What are the tax implications of a donation? + MORE Dec 10th

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What are the tax implications of a donation?

– moneysense.ca

Most people give money to charities with intentions that go beyond tax. But there are tax savings when you donate to charities. Here are some of the considerations.

How do donations save you tax?

Charitable donations allow a taxpayer to claim non-refundable tax credits. These credits can reduce income tax owing. They are non-refundable because you need to have tax payable to save tax when you donate to charity.

There is a federal tax credit of 15% on the first $200 of donations and up to 33% for a high-income taxpayer. There are provincial and territorial tax credits, as well. The combined credits can save over 50% tax, basically the same as a deduction that reduces taxable income for a high-income taxpayer.

There is a limit that prevents you from claiming donations that exceed 75% of your net income (100% for certified cultural property).

Sizable donations that are significant relative to income and tax payable may not save as much tax as intended, however…

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Credit card interest calculator

– moneysense.ca

If you pay your balance in full every month, you can avoid paying credit card interest while enjoying the rewards and benefits that come with your credit card. But if you carry a balance on your credit card, your card issuer will charge somewhere between 12% and 21%, on average, depending on the card.

Play around with our credit card interest calculator to calculate credit card interest and figure out how long it will take you to repay the debt. This tool can help you develop a plan to address your balance and avoid paying interest going forward.

How to use the credit card interest calculator

Our credit card interest calculator can help you figure out two key pieces of information:

How much money you’ll pay in interest based on your current monthly payment

How many months it will take to pay off your credit card balance

Start by inputting your credit card balance and your card’s annual percentage rate (APR). If you don’t know this number, log into your credit card account and pull up your card’s terms and conditions…

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