• By Front Line Accounting

donations

► All charitable donation claims must be supported
by official receipts.

► If you typically make large charitable gifts and
also plan to sell securities and realize capital
gains, consider gifting the securities instead to
reduce your taxes.

► Consider whether any property you own may
qualify as Canadian cultural property, which could
be gifted over a number of years to a designated
institution in order to reduce your taxes payable.

► Maximize the donation tax credit by claiming
your and your spouse or partner’s donations
on one return. Donations made to US charities
should be claimed by the spouse or partner
who has US-source income. (Tax credits for
donations to US charities are limited to 75% of
US-source income.)

► If your spouse or partner pays income tax,
consider having that individual claim a portion
of your political contributions to maximize your
combined credits.