The answer is yes. When you have already maxed out your RRSP contribution room in 2021, you are able to get a Charitable Tax Credit (CDTC) to reduce both your federal and provincial income taxes.
- The credit is available for anyone who makes a donation to a qualifying donee with the maximum donation amount can be up to 75% of your net income.
- You should obtain a receipt and that the donee issuing it is legally entitled to do so. The CRA provides a searchable online database that allows you to confirm whether a charity is registered and eligible to issue official donation receipts.
- You should also take a look at Schedule 9 to determine the amount you can claim.
Note: You can carry forward unused donations for up to 5 years but remember that donations can be claimed only once -> It is beneficial to claim these amounts when you are in a high tax bracket.
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