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tax credit calculations
TAX CREDIT CALCULATIONS
Up to $400: tax credit = 75% of your donation.
From $400 to $750: tax credit = 50% of your donation
From $750 to $1550 (max): tax credit = 33 1/3% of your donation up to $650
The maximum contribution to a registered Canadian political party is $1550 annually. The maximum tax credit is $650.
Tax credits reduce your taxes payable. If you do not owe taxes the credit is lost. It cannot be carried forward. Tax tip: Consider spreading your political contributions over two years to
EXAMPLE TAX CREDIT AMOUNTS
$20 Donation = $15 tax credit
$50 Donation = $37.50 tax credit
$100 Donation = $75 tax credit
$250 Donation = $187.50 tax credit
$500 Donation = $350 tax credit
$1000 Donation = $558.33 tax credit
$1275 Donation = $650 tax credit *max
$1550 Donation = $650 tax credit *max
Tax credits reduce your taxes payable. If you do not owe taxes the credit is lost and cannot be carried forward. Tax tip: Consider spreading your political contributions over two years to maximize your credits. For example, if you contribute $750 in one year, your federal tax credit will be $475. If, instead, you contribute $375 one year and $375 the next, your tax credit will be $281.25 in each of those years, for a total contribution tax credit of $562.50
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