Example of individual tax benefits
In 2019, Yukon Mary makes a single donation of $1,000 to a registered charity.
She can claim the following tax credit:
21.4% of the first $200 = $ 42.80
41.8% of the remaining $800 = $ 334.40
The total credit, she can apply against her income tax she owes, is $377.20, as the following breakdown reveals:
You can claim up to 75% of your net income in charitable donations each year, and carry forward any unused tax credit for up to five years.
|First $200||15 %||6.4 %|
|Amount over $200||29 %||12.8 %|
|Tax Credit for donation of $1,000||$ 262.00||$ 115.2|
|Combined Fed/Prov Tax Credit for donation of $1,000||$ 377.2|