Make the Most out of Your Charitable Tax Credits!

Giving to the CFSV is not only a great way to make a difference in our community, but when you claim your charitable tax credits you can also take advantage of federal and provincial government tax incentives. Here are just a few ways that giving could help benefit you!

1) By donating to a charity like the CFSV, you may receive as much as 53% of the amount you donated back at tax-time.

2) Consider donating securities, eliminating the capital gains tax and get a larger tax credit.

Securities are the most efficient way to give charitably. When you donate publicly traded securities (stocks, mutual funds, bonds, etc.) directly to CFSV you can eliminate the capital gains tax as these securities are sold, and still receive a tax receipt for the fair market value on the date the security is received by our broker. Plus, the CFSV also gets the full value of the securities.

3) Consider carrying donations forward for larger charitable tax credits.

You do not have to claim all of the donations you made in the year they were made. When you donate over $200, you are automatically eligible to carry them forward and claim them on your tax return for any of the next five years. This flexibility means that the unclaimed carry forward portion may qualify for a larger tax deduction for you, in the future.

Every donation made to the Community Foundation of Swan Valley dated no later than December 31st, 2022 will receive a tax receipt for the 2022 tax year.

To learn more about the tax benefits of giving please speak to your accountant.