Question

With respect to the federal political contributions tax credit, which of the following statements is Correct?...

With respect to the federal political contributions tax credit, which of the following statements is Correct?

Select one:

a. The credit is equal to 29 percent of the eligible contributions made.

b. Contributions made to a candidate at the time of a federal general election are eligible.

c. There is no upper limit to the amount of the credit that can be claimed, as long as the contributions are made within the legal limits governing campaign contributions.

d. Contributions made to any registered political party are eligible for the credit.

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Answer #1

Answer : d. Contributions made to any registered political party are eligible for the credit.

Explanation: Federal political contributions tax credit is given when the contribution is made to any registered political party.

The contribution made for the federal general election is not eligible.

The credit is not given at the fixed rate of 29 % but credit is calculated as per the slab rate of 75 % or, 50 % or, 33.33 % on the amount of donation.

There is an upper limit to the amount of the credit. For 2019, the maximum amount of credit was set at $650.

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