Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 1, 2021 1:14:33 PM

How are charitable deductions calculated?

0 1 388
1 Replies
Level 3
May 18, 2021 10:08:02 AM

Thank you for your question.

 

Charitable deductions will result in tax credits that are applied on your tax return. The federal tax credit is 15% on the first $200 and 29% for anything above that amount. In some cases, the rate goes as high as 33%. Provincial tax credits,however, vary from province to province.