After standing in line all weekend during the Black Friday shopping spree and the exciting clicking that took place on Cyber Monday…why not think about sharing some of the dollars you saved and give yourself a gift come tax time? Tuesday, November 28 is Giving Tuesday, a national and increasingly global movement dedicated to giving back!
GivingTuesday provides an opportunity for charities, companies and individuals to join together and rally for favourite causes. Read on to find out how this could help benefit you:
Albertans are among the most generous Canadian when it comes to supporting charitable organizations. While the decision to contribute is based mainly on the desire to help those in need, Alberta’s Charitable Tax Credit recognizes that generosity with one of the largest charitable tax deductions in Canada.
Through the Charitable Tax Credit, Albertans can receive a non-refundable tax credit of 21 per cent for total donations in excess of $200. When combined with the federal charitable tax credit of 29 per cent, Albertans receive a 50 per cent non-refundable tax credit for every dollar donated over the $200 threshold. The first $200 in donations receives a combined credit of 35 per cent. The tax credit reduces a taxpayer’s amount owing or increases the amount being refunded.
What better way to wrap up 2017 than to make a difference by making a donation to a local charity on GivingTuesday and topping it all of with a helpful tax deduction as the bow on top?