April 4, 2013

Charitable Donations & Personal Taxes for 2012

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2336898If any “advantage” was received (compensation or other benefits) in return for the donation (e.g., tickets, meals), the eligible gift for purposes of the donation claim is reduced by the value of the advantage received.

The tax credit for the first $200 of donations in Alberta is at the lowest personal tax rate, and the tax credit for the amount over $200 is at the highest tax rate federally. Alberta has only one tax rate (10%) for calculating income taxes, but uses 21% as the rate for donations over $200. For more information regarding personal charitable donations, please see: http://www.taxtips.ca/filing/donationstaxcredit.htm

The Federal and provincial personal tax credits in Alberta for Charitable donations are:

– For the first $200, 15% federally and 10% provincially = total of 25%
– For the remainder over $200, 29% federally and 21% provincially = total of 50%
http://www.ey.com/Publication/vwLUAssets/Tax_Rate_Card_-_2012_Alberta/$FILE/Tax-Rates-Alberta-2012.pdf

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