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Julio and Maria would like to donate $3,500 of their personal funds to worthy causes each...

Julio and Maria would like to donate $3,500 of their personal funds to worthy
causes each year. They want to know if it would be better to donate funds to a
registered charity or to a federal political party? What is the difference between
these two tax credits?(In Canada)

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Answer #1

It would be better to fund through charity because it provides federal tax credit of 29% on donated amount with upto 24% tax credit depending on the state or province of residence. It is possible to claim donation in multiple year or tax credit can be carried forward.

Tax credit to political party can give maximum tax credit of $ 650 as per Income Tax Act s. 127(3). It cannot be carried forward,

Hence tax credit from donations to charity is better.

Please Discuss in case of Doubt

Best of Luck. God Bless
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