Charitable Donation Information
To celebrate our 10-Year Anniversary, Swallow-a-Bicycle Theatre is seeking to raise $10,000! Since we’re new to this fundraising business, we did a little research into charitable donations.
Did you know…?
● donations made to registered charities (documented by an official receipt for income tax purposes) during the calendar year are eligible for a non-refundable tax credit when claimed on your personal income tax return
● federally, the non-refundable tax credit is 15% of the first $200 in qualifying donations made during the year and 29% of the amount in excess of $200
● provincially, in Alberta, the non-refundable tax credit is 10% of the first $200 in qualifying donations made during the year and 21% of the amount in excess of $200
● in Alberta, the combined non-refundable tax credit is 25% of the first $200 in qualifying donations made during the year and 50% of the amount in excess of $200
● charitable donation credits do not have to be claimed in the year of donation, but can be carried forward and claimed in the following 5 year period; donations should still be reported in your tax return for the year in which the donation is made, however can be designated for carry-forward to a subsequent year, allowing you to maximize the non-refundable tax credit available
● if you are reporting a spouse or common-law partner on your tax return, donations made by both parties should be combined on one return to maximize the non-refundable tax credit
● you can claim a non-refundable tax credit on donations to a maximum of 75% of the net income reported on your tax return
● additional tax savings may be available if making a donation of publically traded securities, by reducing taxes which may be payable on capital gains triggered from the disposal of the securities on transfer to the registered charity
10-Year Anniversary image designed by Kristy Lannan