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Make the most of your 2020 charitable donations

Make the most of your 2020 charitable donations

Charitable donations can help improve your personal tax situation for 2020.

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However, it's important to carefully 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, 2020 if you want to claim the donation tax credit on your 2020 tax return.

Generally, your after-tax cost for a $1,000 cash donation in 2020 can range from a low of $460 to a high of $525 if you are a "high income earner" with income of more than $214,368, and from a low of $500 to a high of $565 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.

Download this edition of the TaxNewsFlash to learn more.

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