When you support students and education, you can make a lasting difference and receive significant tax benefits. Your gift to the NIC Foundation is 100% tax deductible, and we will issue you a receipt (for gifts of $20 or more) for income tax purposes which can offset your payable income taxes now or in your estate plans.
Calculate your Tax Credit
Check out the Canada Revenue Agency's charitable donation tax credit calculator to find out exactly how much of a credit you will receive, depending on what province you live in, and how much you gave. This federal calculator can help you determine your eligible tax credit a given year for income tax purposes. This is especially helpful for donors giving gifts of cash annually and when filing a personal income tax return.
You can also learn more about available tax credits through the Canada Revenue Agency.
Thinking of donating appreciated assets such as stocks, mutual funds and RRSPs/RRIFs? Our online tax savings calculator demonstrates donor benefits of our non-cash ways of giving, either now or down the road. Estimate your tax credit and see the impact of your donation.
First-Time Donor's Super Credit
Qualifying first time donors may receive an additional federal tax credit of 25% on the first $1,000 of monetary donations, over and above the amounts provided in the first calculation above. For details, go to First-Time Donor's Super Credit .
Plan Your Legacy
A charitable bequest in your will can offer a number of personal and financial advantages to you and your estate. With our online tax savings calculator , you can see how making a bequest in your will can reduce the taxes owed by your estate, leaving more funds for the people you love.
Tips about the Tax Benefits of Donations
- Charitable donations may be claimed up to an annual limit of 75% of net income (100% for gifts made in the year of death, including gifts such as bequests).
- Individuals and corporations who donate shares or other securities get a tax break on any resulting capital gain.
- Unclaimed charitable donations can be carried forward up to 5 years. But, you have to claim donations you carried forward from a previous year before you claim donations made in the current year.
- Either spouse can claim a charitable donation tax credit, regardless of which spouse's name is on the charitable donation receipt.
Our website information is intended as a general overview only and not as legal or tax advice.
Please consult with a qualified professional advisor to determine the best strategy for your situation.