Tax Benefits: Why You Should Donate by December 31

Ring out the year in a meaningful way by donating to the BC Cancer Foundation. Make an end-of-year donation by December 31 to help fuel life-saving cancer research and care at BC Cancer, and to also reduce your annual taxable income.

Here’s what you need to know:

1. Charitable Donation Tax Credits: Donations to the BC Cancer Foundation are eligible for both federal and provincial tax credits. You can receive a federal tax credit of 15% on the first $200 of your donation and up to 29% on amounts over $200. Combined with the provincial tax credit, this can lead to significant tax savings. The larger your donation, the greater your tax benefit.
2. Eligibility for Tax Credits: You can only claim a non-refundable charitable tax credit if you make a donation to a registered charity, such as the BC Cancer Foundation. The maximum donation credit you can claim in one year is 75% of your net income for the year.
3. Gifts of Publicly Listed Securities: Charitable gifts don’t need to come in the form of cash. If you have stocks, bonds, mutual funds or other appreciated assets, donating them directly to the BC Cancer Foundation can be a highly effective way to maximize your donation’s impact. By donating these assets instead of selling them, you can avoid paying capital gains tax on any increase in value. Plus, you still receive a charitable tax receipt for the full market value of the donation.
4. Carry Forward Donations: If you don’t need to use your tax credit in the current year, you can carry forward your donation for up to five years. This gives you the flexibility to use your credits in a year when you have higher income, potentially getting a larger tax benefit.
5. Accelerate Cancer Research and Care: Beyond the financial advantages, your donation to the Foundation supports innovative cancer research and critical care for those facing cancer in B.C. By donating, you are making a profound difference in the lives of patients and their families.

We encourage you to speak to your advisors about how you can make an even more impactful gift today!

Are you ready to make a difference and maximize your tax benefits? Donate today.