CRA releases revised charitable donation tax credit calculator incorporating first time donor credit
Posted under News | What's New from the Charities Directorate of CRA
The CRA has updated their charitable donation tax credit calculator. It is interesting to play with the calculator but as we have warned before it can underestimate in some cases the amount of tax savings a person may get from a charitable donation. For example it is dealing with cash and not appreciated marketable securities which may have greater tax savings. Secondly, it does not take into account the surcharges that are in a number of provinces. Therefore, it may indicate that a wealthy Ontarian may get 40% benefit when in reality they may be receiving between 48-65% tax benefit depending on whether they are gifting appreciated marketable securities. That is quite a big difference.