Making the Most of Tax Time
Make the most of tax season with the extension of the 2024 charitable donations deadline. This extension means that eligible donations made between Jan 1, 2025 and Feb 28, 2025 may be used for a charitable tax credit on either your 2024 or your 2025 Canadian tax return.
Eligible donations are those made in cash, cheque, electronic funds transfers, or as money orders, but not gifts-in-kind or stock gifts. For complete details, see the Government of Canada website.
You can also calculate your charitable tax credit right here: https://www.canadahelps.org/en/tax-time/.
Keep in mind, when you donate over $200, you are automatically eligible to carry charitable donations forward and claim them on your tax return for any of the next five years. This flexibility means that the unclaimed carry-forward portion may qualify for a larger tax deduction, in the future.
There is still time to take advantage of this tax saving donations strategy. If you are mailing your donation in, please ensure the envelope is postmarked by February 28th to qualify for it as a 2024 deduction, or donate online before February 28th for instant receipting.