Charitable Gifts —Tax Savings for 2017 | KPMG | CA

Charitable Gifts —Tax Savings for 2017

Charitable Gifts —Tax Savings for 2017

Now that 2017 is coming to a close, you may be considering which charitable donations to make for the year.

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Once you have decided how much you can afford to give, you might want to think about alternatives to making a cash donation. Have you considered making a gift of property (known as "gifts in kind")? These gifts can be tax-effective alternatives to gifts of cash, and can include securities, artwork, real estate and life insurance.

Your after-tax cost for a $1,000 cash donation in 2017 can range from a low of $460 to a high of $523 if you are a "high income earner" with income over $202,800, and from a low of $500 to a high of $563 if your income is below that figure (depending on your province of residence, as noted below).

Remember to make your charitable gifts by December 31, 2017 if you want to claim the donation credit on your 2017 tax return.

Download this edition of the TaxNewsFlash to learn more.

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