Depending on your level of contribution to help protect and enhance Yukon Fish and Wildlife (see details on the right), your name may be displayed on the Yukon Fish and Wildlife Enhancement Trust’s website donor wall, annual report, and its widely distributed free wildlife calendar. By supporting an eligible charitable organization, such as the Trust, you will enjoy significant tax benefits.
Individual Yukon donors will receive a federal tax credit equal to 22.04% (15% federal and 7.04% Yukon) of the first $200 you give in a taxation year.
You will also receive a tax credit equal to 41.76% (29% federal and 12.76% Yukon) for donation amounts that exceed that $200.
The more you give, the greater the tax credit. You apply the credit directly against the tax you owe, which is much more.
Canadian controlled private corporations
Charitable donations are 100% deductible against up to 75% of a corporation’s net income for tax purposes. The realized tax savings is equivalent to the corporation’s marginal federal and provincial tax rates times the amount of the donation. In Yukon the general corporate income tax rates are as follows:
- For active business net income up to the first $500,000, the tax rate is 15%. In this situation, a corporation would reduce its taxes payable by $1500 with a donation of $10,000.
- For corporations earning property income (usually rental or investment), the tax rate is 49.7%. In this situation, a corporation would reduce its taxes payable by $4970 with a donation of $10,000.
Any persons or corporations considering significant donations should consult their tax advisors concerning their specific tax situations.