Using cash is the simplest means of making a gift supporting medical research and health care at the QEII Health Sciences Centre.
A gift of cash earns generous tax credits. Currently there is a threshold of $200.00 over which charitable gifts earn a tax credit at the highest combined marginal tax rate. Gifts up to $200 in a given year earn credits at the lowest combined marginal tax rate. The tax credit is not dependent upon the individual donor’s income level.
This marginal tax rate varies from province to province but in Atlantic Canada, that rate is approximately 48%. This means that for every gift over $200 in a year you will receive back almost half the gift as a tax credit!
Caleb arranges a gift of $25,000 in memory of his wife. He already has contributed $200 in charitable gifts this year. The maximum amount of his gift that he can claim is 75% of his net income. Should his tax credit exceed this amount, he may carry forward excess tax credits for up to five additional years.
Amount of contribution $25,000
Tax credit (48%) $12,000
Net cost of gift $13,000
The information on this website is provided for the general information of donors and friends of the QEII Health Sciences Centre Foundation. It is not intended to be a substitute for professional legal or financial advice. As individual situations may differ you are strongly advised to consult with your own professional legal, estate planning and financial advisors before deciding upon a course of action.