Named the first-time donor’s super credit by the federal government, this tax credit is aimed at encouraging new donors to generously give to charities by increasing the value of the federal charitable donations tax credit by 25 per cent. The credit can be applied to eligible donations up to $1,000. This tax credit was first introduced on March 20, 2013 and is only temporarily available until the year 2017. Many first-time donors failed to take advantage of this credit in 2013 as they were unaware of its availability.
To be eligible for this credit, you must be considered a first-time donor, in which neither you nor your spouse or common-law partner have claimed or have been allowed a charitable donation tax credit any year subsequent to 2007.
This credit can also be shared with your spouse or common-law partner. The total combined donation cannot exceed $1,000.
Contact us to assist you claim this credit. We will ensure that you are taking full advantage of Canada’s federal tax credits to minimize your 2014 tax liability.