Don’t forget the first-time donors’ super credit

Few Canadians are claiming the first-time donors super tax credit, reports The Globe and Mail.

The credit, which was launched in 2013, lets people donating to registered charities for the first time claim an additional 25% non-refundable tax credit.

The Globe says uptake has been just 20% of what the government predicted it would be. In 2013, $5 million worth of credits were claimed by about 98,000 donors, though the government had predicted there would be more than $25 million in claims when it introduced the credit.

Read more here.

Learn more about the first-time donor supercredit here.

Also read:

70% of Canadians support new charity credit

How to navigate CRA’s new tax rules

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.