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I was told from a college kid(dont trust), that its a 100% back on your taxes. Anyone verify?
by mkirklions 8y ago
I was told from a college kid(dont trust), that its a 100% back on your taxes.
Anyone verify?
- kat 8y agoIf you're Canadian, 100% back is not possible. Here's the CRA page with an example: https://www.canada.ca/en/revenue-agency/services/charities-giving/giving-charity-information-donors/claiming-charitable-tax-credits/calculate-charitable-tax-credits.html https://www.canada.ca/en/revenue-agency/services/charities-g...
- Consultant32452 8y agoThat's definitely not how it works in the US. Let's say you're in the 25% tax bracket. You have $100 in earnings. Normally, you would pay a $25 tax and have $75 left. If you donate that $100 to charity you simply don't have to pay the $25 tax. You're still out there $100.