Comments on: Charitable Donation Tax Credit – Part 1 (How it Works) http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm Building Wealth through Saving and Investing Wed, 17 Mar 2010 20:30:38 -0400 http://wordpress.org/?v=abc hourly 1 By: 3 Ways Being Organized Can Save You Money | Finance Blog http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109743 3 Ways Being Organized Can Save You Money | Finance Blog Tue, 19 Jan 2010 11:46:00 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109743 [...] we found out we were being reviewed by the CRA and needed to send in a record of all of our charitable donations and tuition statements. Fortunately, I knew where to look. I went into the file marked “taxes [...]

[...] we found out we were being reviewed by the CRA and needed to send in a record of all of our charitable donations and tuition statements. Fortunately, I knew where to look. I went into the file marked “taxes [...]

]]> By: cannon_fodder http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109626 cannon_fodder Fri, 15 Jan 2010 20:53:19 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109626 Wouldn't it be an ethnic slur rather than racial? Wouldn’t it be an ethnic slur rather than racial?

]]> By: DAvid http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109624 DAvid Fri, 15 Jan 2010 19:31:53 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109624 Four Pillars -- to my knowledge, no, the term "Canuck" is not. You can read the history C. Madden refers to at: http://www.argentia.org/newfie.htm and possibly better understand the angst. My father, and many other Townies who grew up through the period of US occupancy of Newfoundland are well able to corroborate the effect of the story above. DAvid Four Pillars — to my knowledge, no, the term “Canuck” is not. You can read the history C. Madden refers to at: http://www.argentia.org/newfie.htm and possibly better understand the angst.

My father, and many other Townies who grew up through the period of US occupancy of Newfoundland are well able to corroborate the effect of the story above.

DAvid

]]> By: Four Pillars http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109617 Four Pillars Fri, 15 Jan 2010 16:14:52 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109617 C. Madden - is "Canuck" a racial slur as well? C. Madden – is “Canuck” a racial slur as well?

]]> By: FrugalTrader http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109597 FrugalTrader Fri, 15 Jan 2010 12:24:31 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109597 C. Madden, I thought it was ok to make fun of myself? :) I'm from Newfoundland, but I will adjust the post. C. Madden, I thought it was ok to make fun of myself? :) I’m from Newfoundland, but I will adjust the post.

]]> By: C.Madden http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109592 C.Madden Fri, 15 Jan 2010 08:03:16 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109592 Please be advised that the term "Newfie" is a racial slur. The proper term is Newfoundlander. Please be advised that the term “Newfie” is a racial slur. The proper term is Newfoundlander.

]]> By: Goodwida http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109541 Goodwida Wed, 13 Jan 2010 15:53:07 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109541 dear basketball coach! this is a 2007 list! dear basketball coach! this is a 2007 list!

]]> By: Happy Holidays from Million Dollar Journey | Finance Blog http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109180 Happy Holidays from Million Dollar Journey | Finance Blog Wed, 06 Jan 2010 09:32:06 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109180 [...] A quite note, make sure to get your charitable donations in before the end of the year to take advantage of the Charity Donation Tax Credit. [...]

[...] A quite note, make sure to get your charitable donations in before the end of the year to take advantage of the Charity Donation Tax Credit. [...]

]]> By: Charitable Contributions: Deciding Where to Give | Finance Blog http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-109157 Charitable Contributions: Deciding Where to Give | Finance Blog Wed, 06 Jan 2010 09:25:35 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-109157 [...] How the Charity Donation Tax Credit Works [...]

[...] How the Charity Donation Tax Credit Works [...]

]]> By: Happy Holidays from Million Dollar Journey | Million Dollar Journey http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-108799 Happy Holidays from Million Dollar Journey | Million Dollar Journey Fri, 25 Dec 2009 15:01:30 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-108799 [...] A quite note, make sure to get your charitable donations in before the end of the year to take advantage of the Charity Donation Tax Credit. [...]

[...] A quite note, make sure to get your charitable donations in before the end of the year to take advantage of the Charity Donation Tax Credit. [...]

]]> By: basketbal coach http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-71940 basketbal coach Fri, 27 Feb 2009 00:33:01 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-71940 Hi - just a not - I finished my tax return and your charitable rates table is incorrect for BC, The low rate was 15% on the first 200$ and only 29% on the rest of my donation. Hi – just a not – I finished my tax return and your charitable rates table is incorrect for BC, The low rate was 15% on the first 200$ and only 29% on the rest of my donation.

]]> By: 8 Fundamental Money Lessons for Kids | Million Dollar Journey http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-67810 8 Fundamental Money Lessons for Kids | Million Dollar Journey Wed, 21 Jan 2009 11:30:37 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-67810 [...] you give to charity, talk to you kids about why you chose that particular charity. If you sponsor a child through [...]

[...] you give to charity, talk to you kids about why you chose that particular charity. If you sponsor a child through [...]

]]> By: Using Flow Through Shares to Maximize Your Charitable Donations | Million Dollar Journey http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-66856 Using Flow Through Shares to Maximize Your Charitable Donations | Million Dollar Journey Mon, 12 Jan 2009 11:30:23 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-66856 [...] you give to charity or church on a regular or substantial basis ($5,000 or more per year) the following is something [...]

[...] you give to charity or church on a regular or substantial basis ($5,000 or more per year) the following is something [...]

]]> By: 150+ Ways to Save Money Over the Holidays | Million Dollar Journey http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-64512 150+ Ways to Save Money Over the Holidays | Million Dollar Journey Tue, 16 Dec 2008 11:30:51 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-64512 [...] The benefits?  All parties involved will feel good about giving plus you’ll receive a donation tax credit to [...]

[...] The benefits?  All parties involved will feel good about giving plus you’ll receive a donation tax credit to [...]

]]> By: FrugalTrader http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-45439 FrugalTrader Fri, 25 Jul 2008 01:57:37 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-45439 Hi Jonathan, yes you are correct, donating to charities is not a money making scheme. Think about it this way, the money donated to charities is with pre-tax dollars. Whatever money you donate, the government will return to you the tax you paid on that money. The way I look at a charitable donation is that the tax return is a side benefit for the good that you are doing. Hi Jonathan, yes you are correct, donating to charities is not a money making scheme. Think about it this way, the money donated to charities is with pre-tax dollars. Whatever money you donate, the government will return to you the tax you paid on that money.

The way I look at a charitable donation is that the tax return is a side benefit for the good that you are doing.

]]> By: Jonathan Vlietstra http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-45418 Jonathan Vlietstra Thu, 24 Jul 2008 22:58:28 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-45418 The problem is that a lot of people actually think you can save money by donating, but as far as I can see that is not true. Granted you get a large portion of the donation back off your taxes, but you cant lose sight of the fact that to get $460 back (as an example) you have to give $1000 away. You are still down $540 than you would be if you did no donation. The true benefit of donating that I can see, is that the chairity gets a lot more than what you lose - ie: it costs you $540 to give them $1000. Please correct me if I am wrong. The problem is that a lot of people actually think you can save money by donating, but as far as I can see that is not true. Granted you get a large portion of the donation back off your taxes, but you cant lose sight of the fact that to get $460 back (as an example) you have to give $1000 away. You are still down $540 than you would be if you did no donation. The true benefit of donating that I can see, is that the chairity gets a lot more than what you lose – ie: it costs you $540 to give them $1000. Please correct me if I am wrong.

]]> By: Meredith http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-44725 Meredith Sun, 20 Jul 2008 05:01:06 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-44725 Thank you so much for this information! Thank you so much for this information!

]]> By: Cannon_fodder http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-33301 Cannon_fodder Wed, 30 Apr 2008 17:20:21 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-33301 I think I understand Eric's confusion and he was not alone. It sounded as though, for example, I am in the lowest tax bracket and I donate more than $200 then I would actually receive more than $200 back from the government meaning a net gain for me. I think the closest you can get to an almost no cost charitable donation involves Super Flow Through Shares. I read an example that showed it would be possible for the charitable organization to receive $10,000 in SFTS for a net cost of $800 to a person in a 45% tax bracket . I think I understand Eric’s confusion and he was not alone. It sounded as though, for example, I am in the lowest tax bracket and I donate more than $200 then I would actually receive more than $200 back from the government meaning a net gain for me.

I think the closest you can get to an almost no cost charitable donation involves Super Flow Through Shares. I read an example that showed it would be possible for the charitable organization to receive $10,000 in SFTS for a net cost of $800 to a person in a 45% tax bracket .

]]> By: FrugalTrader http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-33295 FrugalTrader Wed, 30 Apr 2008 16:41:44 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-33295 Eric, the table in the article should give you an approximate answer. For charitable donations, it doesn't matter what tax bracket you are in. You get a tax credit based on the tax brackets of the province. The first $200 are given a tax credit equivalent to the donation x lowest marginal rate. After $200, it's the donation x highest marginal rate. Read over the article again and try a few calculations. Eric, the table in the article should give you an approximate answer. For charitable donations, it doesn’t matter what tax bracket you are in. You get a tax credit based on the tax brackets of the province. The first $200 are given a tax credit equivalent to the donation x lowest marginal rate. After $200, it’s the donation x highest marginal rate.

Read over the article again and try a few calculations.

]]> By: Eric http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm/comment-page-1#comment-33264 Eric Wed, 30 Apr 2008 13:52:52 +0000 http://www.milliondollarjourney.com/how-the-charitable-donation-tax-credit-works.htm#comment-33264 Thanks FrugalTrader. Do you know of a table that, by province and tax bracket, provides a breakdown of the credits received for say a $100 donation? I.e.: A quebec resident in bracket X gives $1000, how much will he receive in tax credits? Regards, E. Thanks FrugalTrader.

Do you know of a table that, by province and tax bracket, provides a breakdown of the credits received for say a $100 donation?

I.e.: A quebec resident in bracket X gives $1000, how much will he receive in tax credits?

Regards,

E.

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