Canadians are a generous population with 84 per cent of residents over the age of 15 saying they made a financial donation towards a charitable or non-profit organization in 2010, according to Statistics Canada.
And, making a difference is a true win-win in Canada. You can receive up to a whopping 53 per cent your donation back in tax credits. And, it gets better. If you’re a first-time donor or you haven’t claimed a charitable donation within the last five years, you can take advantage of a one-time Super Tax Credit, which means an extra 25 per cent on charitable gifts of up to $1,000. But don’t just take our word for it. Use this Tax Credit Calculator to calculate your income tax benefits based on the amount of money you’ve donated.
Money back so you can treat yourself or give more to charity — we think that’s pretty amazing and were surprised to learn that only 23 percent of Canadians claimed their charitable donations in 2010.
Is keeping track of your charitable receipts holding you back from receiving a great tax return?
There’s an answer: CanadaHelps + TurboTax.
CanadaHelps makes it easy to donate online and provides instant and anytime access to your charitable tax receipts. TurboTax eliminates the need to print those receipts making it even easier to claim your donations made using CanadaHelps.
Read below to learn how to use TurboTax to file your CanadaHelps charitable donation credits.
1. Import your tax information from your tax slip providers directly into TurboTax into the Income section.
2. After selecting to import, you will see the below screen.
3. Once you import your slips, you will see a list of TurboTax’s partners, where Canada Helps will appear. Once you select Canada Helps, you will be required to enter your username and password. When it is entered correctly, you will automatically start downloading slips.
You will see the below summary screen when it’s complete.
4. When you click the Deductions tab within your Donations Profile, you will see that donation receipts will be pre-checked.
5. Your Charitable Donations Receipt Summary will also show you the imported charitable donation slips, along with the amount you donated.
6. If you have additional slips to add or you want to edit your previously imported slip, click edit and you will see the below screen.
TurboTax and CanadaHelps wants to ensure that donating is easy, but also that you can claim your tax credits during tax time. Happy tax filing!