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Charitable planning — Helping your donation go further

Charitable planning — Helping your donation go further

Carefully planning your charitable giving may improve your personal tax situation for 2019.


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However, it's important to consider how you will make your donation, because the tax savings you receive depends on the type of gift you make. Whether you ultimately choose to make a cash donation or a tax-effective gift of property (known as a "gift in kind"), you'll still have to make your charitable gifts by December 31, 2019 if you want to claim the donation tax credit on your 2019 tax return.

Generally, your after-tax cost for a $1,000 cash donation in 2019 can range from a low of $460 to a high of $522 if you are a "high income earner" with income over $210,000, and from a low of $500 to a high of $562 if your income is below that amount (depending on your province of residence). Donating property such as securities, artwork, or real estate instead of an outright gift of cash may increase the tax benefits of the donation to you.

This TaxNewsFlash-Canada discusses Canada's tax incentives for encouraging charitable donations. It also looks at some different ways you can make donations during your lifetime or through your will.

Download this edition of the TaxNewsFlash to learn more.

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