Making Donations

If you are making enough profit in your business, a great way to give back is by donating to a charity. To encourage charitable giving, the government provides a corporation with a tax deduction when the corporation makes a donation to a registered charity.

If you want to donate on a personal level, you can also claim a portion on your personal tax return.

To take advantage of the deductions, you need to keep in mind a few things:

  1. Make sure you are donating to a registered charity, you can check the current status of the charity you are interested in at on this page of the CRA’s website.
  2. Make sure you are request an official donation receipt and keep this on file for seven years.
  3. Make sure to give the receipts to your bookkeeper and accountant so they get recorded in your corporate or personal tax return.
Laura Dempster
Owner, Senior Bookkeeper
Ruby Business Solutions

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