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Your gift to a Canadian registered charity can help save taxes. The combined Federal/Alberta rate for gifts made by an individual is a whopping 50% once your total annual donations* exceed $200. So a gift to create a fully operational endowment fund of $10,000 creates a tax credit** of $5000 (or $4,950 if that is the only gift made to charity in the year).
Bottom line - a $10,000 gift costs only about $5000 after tax.
*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.
|Battle River Community Foundation | firstname.lastname@example.org | 780.679.0449 | PO Box 1122, Camrose, AB T4V 4E7|