal tax credit of 15 per cent and an Alberta tax credit of 10 per cent.
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