Donations
The Socrates Education Foundation
can only make a difference with your contribution
Here is how you can make a change
The Tax Benefits of Donating (an example):
| Donation of: | Tax credit |
|---|---|
|
$3,000 |
$1,554 |
|
$1,000 |
$ 494 |
|
$ 500 |
$ 229 |
|
$ 300 |
$ 123 |
|
$ 200 |
$ 70 |
|
$ 100 |
$ 35 |
* Canada revenue site: charitable donation tax credit calculator-Canada.ca
Donations and Gifts can be carried forward up to 5 years.
Additional Information:
Things to consider when making decisions regarding donating
1 Is the charity registered?
2 How much of my donation goes towards helping others?
3 Is there a tax receipt issued and if so, is the receipt in the exact amount of the donation?
4 What % of my donation is used to cover administrative and fundraising costs?
In April 2012 CRA released a revised Fundraising Guidance regarding their cost-to-revenue ratios over fiscal period:
• Under 35%
This ratio is unlikely to generate questions or concerns by the CRA.
• 35% and above
The CRA will examine the average ratio over recent years to determine if there is a trend of high fundraising costs. The higher the ratio, the more likely it is the CRA will be concerned the charity is engaged in fundraising that is not acceptable, requiring a more detailed assessment of expenditures.
• Above 70%
This level will raise concerns with the CRA. The charity must be able to provide an explanation and rationale for this level of expenditure to show that it is not engaged in unacceptable fundraising.