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Sunday, 12 April 2009 |
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The Income Tax Act allows reductions in the amount of tax you would have to pay by a percentage of your political contribution. Refer to the chart below.
| total contributions | credit calculation | maximum credit | | Up to $372 | 75% of contribution | $279 | | | | | | $372 to $1,240 | $279 plus 50% of the amount over $372 | $713 | | | | | | More than $1,240 | $713 plus 33⅓% of the amount over $1,240
OR
$1,240, whichever is less | $1,240 |
The maximum tax credit of $1,240 is obtained when contributions total $2,821.
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Last Updated ( Sunday, 12 April 2009 )
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