Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
English EN

Pick a language

Canada Français United States of America English
cancel
Showing results for 
Search instead for 
Did you mean: 
hendrikje
New Member

We have donated over $5000 dollars and just got a very small credit. why is that?

 
1 Best answer

Accepted Solutions
warrencheswick
New Member

We have donated over $5000 dollars and just got a very small credit. why is that?

$5000 in donations would be $1422 federal tax credit, and more for provincial. The credit is non-refundable so if you have less than $1422 in taxes owed, it will only reduce the amount owed to $0. ie if you only owe $50 in tax for the year, you'll only receive $50 credit. You can carry forward any unused amounts for upto 5 years.

View solution in original post

1 Reply
warrencheswick
New Member

We have donated over $5000 dollars and just got a very small credit. why is that?

$5000 in donations would be $1422 federal tax credit, and more for provincial. The credit is non-refundable so if you have less than $1422 in taxes owed, it will only reduce the amount owed to $0. ie if you only owe $50 in tax for the year, you'll only receive $50 credit. You can carry forward any unused amounts for upto 5 years.

v