As 2024 comes to a close, many Canadians are looking for ways to give back while enjoying tax benefits. Here are five tips to help you navigate charitable giving and maximize your impact. 

1. Give Back to Your Local Community with SHN 

This year, consider supporting a cause that directly benefits your community—like Scarborough Health Network Foundation. SHN serves over 1 million patients annually, addressing the healthcare needs of one of Canada’s most diverse communities. Your donation helps provide life-saving equipment, expand facilities, and support those in their most vulnerable moments. 

2. Get a Tax Credit for Your Generosity 

Donations can help reduce your taxes. You’ll get a 15% federal tax credit on the first $200 you donate, and a higher rate (29% to 33%) for amounts over $200. Provincial credits, like Ontario’s, provide an additional 5.05% on the first $200 and 11.16% on donations above that. 

Note: To receive a charitable tax receipt, donations must be $10 or higher. 

3. Double Your Impact by Pooling Donations 

You can combine donations with your spouse or common-law partner to increase your tax credit. For example, if both of you donate $200 each, claiming them separately would give you a credit of $30 each. But if you pool the donations, you’ll get a higher tax credit for the second $200. 

4. Save Those Receipts and Donate by Dec. 31st 

To claim your tax credit, save the official donation receipts and ensure donations are made by Dec. 31st to apply to your 2024 tax return. NEWS FLASH: The federal government intends to amend the Income Tax Act to extend the deadline for making donations eligible for tax support in the 2024 tax year, until February 28, 2025. Learn more

5. Expand Your Impact with Gifts of Securities 

Donating stocks or mutual funds allows you to avoid paying capital gains tax, making it a tax-efficient way to give while maximizing the impact of your donation. Learn more about gifts of securities. 

Visit shnfoundation.ca/donate to give back this holiday season!  

Disclaimer: This article is for informational purposes only and does not constitute tax advice. You should consult with your accountant or financial advisor to ensure you are maximizing your tax credits and making decisions based on your individual circumstances.