In the past, the federal rates for charitable donations tax credits were 15% on the first $200 and 29% on the rest of charitable donations up to 75% of net income. Starting 2016, due to new top income tax bracket of $200,000+ ($202,800+ for 2017) with 33% rates, the donation tax credits have increased to 33% for those affected by the new tax brackets and rates after the first $200.
For more information, please contact us @ 778-374-1865 or firstname.lastname@example.org
Note: All information relating to the tax credits above is available from CRA website.
By Theresa Lo, CPA, CGA
February 5, 2017
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Theresa Lo, CPA
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Burnaby, British Columbia