I would like to personally thank everyone who has donated to the Eden Project fundraiser so far. We have a long way to go to meet our goal of raising $25,000 so that we can launch Eden Cafe this fall, but I am so grateful for your encouraging responses and support!
My fundraising team and I want to recognize your generosity by giving back to you in some small ways and we’ve developed a fun rewards program.
For your donation of:
$500+ you get homemade cookies or cheesecake delivered to your home or work (guaranteed delicious)
$1000+ you get a video challenge of your choosing (that’s lighthearted and harmless)
$2500+ you get your car(s) washed, or a home cleaning (your choice of one)
Watch our latest rewards on video:
Blind fold logo drawing? Why, yes, yes, we did!
Angelina’s Dutch Corner is a family run restaurant and hidden gem serving up fantastic breakfast and lunch fare to New Westminster. They were voted Reader’s Choice Best Breakfast, Best Brunch 3 years in a row and Best Sunday Brunch 4 years in a row by the New Westminster Record.
Located at The Quay on the Fraser River, Angelina’s is the perfect place to enjoy a wonderful breakfast, delicious coffee or lunch on their seasonal patio.
And last, but not least, here’s our “Pac Man cupcake” challenge. If you’d going to do this at home, don’t forget to chew!
How to calculate what your CRA tax credit will be.
This is a little more involved, because you have to know the federal rate, which is the same for everyone in Canada, and the provincial rate, which is different for each province.
To keep it simple, I have provided a calculator in the video description below. It will do all the hard work and make sure that you qualify for the right amount, or you can use the CRA Charitable Donation Calculator
As to the extent of tax relief you can expect from your charitable donation, just know that if your total gift is $200 and under, you may be less thrilled by the tax credit you will get.
As an example, if you donate $200, you can expect anywhere from $40 to $60, depending on the province you live in.
However, for every dollar that goes over $200, your tax credit is closer to 40 to 50%, so that means that the $1000 you give away costs you $600, and if you live in British Columbia, you would receive a $400 tax credit. That’s actually a great incentive for you to give more.
You can combine CRA charitable donation tax receipts with your spouse or common law partner
If larger gifts are not available for you at this stage, don’t stop donating altogether, because there are other ways for you to take advantage of the bigger tax credits.
If both you and your spouse or common law partner give, then you can combine both amounts and apply to one person’s tax return to bring you over that $200 threshold.
Carrying over your CRA charitable donation tax receipts
Or, if you are single, you can hold off on claiming the donation this year and add it to next year’s total.
In fact, you can carry forward your cash donations for up to five years!
When it comes to giving to a worthy cause, it isn’t about the tax breaks that we get, although it is a helpful perk. It is about our connection to others and how our hearts break for their suffering, and our willingness to act.
If it wasn’t for your generosity in sharing your donations and time to help those in need, our world would be a much sadder place, so thank you to all the heroes out there.
I hope you are encouraged to give by what you learned in this video and I have so much more to say regarding financial planning around charitable giving. If you would like to form a plan around your charitable giving, please call me at (604) 428-8765 for a free consultation.
Let me know your about your favourite charities and tell me why the cause or organization moves you in the comments below, because I want to create a community of givers!
https://engracefinancial.com/wp-content/uploads/2019/07/thumbnail-charitable-donations-e1562956687532.jpg560996Taaylahttps://engracefinancial.com/wp-content/uploads/2017/07/main-logo-300x98.pngTaayla2019-07-12 14:28:202019-09-13 15:07:25Put your Money Where your Heart Is: Charitable Donation Tax Receipts