Year-End Giving on a Budget
Image by ~Aphrodite via Flickr
Posted in Money Matters
Canadians love the joy of giving to charities close to their hearts and especially at Christmas. Recent statistics show that 91% of Canadians give to charities on a regular basis. Since we normally only hear about the massive donations made by big name philanthropists, many average Canadians sometimes experience a “why bother” feeling when considering a charitable donation. Sure some people are able to give thousands of dollars but here are some ways to make donations on a limited budget work for you:
Use your credit card to make a gift. By using your credit card -especially for larger gifts-you can create a significant tax savings now and pay the bill later. If your credit card has a loyalty program the benefits of giving this way just keep coming!
Get a receipt. If you only have a few dollars a month you can spare to donate, getting a tax receipt can be tough. One good way to get a tax credit for a small monthly donation is to sponsor a child through and organization like Christian Children’s Fund of Canada. You will have your receipt well before the time you do your taxes.
Every bit counts. Sure you may only have a few dollars to spend but think what that might mean to a family who lives on less than a dollar a day – and think about your tax savings! Websites like www.ccfcanada.ca offer a gift catalogue where $15 can by a soccer ball or school supplies for children in need while providing you one more tax deduction.
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Statistically it has been seen that Canadians like to donate to charity.