Tax Deduction Calculator
Real cost donation calculator*
Enter the amount you would like to donate into the form and it will automatically calculate the associated tax credit amounts, as well as the net cost of your donation.
| Donation amount: | $ | ||
|
|
|||
| Tax receipt: | $ | 0 | |
| Tax credit (on first $200): | $ | 0 | |
| Tax credit (anything above $200): | $ | 0 | |
|
|
|||
| Total tax credit: | $ | 0 | |
|
|
|||
| Net cost of donation: | $ | 0 | |
Please be advised that the calculator assumes the donor is an Ontario resident; as provincial tax rates vary across Canada. We recommend that you discuss your gift intentions with your financial, legal or tax advisor.
Individuals can claim up to 75% of their net income in charitable donations each year. In addition any unused tax credit can be carried forward for up to five years.
Note: Regarding gifts from your estate, this tax calculator may not capture all of the tax benefits available to you. Please contact us for more information.
*Formula used: 20.05% x donation amount up to $200 + 40.16% x donation amount above $200. Based on Federal Tax Credit: 15% on Donation amount up to $200 then 29% on remainder and Ontario Provincial Tax Credit: 5.05% on Donation up to $200 then 11.16% on remainder.
Last updated: April 25, 2011