CSI Blog & Newsroom - What We're Reading This Week:

“For anyone who has thought about donating to a charity but hasn’t yet found the time or will to do so, this might be the year to finally commit. As of March 20, 2013, first-time donors can claim an additional 25 per cent ‘super credit’ on the first $1,000 they donate. The new temporary credit supplements the usual charitable donation tax credit — which, federally, is 15 per cent for donations of less than $200 and 29 per cent for those over $200 — and can be claimed once in the tax years 2013 to 2017. But regardless of whether you’re a first-time donor or a veteran philanthropist, there are a number of things to keep in mind when it comes to charity and taxes.” writes Ian Munroe in an article for CBC News. Munroe explains, “You are eligible to claim tax credits for donations up to 75 per cent of your net income for the year — and up to 100 per cent in the year of death. Charitable donations are eligible for both federal and provincial tax credits. The federal credit is the same across the board, but the provincial credit varies depending on where in the country you file your tax return. In B.C., for example, those who make donations of less than $200, get a provincial credit equal to 5.06 per cent of the donation amount. In Quebec, it’s 20 per cent. The rates go up once your donation exceeds $200 — to anywhere from 11.16 per cent in Ontario to 24 per cent in Quebec. Credits are deducted from the amount of tax you owe and can be delayed and claimed in any of the five years following the one in which you donated.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS