The 2013 budget proposed a re-vamp for the charitable donations tax credit. We already get 15% for the first $200 and 29% after that, but they are proposing a temporary non-refundable credit. This credit must be in money only, no “in kind”, so you can forget donating grandma’s silver. The new credit would effectively add 25% to the rates currently used for up to $1,000. So a first-time donor would get a 40% credit for the first $200 and a 54% credit for donations up to $1,000. You are considered a “first time” donor if neither you nor your spouse (legal, common-law or otherwise) have claimed the charitable donation tax credit in any of the five preceding tax years.
The credit may be shared, but only up to the maximum, and it only applies to donations made after March 20, 2013 for this year.
Remember to make sure that charity is legitimate and gives you an actual receipt, not just the promise of one. You can check out your favorite charity on the CRA website.
For more information about the CRA super credit, go to their website.