Tuesday, May 28, 2013

Never given to charity? Now’s the time | therecord

Never given to charity? Now’s the time | therecord: Flaherty said the government is reaching out to first-time donors to help develop a “culture of giving” among a new generation.

Currently 80 per cent of charitable donations are made by people 45 or older.

“We want to encourage young people to consider giving to charity,” Braid said in an interview.

The supercredit is good on a cash donation from a first-time donor of up to $1,000, claimed in one tax year between 2013 and 2017. As an example, giving $500 to charity with the supercredit returns $286 in income taxes to the donor compared to $161 with a normal tax credit.

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