The basic tax credit for donations to a registered Canadian charity in 2007 was 15% of the first $200 donated and 29% on amounts over $200. Provincial tax credits for charitable donations work in much the same way with the lowest tax bracket applied to the initial $200 and the highest tax rate to amounts over $200.
You may claim up to 75% of your net income and any unused amounts over the 75% limit may be carried forward five years. In the year of death, 100% of the donation amount may be claimed.
Donations or gifts to charities include cash, securities of listed public companies, life insurance policies, residual interest in trusts, ecologically sensitive land, and Canadian cultural property.
If a gift of certain capital property such as listed public securities, ecologically sensitive land, and bonds are not subject to the tax on the capital gain when donated after May 2, 2006. In addition, the total donation limit of 75% will be increased by 25% of the taxable capital gain on donations to a maximum of 100% of your net income.
To ensure you maximize your donations, combine your donations with your spouse and claim them on one tax return.
CRA Resources
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What about provincial Charitable Donation Tax Credit?
The provinces each have their own tax credits for charitable donations. They each work exactly the same as the federal credit, except that the amounts used to calculate the credits are the provincial tax rates. See the non-refundable tax credits on the tax rates page http://blog.taxresource.ca/tax-rates/
I plan on playing in a charity golf tournament. My Question is
How much of the $85 entry fee is would qualify for a tax credit?
Brad,
Probably none of it because a charitable donation involved a gift with nothing received in return. You are getting a game of golf!
If there is any donation component at all, you will receive a receipt from the charity.