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cpeabody
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Wondering why I am not getting the Ontario provincial tax credit on a charitable donation of 5,600. Turbo tax is only crediting the federal percentage of 29%.

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Wondering why I am not getting the Ontario provincial tax credit on a charitable donation of 5,600. Turbo tax is only crediting the federal percentage of 29%.

Charitable tax donations are non-refundable tax credits that can help reduce the amount of taxes you owe. While some tax credits can create a refund, this one does not. This means qualified donations result in tax credits—not deductions.

 

If the amount of your other credits is sufficient to bring your tax payable to zero, you will not be able to use your charitable donations to generate or increase your tax refund after filing your return. If you still have tax payable, you can use all or a portion of the donation amount to reduce it.

 

If you have unused donation tax credits left over, you can carry them forward for up to 5 years. But remember: Donations can be claimed only once.

 

If you are seeking for more information on this topic  - Visit Charitable Donations

 

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