How to help animals and save on your taxes!
Donating to VHS saves you money! Did you know that when you donate to a registered charitable organization and receive an income tax receipt, both the Federal and Provincial governments provide a tax credit? Here’s how it works.
- On the first $200, the federal tax savings is 15%, and the BC provincial tax savings is 5.06% for a total of 20.06%.
- On anything over $200, the federal tax savings is 29% and the BC provincial tax savings is 14.7% for a total of 43.7%.
So with a $500 donation, the total tax savings would be:
- On the first $200, federal savings $30, provincial savings $10.12 for a total of $40.12
- On the next $300, federal savings $87, provincial savings $44.10 for a total of $131.10
The total savings on a $500 donation would then be $171.22!! This is a non-refundable tax credit. As such, it can only be used to reduce tax owed; if you don’t owe any tax, you don’t get a refund. Generally, your tax savings will be equal to the amount of the charitable tax credit calculated. For further information, click HERE.
VHS’s Director of Farm Animal Programs, Leanne McConnachie, appeared recently on the program ‘Money Talks’ on the Business News Network. The show highlighted Leanne’s PREP framework for strategic charitable giving – Philosophy, Red Flags, Efficiencies and People. Great information if you’re considering making a charitable donation this holiday season!
