Support your political party & receive a tax credit!
If you contributed to your registered federal political party of choice or a candidate in a federal election, you will get a tax credit that is deducted from your federal tax payable. A contribution can be made up to a maximum of $1, 275, which gives a maximum credit back of $650.
The federal tax calculations are as follows:
· Credit on the first $400 is 75%
· Credit from $400 to $750 is 50%
· Credit from $750 to $1,275 is 33.33%
Remember to provide valid receipts to support your claim.
For those who contribute to a political party or candidate in your province or territory you are eligible for a tax credit that is deducted from your provincial or territorial tax payable. For more information on how the British Columbia calculations are made click on the link below:
Every effort has been made to ensure the accuracy of the above information. However, because of the nature of the subject, no person or firm involved in the preparation or distribution of this commentary accepts any liability for its contents or use.