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Canada: Charitable planning tax opportunities

Canada: Charitable planning tax opportunities

Carefully planning charitable giving may improve a taxpayer’s personal tax situation for 2019.

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How taxpayers make a donation may affect the tax savings received—whether a cash donation or a tax-effective gift of property (known as a "gift in kind"). Such charitable gifts must be made by 31 December 2019 to claim the donation tax credit on the 2019 tax return.

Generally, after-tax cost for a $1,000* cash donation in 2019 can range from a low of $460 to a high of $522 for a "high income earner" with income over $210,000, and from a low of $500 to a high of $562 if income is below that amount (depending on the taxpayer’s 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.
 

Read a November 2019 report [PDF 211 KB] prepared by the KPMG member firm in Canada

 

*$=Canadian dollar

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