The federal donation tax credit is 15% on the first $200 of donations and 29% (33% to the extent income exceeds $235,675 in 2023) on amounts above. The provinces and territories also offer donation ...

In this case, her net tax savings from the donation would be $3,435 ($5,041 less the taxes of $1,606 payable on the capital gain), which is 34.35 per cent of the $10,000 amount donated.

Starting next year, only 50% of the donation credit will be allowable, and a 30% inclusion rate will apply to donated appreciated securities for AMT purposes. To avoid these implications, Golombek ...

The Salvation Army, for example, reported a drop in holiday donations of more than 50 per cent this year. It welcomed the federal government's decision in a written statement Monday.

In addition to that, you avoid paying capital gains tax on the entire accrued gain on those shares. ... The charitable tax donation deadline for 2024 has been extended to Feb. 28 but the extension ...

If you are 71, the end of the year does bring some urgency, because your RRSP needs to be converted to a RRIF by the end of the year you turn 71. You can also buy an annuity from an insurance company.

Tax planning in Canada isn’t just for March and April. These smart tax moves need to be made before January 1. Hear me out. Year-end tax planning can be financially rewarding. It’s a shame so ...

2) no capital gains tax on the disposition. By contrast, a donation of cash is eligible for a single tax saving, the donation tax credit. There are a number of publicly traded securities that qualify.

In addition to that, you avoid paying capital gains tax on the entire accrued gain on those shares. The charitable tax donation deadline for 2024 has been extended to Feb. 28 but the extension does ...

This week, the government announced that more than 250,000 Canadians have already opened a tax-free first home savings account (FHSA) to save for a down payment on their first home. If you’re a ...

As the end of the year nears, calendars are crowded but make sure you set aside time to make sure your 2023 taxes won't come back to bite you in 2024. Year-end tax moves fall into two categories ...