New Super Tax Credit for First Time Donors

New Super Tax Credit for first time donors

If you have never made a charitable donation – or you’ve been lax in your generosity in the past five years – Ottawa will give you a “super tax break” on your donation.

The new federal budget introduced a First-Time Donor’s Super Credit, which will be available until 2017. This will give new donors an extra one-time 25% tax credit for cash donations up to a maximum of $1,000.

“It it is to kick-start a lifetime of charitable giving from those who have never given to charity before,” said Rob Dalziel, executive director for the Victoria Hospital Foundation. “It encourages non-givers and young people to consider giving for the very first time by inspiring them with very generous credits.”

Currently the standard tax credit for a donation is 15% of the first $200 and 29% for amounts above that. The new credit gives qualified first-timers a 40% credit for the first $200 and 54% for amounts between $200 and $1,000.

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A first time donor will be defined as someone who has not made any donations since 2007.

Dalziel added, “While we have many long-time donors who are often very generous in their support, the potential to attract new donors, many who certainly have the capacity to give, but, for whatever reason have not, is exciting. In addition, the potential to encourage younger donors who are just approaching the point in their lives where they can consider charitable giving to come forward is very helpful. Hospital Foundations across Canada together with other Registered Charities had been asking Ottawa for changes like this for some time. This bodes well for the future.”

For more information on how you can make your charitable donation to the Victoria Hospital Foundation visit our website www.helpthevic.ca or contact us directly. We will be pleased to assist you and if needed work with your financial adviser to ensure your wishes are followed and respected.