Charitable Donations

If you are a charitable person and donate to charities don’t forget to ask for a charitable donation receipt. At tax time you get a credit for the amount you donate. The first $200 receives a credit of 20.5% ($41) but any amounts more than $200.00 receive a credit of 40.16% to use against the taxes you pay.

If you’re a student, you may not pay any taxes so the tax credit may not help you in the current year but don’t worry the government lets you hold on to those receipts for 5 years so even though they may not help you this year they will when you get out of school.

So… Save those receipts. If you don’t keep them you are literally throwing money away.

If you feel that you don’t like the idea or getting money back for being charitable you can use the money you get back in taxes to give back to the charity you like.