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hendrikje
New Member

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

 
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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.

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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.

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