Janine made the following contributions and donations during the current taxation year: Green Party of Canada:...

Janine made the following contributions and donations during the current taxation year:

Green Party of Canada: $250
Canadian Cancer Society: $300
British Columbia New Democratic Party: $100
United Way: $200
Liberal Party of Canada: $350

What is the federal political contributions tax credit for Janine in the current year?

Expert Solution

Federal political contributions are donations that were made to a registered federal political party.

Tax credit can be received up to 75 percent of the first $400 of donation, followed by 50 percent of any amount between $400 and $750 and 33.3 percent of amounts over $750. The maximum amount of the credit is capped at $650.

Donation given to	Federal Political Party?	Gross Amount Eligible
Green Party of Canada	Yes	$ 250
Canadian Cancer Society	No	NA	NGO
British Columbia New Democratic Party	No	NA	Provincial
United Way	No	NA	NGO
Liberal Party of Canada	Yes	$ 350
Total		$ 600

Total of $600 donation is eligble for federal political contributions tax credit.

For the first $400, 75% = $300

For the next $200, 50% = $100

Total federal political contributions tax credit for Janine in the current year is $ 300 +$ 100 = $400.

ekkarill92 answered 2 years ago

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