Tuesday Tax tips – First-time donor’s super credit

The first in a series of weekly blog posts till the end of April with some tax items you may not be aware of.

This week the new First-time donor’s super credit (FDSC):

This is a temporary tax credit for new charitable donor’s who have never claimed a charitable donation or who have not claimed a charitable donation after 2007.

For the purpose of the FDSC, you will be considered a first-time donor if neither you nor your spouse or common-law partner have claimed and been allowed a charitable donations tax credit for any year after 2007.

The FDSC applies to a gift of money made after March 20, 2013, up to a maximum of $1,000, in respect of only one taxation year from 2013 to 2017.

If you have a spouse or common-law partner, you can share the claim for the FDSC, but the total combined donations claimed cannot be more than $1,000.

For more information, check out the CRA website at:  http://www.cra-arc.gc.ca/fdsc/