Tax credits through Children Believe

Tax credits through Children Believe

Did
 you
  know?

a “tax-deductible donation” is actually called a “charitable tax credit” by the Canadian Revenue Agency?

That’s because a “tax deduction” is a reduction of taxable income. A tax credit is a reduction of taxes payable.

Children Believe is a registered charity. One-time donations and recurring donations, including child sponsorship, are eligible for a charitable donation tax credit.

How your donation impacts your taxes.

Your charitable donation receipt is applied against your income tax, so it can be used to reduce what you owe the government.

About a donations’ tax credit.

Under Canada’s charitable donations tax credit guidelines, you can claim up to 75 percent of your net income as donations.

In the event of death during the year, or in the previous year, you can claim 100 percent of your net income. Your donation must be processed by December 31 for you to qualify to receive a tax receipt for that taxation year.

The charitable donation tax credit is a non-refundable tax credit claimed on Line 349 of Schedule 1 of tax return packages.

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The first-time donor's super credit.

Introduced in March 20, 2013, the first-time donor’s super credit (FDSC) extends the rates used for calculating the charitable donations tax credit (CDTC) for qualifying first-time donors.

The credit supplements the value of the CDTC by 25 percent, up to a maximum of $1,000 in cash donations.

A first-time donor is defined as someone — or their spouse or common law partner — who has neither claimed the CDTC nor the FDSC during the previous five taxation years.

This one-time claim only applies to the 2013 to 2017 taxation years. So, if you’re making a donation for the first time do so before the end of 2017 to leverage the FDSC.
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Maintaining your personal records.

We recommend you keep a documented account of all your charitable contributions each year (e.g. donation receipts, bank statements). These records are essential to reducing next year’s payable income taxes.

If you move during the year, please notify us before the end of December. This will help us get your Children Believe charitable donation tax receipts to you on time.
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Distribution of charity tax receipts.

We recommend you keep a documented account of all your charitable contributions each year (e.g. donation receipts, bank statements). These records are essential to reducing next year’s payable income taxes.

If you move during the year, please notify us before the end of December. This will help us get your Children Believe charitable donation tax receipts to you on time.
contact us
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