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The spot for the good news, the good word, the quick reports of the many, many wonderful news items I hear all the time and want to share with the rest of you. Expect to find the good news when you come to check out "what’s the good word?"

Tuesday, December 10, 2013

Year-end Generosity for Maximum Tax Deductions



Year-end Generosity for Maximum Tax Deductions

In the December Herald the church reported generosity giving is down more than 20% this year. Do you have the capacity to give more? The leap illustrated above can be manifested in practical ways through your gift to the church to support our Christ led Mission. Especially this month, let's personally reduce the consuming trend which then increases our capacity to give and see ourselves as part of the solution. Thank you, your lives will reflect where your heart is.

Before year-end we each have the opportunity to maximize our generosity contributions and also become recipients of the Canada Revenue tax deductions. Here is how this works for you. Of the first $200 of your charitable donation to the church, 20% of this becomes a deduction. When your charitable contributions exceed $200, everything over that amount is a tax deduction of 40% of the amount you contributed.

Example - Contribution of $500 (Ontario only)

*         On the 1st $200 the government credit is $40 of your donation

*         On the next $300 the government credit is $120 of your contribution

*         On that $500 total contribution the government credit is $160

*         On a $1000 total annual contribution the government credit is $360 or 36%


If you have already reached the $200 donation mark this year, then everything you give now at year-end (by Dec 31st) receives a tax credit of 40% of your contribution. ($40 for every $100 given)

Through your generosity you become the giver and the receiver. This out-flowing of our generous response in time, treasure and talents touches the lives of others and warms our hearts as we experience the joy of giving.

Submitted by Kerry

1 comment:

  1. I thankfully have been advised by 2 brilliant accountants that I only provided the Federal tax credits and not the Ontario (which will vary for other provinces in CEM) tax credits. Therefore, on the 1st $200 the combined tax credits are 20% and on donations beyond $200 the combined tax credit is 40%. I apologize for not capturing the entire benefit afforded you. Kerry

    ReplyDelete