Super credit available to new donors
If you are a regular supporter of registered charities then I applaud you for your generosity, as you are unfortunately in the minority. There aren't enough of us out there and the Federal Government is hoping to change that.
If you have never donated to a registered charity (or at least not since 2007), then you are eligible to benefit from the Charitable Donation Super Credit as was introduced as part of the 2013 Economic Action Plan.
You are eligible to qualify as a first-time donor if neither you nor your spouse (or common-law partner) has claimed a charitable donation tax credit since 2007.
Any monetary donation made since March 20, 2013 qualifies for the first time donor's super credit. This credit can be claim starting March 20, 2013 and will continue to be available to new donors through to 2017.
You must donate by December 31, 2013 if you wish to take advantage of it for the 2013 tax year.
The super credit provides an extra 25% tax credit in addition to the credits that already exist for the federal and provincial tax returns. This means that donors can get a 40% federal credit for monetary donations of $200 or less, and a 54% federal credit for the part of donations over $200 and up to $1,000.
In other words, if you donate $200 you get $80 back in the form of a federal tax credit and for every dollar over $200 you get $0.54 back as a federal tax credit.
For more information please contact me, or check out the following links.